Wine Country And Horses

This week I received this quick sales snapshot from Rick Laws, my broker at Coldwell Banker.   It provides a 13 month overview of Sonoma County residential sales activity at all price ranges and in all locations county wide.  Sales activity and area trends vary widely by price and location but this is a quick view based upon MLS data pulled by Brokermetrics. In about a week I will have more detailed information available covering the various price points and separating out condo activity.
Sonoma County Real Estate Market Dynamics October 2008
                                Oct 07        Oct 08         # Units Change       % Change

Under contract       227              604                        377                      166%

Sold                       227              488                         261                     115%

New listings            530               551                           28                       5%

The biggest takeaway here is that this is the first time in over two years that the number of newly opened escrows has exceeded the number of new listings.   Despite everything that happened in the financial markets in October, the number of newly opened escrows was up 166% and hit its highest point year over year.  In addition, the number of closed escrows reached a new high for the year.  We all know that not every opened escrow will close-but the number of newly ratified sales continues its upward trend, and bucks the national trend.

The tail wagging the dog in this market continues to be the REO (bank-owned) home at the low end with an increasingly high volume of sales under $500,000 for both single family homes and condos.  Sales through October seem to be driven (this is anecdotal) equally by first time buyers or owner occupants and  real estate investors.