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%.
Our lisitings just broke the 1,000 mark so this should cool down the frenzy a bit. I’ve been working with a couple coming out of an exchange. I was worried we’d not find a suitable property but ended up writing on 7 houses and finally securing a house with 21 days left in our “identification period” which starts 45 days after the Close of escrow of the “relinquished” property.