Novato Real Estate Market Update (December 2009 Home Sales Report)
By Kyle Frazier, Kyle Frazier , CRS & Marin CA Realtor
(Christie's Great Estates | Pacific Union International)
The strong Novato, California real estate market continues on its journey into recovery. The average sales price of Novato homes in November 2009 was $620,851. These homes averaged 79 days on market, were about 2,103 sq. ft., and averaged roughly $316 per sq. ft. Novato's absorption rate (e.g., number of months' inventory of homes for sale based on last month's sales totals) has dipped to historically low levels - a scant 2.69 months worth of available inventory overall (95 single family homes are currently for sale in Novato) . A quick look at the supply and demand curve over the past 2 years is striking - supply is down by 35% and sales are up 42%. No wonder my Novato colleagues agree that it appears our 3+ year bear market in local real estate is coming to an end. The broad based app...
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