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Sonoma County Statistics on Market Conditions--REO's fueling this market!
Sonoma County November Sales Data-What's Hot-What's NOT! Bank Owned homes still flying out the door!
December 14th, 2008 . by Mike Kelly
Here is the sales data for November gleaned from our local Multiple Listing Service of which I am a subscriber:
All Actives: 2087 In Escrow as a "Continue to Show": 786 Pending Sales (firm deals): 188 Solds/Closed escrows: 414 The median price for all Actives is $450,000 but the median price for Sales: $309,900. This is a 32% change from last year which simply shows you where the "Action is" when it comes to activity in the marketplace. Half of the sales are below this market and half above.
We currently have a 5 months supply of properties based on the "absorption" rate of 414 sales. This is a very balanced market.
  This is a "value-driven" market which simply means prices are percieved to be at bargain prices. Hence the lowering of the median as this is the price point where the value exists. The REO (Real Estate Owned-bank foreclosed properties) is where the action is. Here is some data on this segment:
REO's: Actives: 416  Continue to Show: 272  Pending: 103  Sales/Closed Escrows: 239
Here's the ... more

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