In August of this year, The Press Democrat reported that the number of new listings had ballooned the inventory of houses for sale that month to the most since 2011.
By September, home sales in Sonoma County had dropped to an 11-year low, leaving a hefty inventory for buyers to peruse.
According to Compass.com, Sonoma County’s median sales price closed out at $615,000 in November, a decrease of 7.56 percent on an annual basis.
Plus, there were more than 1,500 properties on the market, an increase of 28.3 percent from November 2017.
Here is a recap of the data:
Median Sales Price
Nov. 2018 $615,000 (down 7.5%)
Nov. 2017 $665,000
Properties on the Market
Nov. 2018 – 65 days (three fewer days)
Nov. 2017 – 68 days
Number of Homes for Sale
Nov. 2018 1542 (up drastically by 28.3%)
Nov. 2017 1202
Average Price Per Square Foot
Nov. 2018 $430 (down 3.2%)
Nov. 2017 $444
Couple today’s real estate market with the current 30-year mortgage rates, which have dropped from 5.10% in mid-November of this year to 4.83% right now, and you have the perfect time to buy a house.
Buy Local, Use a Local Lender
The cliché is true: buying a home is the biggest purchase you’ll ever make in your life. That’s why you need to find a local Realtor who understands the market and a local loan advisor. Here are just three reasons why:
1. It’s important to have your loan close on time. Finding a local Realtor who knows the market is important for finding the right house. Finding a local loan advisor, like 101 Home Loans, who can close on time, is also critical.
2. You need a lender with a stellar reputation. 101 Home Loans is a local leader in the real estate community.
3. It’s important to meet with your loan advisor face-to-face whenever you’re available, whether it’s after work or on weekends. Only a local load loan advisor can do that for you and 101 Home Loans makes that commitment to our clients.
101 Home Loans - Your Lender For Life!