Pacific Union International | Novato Real Estate Market Update (September 2014 Novato Home Sales Report)
Pacific Union International | Novato Real Estate Market Update (September 2014 Novato Home Sales Report). Novato sales numbers in August 2014 were strong — 46 single family homes sold (just 1 less than June, which is typically a much busier closing season than August). This number of sales is especially impressive, given the relatively low number of homes on the market. While the market has clearly softened over the past couple of months, particularly in high end, buyers continue to act very decisively on properties in desirable neighborhoods and that are priced appropriately. Strong terms are common on entry level homes (anything under $700,000). Generally, the Novato luxury home market segment is performing well (in Novato, $1 million+ homes fall into this category), however there appears to be a glut of active listings in this price point (there are currently 36 homes over $1 million actively being marketed on the MLS — many of these homes are simply overpriced).
The average sale price for Novato homes in August 2014 was $890K (up from $737K in March 2014). Novato’s luxury sector (defined here as listings over $1 million) continued its impressive performance with 7 sales. Novato real estate sales in August 2014 averaged just 51 days on market, were about 2,375 sq. ft., and averaged roughly $417/sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is about 1.5 months. This is a very low absorption rate — balanced markets have 6 months worth of inventory.
Below are the percentages of homes in escrow in each of Novato’s major price bands:
■ 54% of homes priced under $500,000;
■ 63% of homes between $501,000 and $750,000;
■ 53% of homes between $751,000 and $1 million;
■ 16% of homes between $1 million and up.
Of the 47 homes that sold in August 2014:
■ 3 homes sold under $500,000;
■ 36 homes sold from $501,00 to $1 million; and
■ 7 homes sold for $1 million and up.
Single family homes in Rudnick Estates, Hamilton Field, Pointe Marin, Marin Country Club Estates, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month. If you would like me to run the exact numbers for your Novato neighborhood or if you have any questions about Novato’s schools or many delightful communities, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a J.D., Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Pacific Union International Real Estate. It is always my pleasure to be of service.
