Sonoma County Market Dynamics for May 2008: Demand up, Supply of New listings down 14%
Ok so I admit that there is more to being successful in buying and selling real estate (as a realtor or an actual buyer or seller) than knowing market statistics. But the dynamics of this real estate market are changing so rapidly, and the various locations and price points add multiple additional layers of complexity, so that it bears spending some time looking at the numbers. Most of us also like to see if the trends on aggregate bear out our senses as we live and breathe in this market every day. So any of my clients or friends who ask me “How’s the market?” knows that I can wax poetic on the subject. Tongue slightly in cheek. 😉
Anyway, my broker Rick Laws, just released May’s sales statistic for Sonoma County to us this morning and the sales up-tick we noted previously appears to be continuing or even accelerating. Add that to the big news that the number of new listings is actually down 14%. This is for all residential sales in Sonoma County at all price points. I have asked Rick for some additional breakdowns. This is a rough pass of the data because as Rick says, some of the sales reporting for last month can be a little late and dribble in over the first 10 days of the month, which is when he normally compiles the stats that you see in the Press Democrat.
Closed sales are up slightly over last year at this time. But even more interestingly, newly opened escrows (sales under contract but due to close in 1 to 2 months) are up 68 percent this year over last. Even if some fall out of escrow, that is a significant boost to a trend we first noted here in early March. Even more interestingly, new listings are down 14% over last year. So where do you think the market is heading?
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