North Bay Area August Real Estate Report
And we thought we had seen it all…but, no, there was more! How about record-breaking heat, more fires, unhealthy air, and a pandemic? Despite it all, the real estate market in Sonoma, Marin, and Napa counties have continued to thrive and even grow!
Here are the statistics for single family homes as recently reported in the Press Democrat, by local Realtor Jeff Schween, on September 13, 2020:
New listings: 356 (down 25% from 2019)
Escrow openings: 585 (up 32% from 2019)
Closings: 534 (up 33% from 2019)
Homes for sale at end of August: 650 (down 43% from 2019)
Absorption rate: 82%
(Note: Absorption rate is calculated by dividing the number of homes sold by the number of homes available at the end of the month)
New listings: 198
Escrow openings: 247 (up 49%mfrom 2019)
Homes for sale at end of August: 287 (28% down from 2019)
Absorption rate: 89% (one of the Bay Area’s hottest)
New listings: 97 (down 38% from 2019)
Escrow openings: 173
Homes for sale at end of August: 262
Absorption rate: 59% (this indicates an increase in values will follow)
The reasons for this healthy increase in the North Bay real estate market are probably three-fold: more work-from-home opportunities, desirability of wine country, and more affordable housing than other local urban areas.
So, despite some of the disasters that have occurred in our northern counties, they still appeal to a myriad of homebuyers. Sun Pacific Mortgage has seen an increase of borrowers who need a fast close for their property purchase. The lack of inventory makes each escrow a sprint to the finish. We have been known to finish many of our loans in as little as a week! If you find yourself in a time crunch to close your deal, or just want to look better than the next guy when presenting your offer, give us a call at 707-523-2099.
The content of this blog contains general advice only and does not consider individual financial circumstances, desired loan amounts or existing real estate or lending transactions. This information is intended for licensed Real Estate Agents and licensed Lenders/Mortgage Brokers and is posted on our company website and specific blog sites with the express purpose of reaching such licensed individuals.