For purposes of this blog, Wine Country includes the counties of: Marin, Mendocino, Napa, Solano, and Sonoma.
- Homes and Condos available for sale at the end of July= 2,697 (down 34% from July 2021; down 11% from June 2022) This has been the pattern for the past 3 months.
- Inventory in the past 10 years has been more than 10,000 homes.
- Sales= 1,169 (32% less than 2021; 7% less than June 2022)
- Price reductions: Napa 15%; Sonoma 22%; Mendocino 45%
- Selling more than original asking price: Sonoma 48%; Napa 35%; Mendocino 25%
Mortgage rates at the beginning of June reached 6.5%, but by July they were closer to 5%, which is not that far off the 4% we averaged for the past 13 years.
Some experts think that inflation may have reached its peak and is retreating slowly. Buyers and Sellers alike would be pleased with this trend!
If you have been turned down for a conventional loan from a bank or mortgage broker, give Sun Pacific Mortgage a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com to see if a private loan is the solution to your problem. We have been in business for 34+ years serving all of California and have thousands of Investors ready to help provide you with a fast refinance or purchase solution.
