Santa Rosa Sees New Interest from Buyers
Local Sonoma County Realtor, Jeff Schween, published an article in the Press Democrat on August 16, 2020 summarizing today’s happenings in the Santa Rosa real estate market. He says we are seeing a shift in affluency from larger metro markets to nearby suburbia. In the past, buyers looking to relocate stayed near their current residence. This does not appear to be the case during this pandemic. He goes on to state some surprising data to support his observation. Here are some statistics from the MLS used to substantiate the claim that Metro Bay Area has discovered Suburbia North Bay:
SANTA ROSA METRO REGION – JULY:
- Active Listings: 324 single-family homes (11% less than July 2019)
- Pending Contracts: 245 (45% increase over July 2019)
- New Listings: 195
- Completed Sales: 231 (38% increase over July 2019)
- Months’ Supply of Inventory (MSI): 1.4 [Note: 4.0-6.0= balanced market]
Here was the summary breakdown by neighborhood:
NORTHEAST SANTA ROSA
- Active Listings: 152
- New Escrows: 95
- Completed Sales: 93 (a record for this submarket)
- MSI: 1.6
SOUTHEAST SANTA ROSA
- Active Listings: 52
- New Listings: 32 (26% less than July 2019)
- Completed Sales: 37
- MSI: 1.4
OAKMONT:
- New Listings: 19
- Active Listings: 55
- New Escrows: 28
- Completed Sales: 15
- MSI: 3.7
NORTHWEST SANTA ROSA:
- New Escrows: 59
- Active Listings at end of July: 46
- New Listings: 54
- Completed Sales: 63
- MSI: 0.7
SOUTHWEST SANTA ROSA:
- Active Listings at end of July: 19
- Completed Sales: 23
- New Listings: 19
- New Escrows: 27
- MSI: 0.8
From this well-documented report on the activity in Santa Rosa in July, it is apparent that folks have discovered our “Paradise” and are actively looking to migrate North!
Good news/ Bad news: we can look for home prices to rise and supply to be lower than preferred.
If you have been considering a change of scenery and live in any one of these coveted areas of Santa Rosa, now is the time to contact your real estate agent. We are already seeing bidding wars in some areas.
If you are looking to buy but find yourself just short of meeting the restrictions of a conventional loan or need a quick close, give Sun Pacific Mortgage a call at 707-523-2099. We have been in business in Santa Rosa or 32 years and have maintained a sterling reputation based on our honesty and helpfulness.