This report is generated around the 20th of each month once the previous months numbers have been posted. What we see here is a report generated for the Solano County Housing Market through March 2021. So we are always looking a month behind. Our statistics are derived from the Bay Area Real Estate Information Services (BAREIS) This is the Multiple Listing Service provider for all real estate brokerage in Solano County. If you have questions or wish to know a more specific account of your properties value and the timing of either selling or buying we are always happy to jump on a Zoom or meet with you at your property to evaluate and discuss a strategy. We can be reached via cell/text 707.580.3499 or email us at concierge@elitepartnersrealestate.com
Relief in site… August brought us a tiny bit of relief from the buying pressure we had been experiencing since early March. While we are still in a very strong buyers market. (Solano County In depth) What has changed? Has inventory flooded the market? Have buyers stopped buying? The answers are all hidden in the data below. What we have seen in the last couple of weeks is a slowing in buyer activity. We are seeing homes selling at rapid pace with multiple offers just not 40+ offers and hundreds of thousands over asking. So what caused this slow down. Part of it is seasonal. Every year between mid July until the middle of September we see what we call in the industry a season lull. Summer break. People take vacations, kids are out of school and while you would think this is prime time to home shop we traditionally see the market dip this time of the year. It isn’t until kids are back in school and Fall is in the air that we see an uptick in activity again.
However what big change is the buyer relocating from closer Bay Area communities looking to cash in on buying a big house vs. staying in a tiny condo because they no longer need to commute into the city daily. These buyers had been driving prices through the roof. This buyer has virtually disappeared and caused a lull in aggressive activity. We still have strong demand but that aggressive cash rich buyers is gone. In August we saw our inventory of sold properties increase 7.1% to 496 (1/2 percent month over month increase) and our active inventory rise by 6.8% with 330 new properties coming up for sale. Our pending properties remain strong at 502 which is inline with our sold numbers and down 4.9% year over year.
Our Days On Market (DOM), remains steady at 25 days which has been around the same since March. We think this remains steady through the end of the year. The big number everyone is waiting on is our average sales price. For sold properties in August that number is $613,000 which represents a 17% increase year over year and 1/2 percent month over month. Listing prices are higher and are an indication that closing prices will continue to rise over the next 30 to 60 days.
The opinions expressed in this report are those of Don McDonald, Founding partner, and REALTOR with RE/MAX Elite Partners brokered through RE/MAX Gold. They are not in any way intended to express what RE/MAX, RE/MAX Gold or any other agent or brokerage may think. It is my honest analysis backed but some market data. Check back each month around the 25th or so for an update as we continue down this path.
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Each month we look at our most recent past months’ activity and compare it to a year ago and devise an overview of how the housing market is moving. During what all of us will remember as the COVID-19 Pandemic year has actually produced some extraordinary housing statistics. You probably know a REALTOR or two who are crazy busy. This is true for most agents who have been in business for 7+ years. The flip side is there are many REALTORS not having such a great year. The reason behind the 7+ year assessment is those agents who have been in business for longer than 7 years have a tremendous amount of past clients to pull from. We live in a world of distrust. It seems everyone is skeptical about everything. Our elections are questioned, the pandemic we are in is questioned and it seems as though trust has become a very big issue. Newer agents rely heavily on open houses, lead generation, and gaining trust from new prospects. Today that is challenging because consumers have such distrust they are tuning to referrals and recommendations more than ever. As one of the largest and most successful real estate teams in the county, we see our fair share of the market. RE/MAX Gold in Solano County has a near 15% market share which is about twice as much as our closest competitor.
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