I always find that knowing what’s happening with the real estate market is beneficial towards assisting Homebuyers and Borrowers make better decisions. Keeping abreast of this information is also helpful when working with licensed peers, to better work together to help clients.
The following report includes both single-family and condominiums in some popular counties:
Marin County:
- Inventory was 46% (211 homes) below January 2022, but only 4% below December 2022.
- New sales were 21% (99 homes) below January 2022 and were 29% above December 2022.
Napa County:
- Inventory was 43% (78 homes) below January 2022 but 3% above December 2022
- New sales were 9% (43 homes) below January 2022 and were 54% above December 2022
Mendocino County:
- Inventory was 8% (210 homes) below January 2022 and 13% below December 2022
- New sales of 36 homes in January 2023 were slightly above the sale of 35 homes in January 2022 and slightly below the December 2022 level of 37 homes.
Lake County:
- Inventory was 13% above the inventory in January 2022 and 2% below the inventory last month of 357 homes.
- Closed sales in January were 39% below January 2022 and 32% below December 2022
Solano County:
- Inventory was at 436.
- 223 homes sold and closed in January 2023 while historically 500 sales occur per month.
What we can conclude from this report is that while sales and inventory are well below the levels of January 2022, they definitely look better for most counties than December looked.
Real estate experts expect the Spring will bring better reporting numbers with more inventory and more buyers looking for a less competitive market than they experienced during the last couple of years.
I look forward to a busy 2023 in the real estate and lending markets. Hope you do too!
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