Pacific Union Novato Real Estate Market Update (February 2011 Novato Home Sales Report)

kylefrazierMarin Market Updates, Novato Real Estate

January 2011 was another good month for Novato home sales (we had 22 trades). Typically, January sales are quite low as people focus on the Holidays during December. The average sales price of Novato homes in January 2011 was $525K. These homes averaged 100 days on market, were about 2,051 sq. ft., and averaged roughly $267 sq. ft. Novato’s  absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) sits at just under 5 months’ worth of available inventory overall (104 single family homes are currently for sale in Novato). This is a low number. Of note is the fact that 49% of all Novato homes priced under $1 million are IN ESCROW!

Below are the percentages of homes in escrow in each of Novato’s major price bands:

  • 51% of homes priced under $500,000;
  • 50% of homes between $501,000 and $750,000;
  • 38% of homes between $751,000 and $1 million;
  • 29% of homes between $1 million and up.

Of the homes that sold in December 2010:

  • 11 homes were priced under $500,000;
  • 11 homes priced from $601,00 to $1 million; and
  • 0 homes priced from $1 million and up.

Homes in Hamilton Field, Breakers at Pointe Marin, Country Club, 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 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.

The Landing at Hamilton Field — We have just reduced prices on our favorite homes and placed our 3 model homes on the market. Prices now start at $809,000. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com