Santa Rosa Real Estate Market Report for March 2011

Santa Rosa Real Estate Market Report for March 2011

Santa Rosa is the largest City in Sonoma County, with a population of approximately 160,000. Santa Rosa is located 55 miles North of San Francisco and 23 miles East of the Pacific Ocean.

There continues to be a lot of buyer activity this year, including through March 2011. The number of properties that went under contract surpassed April 2010, which was at the height of the first-time home buyer tax rebate. It is also interesting that the average Days On Market (DOM) has been between 82 and 109 days for sold properties for the last 13 months. This shows that inventory in Santa Rosa has been moving quite well.

The graphs below will help you understand recent trends in the Santa Rosa Real Estate Market. Data for these graphs is derived from the Bay Area Real Estate Information System (BAREIS). Private sales, multi-family homes and mobile/manufactured homes are not included in this report. The data is believed to be reliable but not guaranteed.

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Median For Sale Vs. Median Sold - Single Family Residences:
The median price of SFRs for sale in March 2011: $344,975 (no change from March 2010)
The median price of SFRs sold in March 2011: $299,900 (-8% compared to March 2010)
Prices have continued to dip slightly, with buyers picking up lower priced inventory

Median For Sale Vs. Median Sold - Condos:
The median price of condos for sale in March 2011: $164,900 (+18% compared to March 2010)
The median price of condos sold in March 2011: $144,000 (-8% compared to March 2010)
After a 3 month slide, the median sold price is back up to last years prices

Under Contract Properties by Month - SFR's and Condos:
Properties that had an offer accepted during March 2011: 275 (+36% compared to March 2010)
Of these 275 properties, 180 are distressed (66%)
This is the highest number of properties under contract during a month for over a year

Sold Properties by Month - SFR's and Condos:
Properties that closed during the month of March 2011: 214 (+13% compared to March 2010)
Of the 214 properties that closed, 124 were distressed (58%)
Average Days On Market was 100 days.

New Properties (Listings) by Month - SFRs and Condos:
New properties listed in March 2011: 260 (-20% compared to March 2010)
Of these 260 new properties, 147 are distressed (57%)
An upward trend of new listings as we approach the busiest time of the year

For Sale Properties by Month - SFRs and Condos:
Properties for sale in March 2011: 929 (-10% compared to March 2010)
Of the 929 properties for sale, 484 are distressed (52%)
Average Days On Market is 115 days, DOWN from 193 days in March 2010
Inventory has been on a shrinking trend since September 2010. Will this bring our home values up?