With interest rates rising and inventory falling, it is no surprise that we found this May very different from last May. Here’s a snapshot of what happened in three of the North Bay counties last month in single-family residence sales:
Sonoma County:
- 492 Sold (22% fewer than 2021)
- 416 New Listings (40% fewer than 2021)
- 396 Closed Escrow (30% fewer than 2021)
- 504 Homes left at end of May
Marin County:
- 231 Sold
- 185 New Listings (37% fewer than 2021)
- 230 Closed Escrow
- 174 Homes left at end of May (16% fewer than 2021)
Napa County:
- 103 Sold
- 87 New Listings
- 117 Closed Escrow
- 195 Homes left at end of May (17% fewer than 2021)
Marin County remained the hottest of all 7 North Bay counties. The experts expect more inventory to appear from now until the end of August, which might improve the picture to a degree in spite of expected increases in interest rates.
If you are looking to purchase or refinance in these tight markets and have been turned down for a mortgage at a bank or lending institution, give Sun Pacific Mortgage a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com. We offer privately funded loans based on equity, not credit scores. As an added bonus, we are FAST! Most loans fund in less than a month. Buying and refinancing can be a torturous process, or it can be smooth sailing with Sun.