Rohnert Park/Cotati Real Estate Market Report for May 2011
Rohnert Park and Cotati have populations of approximately 43,000 and 7,300 respectively. They are side by side with no buffer, often times making you wonder which City you happen to be in while driving down the street.
Rohnert Park and Cotati are located 45 miles North of San Francisco and 23 miles East of the Pacific Ocean. Cotati has a quaint downtown for socializing, where Rohnert Park is a bedroom community with distinct neighborhoods. The MLS groups these two Cities together, and it only makes sense to do so in this market report.
In this months Rohnert Park/Cotati Real Estate Market Report, we learn that buyers are selecting single family residences in the $285K range and condos in the $135K range. There continues to be strong buyer activity with an increasing number of homes going under contract. New inventory has been holding steady, yet total inventory is dipping slightly due to the number of sales.
The graphs below will help you understand recent trends in the Rohnert Park/Cotati Real Estate Market. Data for the 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 May 2011: $316,500 (-6% from May 2010)
The median price of SFRs sold in May 2011: $285,000 (-17% compared to May 2010)
The median price sold has been weak the last 3 months. Is this a double dip we've been hearing about?
Median For Sale Vs. Median Sold - Condos:
The median price of Condos for sale in May 2011: $140,000 (-7% compared to May 2010)
The median price of Condos sold in May 2011: $136,500 (-19% compared to May 2010)
Condos seem to be more realistically priced, not much difference between list and sold price.
Under Contract Properties by Month - SFR's and Condos:
Properties that had an offer accepted during May 2011: 81 (+108% compared to May 2010)
Of these 81 properties, 57 are distressed (70%)
WOW ... more than double the homes went under contract compared to last year!
Sold Properties by Month - SFR's and Condos:
Properties that closed during the month of May 2011: 58 (+16% compared to May 2010)
Of the 58 properties that closed, 42 were distressed (72%)
Average Days On Market (DOM) was 78 days
Buyers are making deals on distressed properties!
New Properties (Listings) by Month - SFRs and Condos:
New properties listed in May 2011: 65 (+55% compared to May 2010)
Of these 65 new properties, 37 are distressed (57%)
Even at 57%, this is the lowest percentage of distressed properties new to market for the past 10 months!
For Sale Properties by Month - SFRs and Condos:
Properties for sale in May 2011: 216 (+6% compared to May 2010)
Of the 216 properties for sale, 129 are distressed (60%)
Inventory is very slowly creeping downward. Under contract homes has been greater than new listings.