Santa Rosa California Real Estate Market Report
Whether you are considering selling or purchasing a home, knowing what's happening within the local market right now is absolutely essential. Here are some key market statistics for all single family residences sold in the city of Santa Rosa, California during the month of September 2012. All transactions that closed and recorded between September 1, 2012 through September 30, 2012 would be captured in these market statistics. I've pulled September 2011 figures to compare them against and the swing is dramatic.
Santa Rosa California Homes Sold
- 2012 Homes Sold (Sept 2012) = 165 Single Family Residences
- 2011 Homes Sold (Sept 2011) = 149 SFR
- 11% increase over same period in 2011
Median Home Statistics
- 2012 - 3 bed / 2 bath / 1612 sq ft
- 2011 - 3 bed / 2 bath / 1518 sq ft
Median Sales Price
- 2012 Median Sales Price $330,000
- 2011 Median Sales Price $300,000
- 10% increase over same period in 2011
Median Days on Market
- 2012 - 38 DOM
- 2011 - 88 DOM
- Result = Decrease of 57% of median days on market
So what is the driving force behind this dramatic swing in the market in 12 months?
Scarcity of inventory + increasing demand + historic low interest rates + improved access to credit = appreciation!
So how have these other numbers impacted sales prices??
Average Days On Market (DOM) and Average % of Original List Price Received on Sold Properties
0-30 Days = 99.81% of original list price in Sept 2012 (Sept 2011 = 98.07%)
31-60 Days = 100.60% of original list price in Sept 2012 (Sept 2011 = 95.89%)
61-90 Days = 97.74% of original list price in Sept 2012 (Sept 2011 = 93.97%)
91-120 Days = 96.92% of original list price in Sept 2012 (Sept 2011 = 91.66%)
These statistics from just this last month clearly show the dramatic swing into a current sellers market, with real estate in Santa Rosa, California. Inventory is low, sales prices are increasing, staying much closer to list and spending much less time on the market before getting sold. In addition, the distressed market is receding and also clearly shifting away from foreclosures towards short sale properties. The reports keep coming out that the 'shadow inventory' that has been discussed for years, just may not materialize in the manner it was expected. Banks have developed their systems to better manage, price and sell their foreclosure inventories at market rates and are moving much swifter as well. Short sales systems are still extremely flawed, but greatly improved to how broken it was in years past.
So what's the take away? If you're serious about buying a home in this market: you need to find a realtor that knows your specific area of interest and that you trust and like; do your homework in advance; get yourself pre-approved with a lender; be realistic when writing your offer and structure an attractive offer for serious consideration. And you better move quickly when you've found the home. Interested in learning more? Please do not hesitate to give me a call. I am happy to help answer any questions you may have or find the perfect home for you in Santa Rosa, California.
Interested in searching for current homes for sale, search here.
Want to know more about the right strategies to sell your home at the best price, with the least amount of hassle in this market? Email me. Click the link, if you are interested in learning more about what your current home may be worth.
Best of luck as we move into another beautiful harvest season in Sonoma County, California.