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Summer 2010 Market Update
Market Commentary Provided bySandra Ormerod Now is an exceptional time to buy a home in Sonoma. Call now to begin discussing Sonoma Real Estate options 707-974-1372 |
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| Average Home Price | $500,000 - View Graph Trend |
| Average Price Compared to Last Year | Up 5-10% |
| Average Time on Market | 60-90 days |
| Best Selling Price Range | $450,000 - $499,000 |
| Worst Selling Price Range | $850,000 - $899,000 |
| Prices As % of Asking Price | 90-95% |
| Existing Home Prices for the past 90 days are? | Increasing |
| Market Trend | Decreasing |
| Buyers’ or Sellers’ Market | More sellers than buyers |
| Buyer Activity for the past 90 days in Sonoma is | Increasing |
| Seller Activity for the past 90 days in Sonoma is? | Decreasing |
| Multiple Offers? | Yes |
| Multiple Offers Commentary | Multiple offers and offers at over asking are occuring in the under $500,000 category as well as on well priced properties in the over $1,000,000 range. The wave of foreclosures that was predicted has not yet arrived. Great properties priced for today's market go into escrow within a few days. |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 5-10% |
| 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. Jumbo loans are available as well. Call me at 707-974-1372 if you need a lender recommendation. |
| Housing Inventory | Limited Supply |
| Inventory Comments | Summer 2010 and the Sonoma Valley Real Estate Market has lots of activity! Buyers are still looking for value and the available inventory is definitely less than last year. In the under $500,000 segment of the market, well priced properties go into contract within a few days many times with multiple offers that are over asking. The middle and upper segments of the market have more inventory, yet we are also seeing multiple offers on well-priced view and luxury properties. Sellers, be aware that buyers are still very price sensitive and are looking for value. If you are looking to sell, I know what is attractive for Wine Country buyers and how to help you best position for today's market. If you are looking to purchase that dream home, interest rates remain low and there are definitely some good values coming to market. 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 |
| Reason to Buy/Sell | The Sonoma Valley continues to be a very desirable place for both permanent residents and those looking for second homes. With values off their peak of 2006, buyers perceive Wine Country real estate to be a great value. Buyers are looking to take advantage of the market will prices and interest rates are low. |
| 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 Price | $500,000 - View Graph Trend |
Sonoma Local News
Repeat Buyers & Investors With Cash Boosting Home Sales & Prices In Many Markets, New HouseHunt Survey Shows
For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation's housing market. As a result, prices of bank-owned REOs and properties involved in short sales are being bid up by multiple offers and cash buyers in many neighborhoods, according to the latest HouseHunt quarterly current market conditions survey.
"The current ratio of 58% to 42% favors repeat buyers," said Michael Bearden, president and CEO of HouseHunt, Inc. "This is an increase of 10 percentage points over a year ago and 24 points over six months ago. In a more balanced market of supply and demand, repeat buyers usually lead by a two-thirds ratio."
Click here for full article...
For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation's housing market. As a result, prices of bank-owned REOs and properties involved in short sales are being bid up by multiple offers and cash buyers in many neighborhoods, according to the latest HouseHunt quarterly current market conditions survey.
"The current ratio of 58% to 42% favors repeat buyers," said Michael Bearden, president and CEO of HouseHunt, Inc. "This is an increase of 10 percentage points over a year ago and 24 points over six months ago. In a more balanced market of supply and demand, repeat buyers usually lead by a two-thirds ratio."
Click here for full article...
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Mortgage Rates
– Jul 30th, 2010 –
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30 yr. fixed rate: 4.60%---------------------------------
15 yr. fixed rate: 4.07%
30 yr. jumbo rate: 5.42%
15 yr. jumbo rate: 4.98%
Home Values
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Sandra Ormerod
Sotheby's International Realty |
707-974-1372 |
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(NOTE: Because current market conditions can change rapidly in any given marketplace, please check with the exclusive HouseHunt, Inc., real estate agent for this territory before acting on this information.)
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