Santa Rosa is the big kahuna town in Sonoma County, so it’s market stats for real estate will be a bit more true and resemble more of Sonoma County as a whole. Again, no surprise in the story here.
Declining inventory. Two years ago, inventory was already low, but real estate sales were concentrated under $300,000 or so. Now the market is finally more active at all price points. In April 2010 there were only 3.2 months supply of inventory. Anything between four to six months is considered “balanced” between buyers and sellers.
Fast forward to April 2012 and MONTHS SUPPLY OF INVENTORY is only 1.3, down a whopping SIXTY (60) PERCENT!
I think if we only looked at homes priced under $500,000 we would find that there are only TWO WEEKS of inventory available, similar to some hot markets in the immediate Bay Area. Something’s gotta give. Can you say “price increases”?