Novato Real Estate Market Update (July 2009 Home Sales Report)

By
Real Estate Agent with Christie's Great Estates | Pacific Union International

The Novato single family home market seems to be forming a bottom. Prices appear to be leveling out and the percentages of entry level homes in escrow are very high. I know that many foreclosure sales and short sales are getting multiple offers. I have several clients who have faced as many 9 to 20 offers in competition for a single family home. This activity bodes well for sales in the higher price bands.

Moreover, in June 2009, Novato had 38 sales (up from 32 in June 2008). Indeed, this reflects an upward trend over the past few months—May 2009 had 44 sales. Of course, many of these are bargain priced homes such as REO’s or short sales. But, nonetheless, the inventory is rapidly being absorbed as there is extraordinary pent up demand.

Perhaps more significantly, the average sales price of Novato homes jumped up to $666,124 in June 2009. This is an increase from $564,770 in May 2009. While there was one $2 million plus sale (an off market sale), which supported this increase in average sales price, even stripping that outlier sale from the equation, the revised average sales price was over $622,000—a strong bump upwards.

Real Estate Market Chart by Altos Research www.altosresearch.com

We believe that the move up market has begun to find its legs in Novato and that there are definite signs of improvement in this very important market segment. Interestingly, and in line with recent months, the move-up price bands are selling as well as the entry level price bands:

  • 17 homes priced under $600,000 sold in June 2009
  • 17 homes priced from $601,00 to $1 million sold in June 2009.

As of today, here are the percentages of homes in escrow in each price band:

  • 78% of homes priced under $500,000;
  • 57% of homes between $501,000 and $600,000;
  • 43% of homes between $601,000 and $750,000;
  • 25% of homes between $751,000 and $1 million;
  • 25% of homes between $1 million and $1.5 million;
  • 15% of homes between $1.5 million and up.
[Click HERE for the rest of the article, courtesy of www.Novato101.com]. 

Posted by

Kyle Frazier | (415) 350-9440 | Kyle@ImagineMarin.com

Broker Associate, J.D. | Certified Residential Specialist | Certified Luxury Home Marketing Specialist | DRE 01405738
Pacific Union International & Christie's Great Estates -- Marin County, California

 

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