As you may be aware of, across the country the inventory of homes for sale remain low on a year-over-year basis, as does sales volume. Buyer demand has dropped since rates passed 5.5 percent in mid-September. The news is not too different for the North Bay region, however, it does remain stronger than other real estate markets.
Here are some Housing Market statistics for Marin, Mendocino, Napa, Solano, and Sonoma counties:
- Inventory of homes & condos at end of November: 2,426 (9% above Nov. 2021; 14% below Oct. 2022)
- Median sales price: $735,000
- Price reductions: Napa 33%, Sonoma 40%, Napa 38%
- Sales more than listing price: Napa 28%, Sonoma 27%
Looking at Sonoma County only:
- Inventory at the end of November: 617 (9% below Nov. 2021)
- New sales: 285 (35% lower than Nov. 2021)
- Average days on the market: 56
- Median sales price: $803,000 (7% above Nov. 2021)
- Homes priced above $1 million: 46%
While other “hot” markets are suffering much deeper cuts, the North Bay is slipping only slightly. It is still a good time to invest in California real estate as a Buyer or an Investor. Most experts are predicting at least a 7% increase in appreciation this upcoming year. While it is not the exceptional 15% increase we saw the past couple of years, it is still one of the best wealth sources available to serious Investors looking for a higher return.
With 35 years of experience, Sun Pacific Mortgage continues to offer private money loans and offering Notes for Investors in California. Give us a call at 707-523-2099 if you are interested in becoming a Private Money Lender or find us at www.sunpacmortgage.com.