Rising Real Estate Sales Trend continues in Sonoma County
Buyers are out in force searching out bargains in Sonoma County real estate with the number of open escrows (ratified sales contracts for home purchases which have not yet closed) reaching the highest level in over two years. This appears to solidify a trend first noted in this blog in early February. The newly ratified purchase contracts will not close till 30 to 45 days after ratification on average and some will no doubt not close, but indications continue to be positive for the state of this spring’s market for real estate sales in Sonoma County. Many of these sales have been in the under $500,000 market, where first time buyers and investors are feasting on the large inventory of bank-owned or REO properties where some terrific bargains can be found. For a list of bank-owned properties, please email me. Meanwhile, the following chart shows the sales trends for both new escrows and closed sales for the last two years of real estate sales in Sonoma County.