Sonoma County Home Sales - February 2015
If I were to sum up the real estate market for February 2015 with one sentence, I would say "it really sucks to be a buyer right now". Seriously, the inventory of homes for sale in Sonoma County has been dismal at best for several months with no end in sight. A grand total of 243 homes managed to close (in the ENTIRE country) in February, and the good news is ... that's 15 more homes than what closed in January!
Okay, enough of the whining, because where we are today compared to where we were in February 2009 is nothing less than amazing. Back then, there were over 2,200 homes on the market and almost half of them were foreclosures. At least 25% of the homes in Sonoma County were underwater and the median home price was just over $300K. Today, the median home price is $490K as the market continues to recover from an all-time median high of $619K.
Where do we go from here? The hope is that now that a majority of homes in Sonoma County have at least a smidgeon of equity, a person can sell when they have an opportunity to relocate, upsize, downsize or just plain old sell, retire and travel.
Stay tuned to see what happens (or happened since I'm so late in getting this report out) during the month of March 2015 in Sonoma County. Until then ...
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