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$1Mil+ Market–coming back to earth!

For the past few months the $1Mil+ price segment has been very robust. While the overall market languished in mediocrity, except for a record high median home price which quickly fell the following month, the $1Mil+ range was surging. June sales, off -20% in the overall market was UP +20% in the $1Mil+ market. Huge spread. The market, driven by fire victims replacing homes lost in the fires of October 017, are buying and rehabbing homes. If you look at the NE area and examine Lot sales you’ll find many NOT rebuilding. Currently we have approx 174 lots for sale with 33 in escrow and a whopping 247 that have sold.

The big question? Where have all of these homeowners gone? Have they moved away, moved down, moved within their price range relative to the value of the lost home? Here’s some charts on the latest activity:

July Sales in Sonoma County, California–The BIG Cool Off.

The buying season has been thoroughly mejdiocre in 2018. Year Over Year (YOY) reporting shows a market with anemic sales overall.  Inventory beginning to accumulate due to weak sales and a median home price, countywide, faltering from a record high posted in June of $705,000 and an increase of 13% to $653,000 in July and an increase of a mere 3%. 

 

 

 

Sunday, July 15th Show–$1,000,000 Real Estate Marketplace Reviewed!

Sunday’s show we’ll be discussing the surging $1Million+ Real Estate marketplace! It dragged the median home price over the $700,000 level for the first time ever–in history!  The only hesitation in the marketplace in this exclusive price range is the total inventory is not increasing in any big numbers. 

New Median Home Price Record set for Sonoma Cty: $707,000!

This Sunday on the Real Estate Hour, I’ll be discussing the surging Median Home price for Sonoma County. Now at a new record of $707,000. Wow. Attached our graphs on the current state of the real estate market compared to last year at this time. Sales are DOWN 20% over last year. No doubt the surging prices taking its toll. Though many are beginning to see a “shift” in the market, homes are still gaining multiple offers but not with the velocity we had experienced, “Post October 9th Fires”.  The graphs below show our “Days on the Market” dropping still further! We will see if this carries forward into July with more listings coming on. And to keep our $707,000 median home price in context look at Marin County, just a 45 minute south, median home price of  $1,435,000 and up 13%. However, the “Under Contracts”, a leading indicator of sales to come, is dragging. -9% over last year. Hmmmm? Sales off -20% and Contracts -9%.

 

Continue reading New Median Home Price Record set for Sonoma Cty: $707,000!

Median Home prices SOARING in Sonoma County!

Fire victims bidding up home prices evident here in the city of Sonoma

We are seeing some pretty dramatic increases in Median home pricing due to the purchases made by not only fire victims but also those seeking to live in our gorgeous “Destination” county. Graph above shows the City of Sonoma and how the median home price has soared over last year at this time. Areas in Sonoma County where the “Active” listings median home price tops $1,000,000: Sea Ranch ($1,174,500), Sonoma ($1,587,500), Petaluma West ($1,087,000), Sebastopol ($1,150,000), Healdsburg ($1,395,000.

However, inventory continues to be weak but is surging. The amount of “Active” or “Showable” listings for the entire county  jumped over 800 this week but this is still a weak number. The only area of Sonoma County with some double digit price segments is in the NorthWest area of Santa Rosa. So still skinny. Ironic that the 2nd hardest area hit by the October fires has the most inventory.

Remember, our inventory reflects the following areas of Sonoma County, a population over 500,000:  Santa Rosa NW,NE,SE,SW, Petaluma E and W, Healdsburg, Cotati, Rohnert Park, Windsor, Sebastopol, Russian River, Sonoma (city of), Coastal Sonoma, Penngrove, Cloverdale, Oakmont,Annapolis, Sea Ranch

Pricing your Home to sell in a post-firestorm world? Appraiser Bruce Ford gives insight this Sunday!

Bruce Ford, Appraiser

I’m pleased to welcome back Bruce J. Ford
Chief Appraiser / Nor Cal Quality Appraisals to the new shiny studios of KSRO THIS Sunday, June 3rd! He’ll be on once again discussing the value world of real estate. Questions I’ll have for Bruce? Appraisals–are they still coming in at contract prices? Effects of the fires 8 months later. Pricing of homes being offered to the marketplace. This and a whole lot more Sunday, 9 to 10am, pst, KSRO, 1350AM or 103.5 and 94.5FM.

Bruce J. Ford,  Chief Appraiser / Nor Cal Quality Appraisals

www.NorCal-Quality.com 

NOW – our 26th year serving Sonoma, Marin and Napa counties (CA.)  “Value Driven by Excellence”

New Tax Law tips and advice from Cromwell Tax and Bookkeeping’s Madelyne Cromwell.

The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. How will it impact you?

 

Rates on the move up? Track the 10 year treasury bill as it climbs higher and higher.

I’ve been licensed and a Realtor since 1978. Look at the chart below and you’ll see I spent 12 years wandering the desert of double digit interest rates. Also note that my first year was my last year of single digit interest rates for some time. How did I do? I was a top producer in my office all through the double digit storm. When we dropped under 10% it was cause for mass celebration in the Realtor ranks! I remember my fellow agents stating, “Man if we could get single digit interest rates we’ll tear this market wide open!” And we did.
Then notice it took almost 20 years to get down to the 4% range. If you’ve been in the business 5,10, 15, years you’ve KNOWN no other rates and experienced a historic low. Well, guess what boys and girls, rates DO go up, markets WILL go down, and recessions will come and go. Enjoy this while you can but remember to stack some cash aside, buy some investment properties with your big commissions today and prepare for the inevitable. I remember some of the infamous phrases used before the BIG BANG of 2007, “We’ll always have appreciation”, “We’ll refinance you out of this loan next year and pull cash out.” We all need to guard against, “Irrational Exuberance”. (thanks to Erik Oquist of Wells Fargo Home Mortgage for the graphics!)

You really didn’t think rates would stay down here forever-did you?

Happy St. Patrick’s Day! Lovin’ the “Green”!

Deciding NOW is the time to leave California? Southern States are VERY affordable!

Special guest on tomorrow’s show will be Russel Lee. Russ lost his home in Fountaingrove during the firestorms of October. He decided to make the move back to Tennessee. We’ll be discussing what you can expect when you visit Tennessee and home prices. WARNING! Tennessee home prices can cause major anxiety among California homeowners!

For instance.

Russel  Lee