Will the North Bay Market Cool in 2022?

[Ken and Ari Walker]

Since we are coming out of unprecedented low inventories, perhaps it would be a good thing? That depends on whom you are querying.

To recap the state of the market in the three counties under consideration:

• Total single-family homes on the market for sale in November 2021:  772 (down 46% from Nov.2020)
• Homes sold in November 2021:  765
  Sonoma = 460
  Marin = 201
  Napa = 104
• Months of inventory to sell: 1.1 (down from 1.6 last November)
• Few if any new subdivisions are being built in the area, which would help with the shortage of resales. Solano County does have a number of new housing developments, though, and the lowest prices among the counties touching San Francisco Bay.

The average price of homes sold in the Solano area has increased 13.2% to $1Million over the past 12 months, while the median price rose 17.4% to $593,000 according to the California Association of Realtors. The number of properties on the market in November dropped 32% to 1,479 from the previous year.

What does all this mean to today’s North Bay Buyer? As one Realtor stated, “People are more in love with their interest rate than they are with their house.”  If that is true, there could be a slow down in prices and sales, as the mortgage rates rise in 2022.

 

Sun Pacific Mortgage understands the unpredictable market and the effect it may have on Buyers today. With 34 years in business, we have created Alternative financing programs to overturn any loan slows or disapprovals, helping over 100,000 Borrowers and Buyers. Give us a call at 707-523-2099 or email us through our website at www.SunPacificMortgage.com to see how we can help you satisfy your mortgage needs.

Best, Ari – The Gal in the White Hat
Private Money Loan Originator at Family owned and operated Sun Pacific Mortgage & Real Estate, serving all of California since 1988!  707-523-2099   www.Sunpacificmortgage.com
CA DRE License #01858152 and NMLS #2170867

Note:  Get our financing despite bad credit, difficult to prove income, property a fixer, etc.!  We finance Jumbo loans, Bridge and short-term loans, Owner Occupied purchases and refinances, investment purchases and commercial.

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