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.
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%.