February Real Estate Market Update: Latest sales statistics for Sonoma County Real Estate
March 9th, 2008 . by Mike KellyListeners and Friends,
This is for the month of February, 2008 and is gleaned from our Multiple Listing Service data. This concerns single family dwellings + Condos (not Multi-family,commercial, or Land sales). REO’s (Real Estate Owned or Bank owned, post foreclosure properties) now domiante the marketplace in Sonoma County.
Active Listings: 2477 Median Price: $477,170 with days on the market(DOM) of 109.
Properties in Escrow: Continue to Show (Properties still in the due diligence phase): 439 $399,950 Median, DOM 118
Pending (contingencies usually removed): 117. $500,000 median, DOM 129
Total of both Continue to show and Pending: 556
Or: We have a 4.5 months supply. Or–roughly 23% of the listings are in escrow which means you have a 1 in 4 chance of getting your home sold! You need to ask yourself this question: Do you want to be in the 23% who are in escrow or the 77% who are still looking for a buyer? How you get your home in the 23% is by pricing, staging it to SELL!!
Solds for the Month of February: 200 even!
Vacant Homes on the market: This is indicative of our current trend towards REO’s (Real Estate Open or Bank Owned Property)
Actives: 988 or 40% of the current “Actives” on the Market.
Properties in Escrow: 275 or 63% of all “Continue to Show” properties, 54 or 46% of all “Pending” properties
Solds: 128 or a whopping 64% OF ALL SOLD PROPERTIES!!
2007 Sold Properties: 305, with median price of $520,000 average days on the market of 109
TODAY: February 2008: 200 solds with median price of $415,000 (20% off last years median) wth average days on the market of 127.
Volume: 2007 $176,952,145 February 2008: 16,721,302 with median price of $415,000.
