Increase in California Pending Home Sales
There's a bright spot in the latest news from the California Association of Realtors. Not a big glowing bright spot but a glimmer just the same. The CAR released its analysis of statewide sales activity in the report below.
I think there are some interesting differences in the statistics when the statewide numbers are compared with Sonoma's using data provided by the Bay Area Real Estate Information Service (BAREIS)
While the total share of distressed properties sold statewide in May was 48%, in Sonoma distressed properties accounted for about 35% of sales. Statewide, REOs were 28% of sales while in Sonoma REOs were 15%. Short sales statewide were 19% of properties sold in California in May while Sonoma short sales were about 20% of our May sales.
You can't draw conclusions based on one month's sales data. However, I've been tracking distressed property sales in Sonoma for many months and our market has consistently offered fewer distressed listings than most markets elsewhere.
Please call me, email, or text me if you want to learn more about buying distressed property in Sonoma.
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