Has the North Bay Run Out of Real Estate Sales?
There has been a dearth of sellers for a few years now, but the summer months have been especially quiet as more families are taking vacations in this post-pandemic age.
Looking at MLS data for June, we find that Sonoma County buyers contracted to purchase 619 single-family homes, which is close to the number in June 2020. There were 514 new listings -10% fewer than the same time last year, and 620 homes closed escrows, a 32% increase over 2020.
Because of the frenetic pace of homes selling, and the lack of new inventory, only 684 homes were available to sell at the beginning of July, a stunning 22% fewer than last year.
Marin County saw the hottest market in the North Bay with only 181 new single-family homes for sale, 34% fewer than last year. 286 homes went into escrow and 328 homes closed escrow leaving the region with only 205 homes for sale at the beginning of July. The median home value rose to $1,778,000.
Given the fact that homes are selling faster than homes are being placed on the market, we can continue to expect prices to rise over the next few months.
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