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51 BIG reasons to BUY REAL ESTATE NOW in Sonoma County!

The median home price surged 51%  over the past two years

The median home price surged dramatically over the past two years

Sonoma County, California median home price  up 51% in the past two years. Home sales are lagging due to seasonal changes but the median home price keeps right on it’s upward spiral.  The reason? The distressed sales market or those properties being sold as “bank-owned” “REO” (Real Estate Owned) and Short-Sales have dramatically disappeared from the real estate scene. Once as high as 56% of ALL Sales, this past month they dropped to a combined 8% of the total sales for October; a 83% drop.

The Distressed market pricing was substantially LOWER than the current “Equity” market of regular home sellers. So as the Distressed market is supplanted by the “Equity” seller list prices climb, hence sales median home prices.   The “Non-Bank” or “Equity”  sellers are up 90% in the “Under Contract” section of our monthly market stats–BIG NEWS for a solid recovering market!

BUT–affordability is beginning to be hurt. Couple the higher prices with interest rates which shot up from 3.5% to 4.5% and you have a reason for concern. Affordability is STILL in the upper 40% range but remember, at the height of the “Bubble” market it dropped into the single digit range. Of course we KEPT selling homes DUE to the lax lending practices of the day culminating in the bubble bursting in a colossal way.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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