In examining the March real estate market results, it is important to recognize that there is a time-lag of 3-6 weeks between a listing coming on the market and an offer being accepted. With this in mind, almost all the sales data we have as of the first week in April reflects the market before the shelter-in-place went into effect. For all the Bay Area counties March median sales remained quite strong.
According to Realtor.com, March real estate statistics for Sonoma County read like this:
Median List Price: $715,400 (up 7.6% over last year)
Median Listing Price per Sq.Ft.: $406.
Median Sales Price: $636,000
Average Sales Price: $776,202
Median Days on the Market: 46 (trending down since last month)
Number Sold: 251 (up 4.1% from February)
Active Properties: 667 (as of April 5)
Other statistics from various sources:
Spring is usually the most active selling season and often sees the highest median sales prices of the calendar year. Give the rapidly changing socio-economic factors in play due to the present pandemic, experts are hesitant to predict how this season will play out.
The good news is that realtors and lenders have found creative avenues around the shelter-in-place restrictions. They are utilizing all the digital and video media available from Zoom to Skype and every platform in-between. Virtual tours are still happening, listings have been going into contract, and escrows continue to be executed. We are a resilient community that has weathered both fires and floods, and we will weather this hardship, too.
Stay calm, breathe, and carry on…this, too, will pass and we will all come out stronger.
Best, Forest – The Guy in the White Hat
Hard Money Broker and Co-Owner of family owned and operated Sun Pacific Mortgage & Real Estate, serving all of California since 1988! 707-523-2099 www.sunpacificmortgage.com.
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The content of this blog contains general advice only and does not consider individual financial circumstances, desired loan amounts or existing real estate or lending transactions. This information is intended for licensed Real Estate Agents and licensed Lenders/Mortgage Brokers and is posted on our company website and specific blog sites with the express purpose of reaching such licensed individuals.