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2017 2nd Quarter Market Report: Home Sales Stall but Prices Rise

The 2nd quarter of 2017 ended on a down note with pending home sales dropping for three straight months. However home prices continue to rise at a rapid pace with median home prices up 6.2% year over year. The primary reason for the slow-down in sales is the limited number of homes for sale, higher prices and less buyers being able to afford to buy a home.

The most notable change in the 2nd quarter was how fast the homes were selling. Our survey showed that in 70% of the markets surveyed homes sold in under 60 days compared to 53% in 2nd quarter 2016, resulting in a whopping 17% increase. Additionally we found that 84% of the markets reported a tight to very tight supply of homes compared to 66% last year...another whopping 18% increase. The tight supply of inventory is causing homes prices to rise with 91% of all markets surveyed reported price appreciation. 34% of the markets reported appreciation over 5% and another 27% reported appreciation in excess of 10%.

According the National association of Realtors (NAR) existing home prices were up 6.2% over last year. The inventory of unsold homes is at a 4.6 month supply and 54% of all homes were sold in under one month. Still home sales dropped overall due to the low inventory of homes for sale.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in buyer activity is significantly higher than seller activity. Our Realtors reported increasing buyer activity in 89% of the markets - up 15% from last quarter and 5% over last year. However seller activity increased in only 49% of the markets - down 9% from last year and up 5% over last quarter.

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Fall 2017 Market Update
Now is an exceptional time to buy a home in Sonoma. Call now to begin discussing Sonoma Real Estate options 707-974-1372
Average Sold Home Price: $775,000

Average Time on Market: 60-90 days

Best Selling Price Range: $700,000 - $749,000

Existing Home Prices for the past 90 days: Increasing

Market Trend: Increasing

Buyer's or Seller's Market: More buyers than sellers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: Increasing

Multiple Offers? Yes

Multiple Offers Commentary: Great properties priced for today’s market go into escrow within a few days. Buyers are savvy and aware of market values. The most successful sellers are those who price their properties realistically for today’s market.

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 0-5%

Is Financing Available For Qualified Buyers? Yes

Comments on Financing For Qualified Buyers: There are a variety of options for buyers in all price categories. Interest rates remain low and buyers are continuing to secure loans at great rates!

Housing Inventory: Limited Supply

Housing Inventory Comments: The number of homes for sale in the Sonoma Valley is limited and thus the number of homes moving into contract is also limited. The Sonoma Valley market continues to see significant appreciation - though buyers are savvy and sensitive to value. The over $2M luxury market accounts for 35% of all available properties while the less than $1M is approximately 39%. Well priced homes in the $700,000 and below move quickly. and multiple offers are common. Days on market has increased slightly but this may be reflective of the unusually wet, rainy winter. Spring and summer bring many visitors to Sonoma Valley and activity is expected to remain strong. It’s still a great time to both buy and sell in the Sonoma Valley. Glad to answer questions and be of assistance. Give me a call at 707-974-1372 and let’s get started.

Greatest Activity: Repeat Buyers

Best reason to buy or sell: The Sonoma Valley continues to be a very desirable place for both permanent residents and those looking for second homes. Buyers believe that Sonoma real estate continues to be a great value both for the long and short terms.

Nearest Metro Area: San Francisco

Housing Hot Spots: Homes within walking distance to Sonoma’s Historic Plaza, country properties and properties with vineyard or valley views continue to be very desirable.

Average Sold Home Price: $775,000

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Sandra Ormerod
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15 year fixed rate: 2.97%
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15 year jumbo rate: 3.83%
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Real Estate Professional, Sandra Ormerod Sandra Ormerod
Sotheby's International Realty
Specializing in Sonoma Real Estate
25 E. Napa Street
Sonoma, California 95476
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(Because current market conditions can change rapidly in any given marketplace,
please check with Sandra Ormerod for current Sonoma, CA market conditions before acting on this information.)
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