Archive for the 'Santa-Rosa' Category
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”?
Typically we think of springtime or summer as the most beautiful time of the year but for all of October and now November here in Sonoma County wine country of Northern California it feels like right now is the best time of year. We had some early rain (after six typical dry months) in September. The grass has gone from golden brown to emerald green. The vines and trees throughout the county are turning red, gold and orange. The skies have been brilliant blue and the weather has been delightfully warm but not too hot. LOVE IT. Maybe that is part of the reason why the real estate market has been so active this fall. Much busier than the typically busy summer months. Perhaps it is 30 year fixed rate mortgages at 4 percent? Ten year fixed jumbo loans at 3.75%!!! Perhaps it is health of many tech companies and startups in Silicon Valley and San Francisco. Who knows for sure but it has been a great time to be showing and selling property and out and about on these beautiful days. Has kept me away from the blog for a bit. I apologize, and I am back!
Santa Rosa is more than the largest city in Sonoma County, more than the largest city between San Francisco and the Oregon border to the north. It sprawls across over 40 square miles and is home to 160,000 people–half of it to the West of Highway 101 stretching towards Sebastopol, home of not only to vintage Railroad Square and newer subdivisions but farmlands, vineyards and equestrian properties in the Willowside and Olivet areas and over to the Laguna de Santa Rosa. To the east of 101 is downtown Santa Rosa, flanked by numerous charming communities of vintage homes, from Fountain Grove to Bennett and Rincon Valleys and Riebli Valley wine country. Many out of town buyers are not aware of the geographic diversity and gorgeous countryside in Santa Rosa. Here is a lovely video vignette produced by Sonoma Uncorked.com You can search the most up to date listings of Santa Rosa homes and country properties for sale with my compliments by going to the search page of this website.
I have been writing a lot lately about Month’s Supply of Inventory as it relates the national and California real estate markets to the Sonoma County real estate market. Inventory here is much lower then either nationally or statewide, putting Sonoma County in a real seller’s market, primarily at the lower price points but we are also seeing a lot more movement of mid-priced and upper end properties over a million dollars. That price point was dead much of this year.
I thought I would do a series of quick snapshots of inventory supply in each of the major Sonoma County MLS regions so we could see the variation within the county. Some of these have small sample sizes but I think they are big enough to spot trends. If you asked me about 3 bedroom homes on quarter acre lots in Northeast Santa Rosa, we might not have a big enough sample to be meaningful, but you can try me. If you would like more detailed information about your community’s sales trends, please email or phone me and I will send you more detailed reports.
Santa Rosa is the largest area in the county, spanning four different quadrants: NE, SE, SW and NW. I could pull reports for each one and I suspect we would find some good variation but let’s start here.
The median price of single family homes (including condominiums and farms and ranches) is down 33% from October 2007 when it was $450,000. The low was reached in February of 2009 at $250,000. It is currently just over $300,000 for the first time since September 2008.
Months supply of inventory is only TWO MONTHS, down from a peak of 16 in both October and December 2007. Anything under 5-7 months is considered a seller’s market.
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