Mike’s Real Estate Show

As we discussed on the show this morning here is a recap of our latest Area Market Data for Sonoma County. This includes all single family dwellings PLUS Condos.  Last year at this time, August 2006, Sales were at 486 sold for the Sonoma County area. Medum price was $559,000. Today? 341 Sales for August 2007, down 145 from 2006. Medium price is $530,000 down $29,000 or roughly 6%.

More number of interest. Total inventory for Sonoma County 3150 listigns. This is down from near 3400. This is the “end of the season” and many properties are coming off the market due to not selling, being lost to foreclosure, or now rented out. We have 398 homes “in-escrow” or roughly a 8 months supply of homes. It’s increasing. Now here’s the real interesting number most folks don’t talk about. The amount of VACANT properties is 1213!! This is 38.5% of ALL listings now on the market. And the difference between sales prices of Occupied vs. Vacant is dramatic. Homes in escrow with “Continue to show” are $459,450 for vacant vs. $530,000 for All. BIG DIFFERENCE. The Days on the Market (DOM) is actually longer (102 for vacant vs. 94 for all others) due to the not so stellar “showing” condition and the price difference between a vacant sold house of $477,325 and ALL others at $530,000 is also very dramatic. Leading me to the conclusion of getting a better price with vacant homes versus occupied! (
Disclaimer–these are MY interpretations of the data and not that of BAREIS,NorBAR or Keller Williams Realty nor of the ownership/management of KSRO radio!!)