Sonoma County Home Sales - March 2015
When you think of California these days, the word DROUGHT comes to mind. Sonoma County has experienced its share of low precipitation, but we are experiencing another type of drought ... INVENTORY. March 2015 actually saw an upswing in new listings, hopefully a sign of what more there is to come this summer.
The Sonoma County market as a whole has been acting like that famous snail that fell to the bottom of a 30 foot well, and is trying to get out. The snail crawls up three feet during the day, then slides back down two feet while it sleeps at night, only to start the whole process over again day after day.
The median price of homes has topped $500K+ three times over the past 12 months, only to slide back down again. I'm going to stick my neck out (maybe I should have used a turtle as an example) and predict that the Sonoma County median home price will be staying above the $500K mark for quite awhile. I think Sonoma County has finally climbed out of its $500K well.
So here is what is happening right now. Listing agents are receiving multiple offers that are from 5% to 15% over the asking price! A buyer client of mine offered almost 12% over asking ($30,000) on a condominium recently and she was out bid. We were in absolute shock and so was the listing agent. If this is indicative of what is in store for our real estate market, home prices in Sonoma County are going to go up, and fast!
Fasten your seat belts ...
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