Sales Data for Sonoma County December of 2008! WOW! REO market Smokin'!

By
Real Estate Agent with The Kelly-Norman Team Keller Williams RE

December 2008 "Stats"

 

All Listings for Sonoma County (includes further breakdowns below):

  

Actives                                   CTS (Continue to Show) Pending                 Sales   

  

#: 1870                          689                            167                   457   4 months supply!

Median:    $426,500    DOM--Days on the maket: 132                                          

REO or Foreclosed properties:

#: 403                           245                             98                      253  1.6 months supply!

Median:    $274,900   DOM  65                                          

Short-Sales:

#: 455                           336                             22                      63    7.22 months supply!

Median:    $299,900    DOM 142                                         

Conclusions:

Year over year

'07 Sales 220   08 Sales  457  +71% This is a BIG number! Better than July of 2008!

'07 Median Price:$434500  '08 Median Price: $310,00  -31%  Expected considering the nature of the sales makeup!

August '07 thru Dec '07: 1,398 Sales (This was the beginning of the "credit-crunch"!! )

"           '08  "     "      '08  2,471  "     Huge 56% Increase!!

  Most disturbing Number? 73% of THIS market is selling and NOT buying! (REO+SS+New Home sales).

  • REO's count for 21.5% of ALL Actives BUT 55% of ALL Sales!
  • 69% of our current market SALES are either pre/post foreclosure!
  • Listing "Fatigue" is creeping in as our "Actives" have plummeted! Good sales are helping but tis the season for taking your house off the market!! But tell your Sellers the Sales are WAY UP!!
  • This is a "Value-Driven" market! Buyers are getting "off the couch" to take advantage of this great "Sale" with  30 to 50% off  "peak" home pricing.
  • Affordability is through the roof! We got as low as 7-8% (equal to Santa Barbara!) but now are hovering in the upper 40%!! Tremendous buying opportunities abound! 
  • We have ONLY 4 months supply of ALL listings-this is indicative of a "hot" market!
  • Even the "Short-Sales" of shortened up their time. Lender's making deals?
  • REO's-blistering! 1.6 months supply-A raging Seller's Market!
  • In this time of "melt-down" Financial markets we are posting HUGE sales! Your buyer's are confident and see value in this market plus spectacular rates-SHARE WITH YOUR CLIENTS!

 

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Michael Kelly

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