SNAPSHOT view of Sonoma County Real Estate Sales in a Wild Week

filed under: Buyers, Market updates posted on October 9th, 2008

Just opened up our weekly office sales update and was curious to see how sales activity was affected last week given the horrendous economic news.  Had all business activity ground to a halt?  Yes some folks are deciding to sit on the sidelines for a month or two or six.  But what did I find for our office as a whole?  I  found a very normal to high level of activity for the week.  (I should mention that Coldwell Banker Santa Rosa has over 100 active agents and our sales totals are generally about double of the second ranked Sonoma County real estate office. )

30 New Listings  (19 are bank-owned or REO properties-only 4 are priced over $500K)

29 New Sales (open escrows)  29 Brave souls who dared to put pen to paper last week and not run for the hills.  On the sub-500 price range, about half appeared to be first time buyers and the rest investors.    We normally run somewhere between 20 and 30 sales per week so this is a typical number.  19 of these are bank-owned properties.

22 Closed Sales of the closed sales, 14 were bank-owned properties.

The biggest trend difference we see is not the numbers of transactions but the price points and this is a consistent phenomenon since early 2008.

Of the new listings, only 4 were priced over $500,000.  Of the closed sales, only 3 were priced over $500,000 and two of those 3 were priced over $1,000,000.   By far the lion’s share of our business right now is the entry level priced bank-owned properties.  I should mention that our office is home to James Madison, who has approximately 50% market share for REO properties in Sonoma County and some inventory in some of the surrounding counties as well.

 

posted by Pam Buda // 2 Comments »

This entry was posted on Thursday, October 9th, 2008 at 10:09 AM and is filed under Buyers, Market updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

  1. Pam Buda, Coldwell Banker said at October 9th, 2008 at 10:59 AM

    Oops–if you visited this post early (and a few of you did) there was a bad link for James Madison thanks to some quirks of Chrome, Budurl and me. Link corrected! Please check back, Thanks!

  2. The Best Real Estate Info » Blog Archive » SNAPSHOT view of Sonoma County Real Estate Sales in a Wild Week said at October 28th, 2008 at 6:08 PM

    [...] Pam Buda, Coldwell Banker wrote an interesting post today onSNAPSHOT view of Sonoma County Real Estate Sales in a Wild WeekHere’s a quick excerptI should mention that our office is home to James Madison, who has approximately 50% market share for REO properties in Sonoma County and some inventory in some of the surrounding counties as well. Person James Madison … [...]

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