Sonoma County Real Estate Pending Sales up 96% versus December 2006
There was no seasonal dip in newly opened escrows this December as brave (or desperate) buyers and investors sought a home for their cash, literally. Despite the horrendous news in the financial markets, the rate of sales actually increased and the number of new listings continued to decline over the most recent months. Maybe the 2 point drop in interest rates over the last three months has continued to spur buyer activity, and not just at the low end of the market (under $500K–or really under $350K).
I just got my hands on all sorts of juicy data and four major price points so you will hear more from me as I analyze the results. The steadily increasing sales continues a trend lead by low-priced REO properties we first noted in February and March of 2008. Meanwhile, here is the quick overview. (Thanks to my broker, Rick Laws, of Coldwell Banker, who is a data geek. He pulls Sonoma County real estate sales data from the local multiple listings service (BAREIS) via the Brokermetrics service.)
Since December 2006:
Pending Sales are up 96%
Closed Sales up 7%
New Listings up 48%
Take a look at the trend lines over two years, because that tells a partial story of our market in Sonoma County real estate. More to come. Stay tuned.