For homes that sold in February 2010, the average price per square foot was $677 — a significant rise from January 2010’s low of $611. Below are the percentages of homes in escrow in each of the major price bands:

Insofar as the sales and apsorption rate of Mill Valley’s touchstone price band ($1 million to $ 2million) are concerned, the market appears to be striding towards normalcy. As indicated above, compared with the past 2 years’ February totals, sales are up 50% over 2008 and double that of 2009. Meanwhile, the chart below shows a market with a serious increase in sales velocity — there is barely 3 months’ inventory for homes priced in the touchstone price band.

[Click HERE for the rest of the report, courtesy of www.MillValley101.com.]

Kyle Frazier | Pacific Union International | Morgan Lane | Christie’s Great Estates | Marin Platinum Goup

[Click HERE for the rest of the report, courtesy of www.SanRafael101.com.]

Kyle Frazier | Christie’s Great Estates | Morgan Lane Marin | Pacific Union International | (415) 350-9440

The Novato, California real estate market continues to show significant strength across all price bands, except for homes priced above $1.5 million. February 2010 resulted in 24 sales. While down from December 2009’s 42 sales, this is an impressive number because of the short month, two holidays, and weather challenges presented in January and early February (after all, if people cannot go out and look at homes, they are not likely to buy one). The average sales price of Novato homes in February 2010 catapulted upwards by over 20% from January 2010 to $630,938. These homes averaged 147 days on market, were about 2,291 sq. ft., and averaged roughly $293 sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) bumped upwards slightly as a large number of homes have entered the market over the past two weeks (although we are still hovering at historically low levels for this time of year) — 4.79 months worth of available inventory overall (115 single family homes are currently for sale in Novato). Below are the percentages of homes in escrow in each of Novato’s major price bands:

• 74% of homes priced under $500,000 (67% last month);
• 55% of homes between $501,000 and $600,000 (66% last month);
• 39% of homes between $601,000 and $750,000 (42% last month);
• 28% of homes between $751,000 and $1 million (33% last month);
• 23% of homes between $1 million and $1.5 million (24% last month);
• 0% of homes between $1.5 million and up.

Amazingly, out of 38 homes on the market under $500,000, only 10 are not in escrow (and several of these hit the market less than a week ago) — this is simply amazing!

• 14 homes were priced under $600,000;
• 8 homes priced from $601,00 to $1 million; and
• 2 homes priced from $1 million and up.

Homes in Pointe Marin, Country Club, Hamilton Field, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month. My listing at 94 Maybeck Street, Novato (South Gate at Hamilton Field) sold for 88.7% of list price in 10 days. 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 Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Morgan Lane Marin Real Estate (Pacific Union International). It is always my pleasure to be of service.

The 3 Model Homes being built at The Landing at Hamilton Field (I am the exclusive marketing agent for this project), located adjacent to South Gate, are expected to be completed in June 2010. We expect that the first homes will be ready for occupancy in July or August 2010. Pricing will begin in the mid-$800,000’s. Interest surrounding this new luxury community has been significant. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com

The below chart reflects the number of homes in the $2 million to $4 million luxury price band which are in escrow (compared against the past 2 years). Note that the number of homes with accepted offers (not closed sales), is up 50% from 2 years ago and 450% from last year. This is a promising trend.

Another statistic that may not be readily apparent to casual observers is the fact that prices in the $2 million to $4 million price band are stabilizing as median sales prices countywide are down just 6% over the past 2 years. Of course, the impact of the downturn varies greatly by neighborhood and even within neighborhoods based on amenities.

[Click here for the rest of the article, courtesy of ImagineMarin.com.]

Much of the apparent strength evident today stems from the red-hot Novato market. Yet, further evidence of a strengthening market exists in the more traditionally (if not perenially) fashionable Mill Valley. Recent weeks have seen several homes in Mill Valley’s bread-and-butter price range of $1.25 million to $1.75 million sell with multiple offers and very attractive terms from a seller’s standpoint. We are hopeful that this renewed vigor sets in. 

Below is a snapshot of the current real estate market in Marin. Contact me for a detailed executive summary providing statistics and trends relating to the Marin real estate market (or any specific zip code). It is always my pleasure to be of service.

Not surprisingly, inventory dropped again over the past month to 462 single family homes for sale (I suspect we will be back up to ~650 by the end of March). The below chart includes only the 13 cities along the Highway 101 corridor (excluding Western Marin inventory and condos).

By: Kyle Frazier, Broker Associate, Certified Residential Specialist (CRS), Certified Luxury Home Marketing Specialist (CLHMS), Realtor