Pacific Union International | Novato Real Estate Market Update (September 2015 Novato Home Sales Report)
Pacific Union International | Novato Real Estate Market Update (September 2015 Novato Home Sales Report). Novato home sales numbers in August 2015 were farily very strong at the low end, despite the historical slow down that ocurrs during the Summer in Marin County — 42 single family homes sold at an average price per foot of $427. Indeed, the first half of 2015 was quite favorable to sellers as buyers acted very decisively on properties priced properly and located in desirable neighborhoods. The Novato luxury home market (in Novato, $1 million+ homes fall into this category) has slowed considerably since mid-June. Still, however, buyers who explore Novato after looking at homes in Southern Marin often feel the extra 10 minute drive from Sir Francis Drake is worth it. We also continue to see numerous sales conducted privately, outside of the MLS. via netorking groups such as the Top Agent Network (top 10% of agents) and the Marin Platinum Group (Top 1% of agents). It is believed that approximately 10-15% of homes are sold without ever hitting the market. Indeed, I have sold 5 homes privately so far this year.
The average sale price for Novato homes in August 2015 was $867K. Novato’s luxury sector (defined here as listings over $1 million) moderated after a torrid Spring with 9 MLS sales (as discussed above, this does not include off-market networking trades). I have said it before and still believe it to be true, in many ways, Novato (especially Southern Novato) is one of Marin County’s hottest market in 2015.
Overall, Novato real estate sales in August 2015 averaged 51 days on market, were about 2,109 sq. ft., and averaged roughly $427/sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is 1.5 months. While there are more homes available now than a month ago, this remains tight market characterized by low absorption rates — balanced markets have 6 months worth of inventory.
Below are the percentages of homes in escrow in each of Novato’s major price bands (note that due to increasing sales prices, I have eliminated the “under $500,000″ price band as few homes are sold for less than that amount):
■ 67% of homes priced under $750,000;
■ 47% of homes between $751,000 and $1 million;
■ 23% of homes between $1 million and up.
Of the 42 Novato, CA homes that sold in August 2015:
■ 18 homes sold under $750,000;
■ 15 homes sold from $751,00 to $1 million; and
■ 9 homes sold for $1 million and up.
Single family homes in Rudnick Estates (Novato’s finest new home development), Pointe Marin, Marin Country Club Estates, Rush Creek, Hamilton Field, and Bel Marin Keys elicited the highest numbers of 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.
Note: I specialize in off-market sales of luxury homes in Marin County . If you appreciate discretion and want the BEST result, call me to discuss your situation.