Looking at all the homes and condos for sale in the northern California counties of Lake, Marin, Mendocino, Napa, Solano, and Sonoma Counties at the end of February, there were just 1,431 on the market. This is the lowest inventory amount since 2005 and 2% below that of January. This region generally enjoys a Spring revival in both listings and sales, but only time will tell.
Let’s take a look at the real estate trends in Sonoma County as of the end of February:
- Inventory: 534 (+30% YTY; +2% MTM)
- Ratio of homes sold over original price: 45%
- New sales: 488 (+38% YTY; +8% MTM)
- Supply of inventory: 1.1
- Time it takes to sell: 39 (Coastal) – 106 (Oakmont)
- Average days on market: 60
- Median price: $621,000 (+10% YTY)
- Average price: $906,046 (+13% YTY)
- Total sales volume: +29% YTY
- Sales price to list price: 100% (+5% YTY
It is quite plain to see that Sonoma County real estate has flourished since the beginning of the year with no indication that it will flounder in the near future.
So, if you are thinking of selling your property and are concerned that you might need funding for your new home before it becomes available from the sale of your present home, call Sun Pacific Mortgage at 707-523-2099 to discuss the possibility of a bridge loan.
Or, if you want to get a step up on that house purchase offer, how about trying out a Private Money loan to submit a 10-day close and virtually all-cash offer?! This type of offer just might beat out the other multiple offers and make you the winning Buyer!
Here at Sun Pacific Mortgage, we have been offering these private money loans to many borrowers because we can often obtain their needed funds within a week. We are fast. We are family owned & operated. We have been in business over 3 decades now.
We look forward to helping you or someone you know get a private home loan with our home loan programs.
Call us or email us through our website!