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.
[Click HERE for the rest of the report, courtesy of www.Novato101.com]