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.