This report is generated after the 10th 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 February 2022. 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. You can see an in depth market profile that is live 24/7 here 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
I feel like a weather man when I say we are heading for record highs in the market. Just look at our new record high average sold sales price of $622,000. This is +6% month over month increase and a solid +18.9% appreciation year over year. February beat out November average by $1,000. We are off to a very sluggish year with our sold homes coming in at 261 in February which was -1.5% less than we did in January and –11.2% less than we did a year ago. Our inventory is even worse and continues to be the culprit as to why it is so hard to buy right now. We listed 192 homes in February which is only three shy of the number from last year and a +15.0% increase month over month. If we could get this inventory number to continue at this pace we would be on track for a more normal market.
Of course a higher average in sales price will always equate to a higher price per square foot and in February we are not disappointed by our new record high price per square foot of $364.00 which is a +5.2% increase month over month and a +19.7% increase year over year. Even renting is getting very expensive. IN the past few months of sales price vs. our listed price ratio has come down a bit which means less competitiveness and more opportunity to buy at the listed price. We are still seeing a considerable amount of bidding and homes selling over asking to the tune of +102% of the listed price. We remain at 30 days on market average which is les than a moth ago and less than a year ago but not as low as 24 days which was the low spot in April 2021. You can also see that our listed for sale pricing has slid down a bit to $715,000 which marks a -3.4% decrease month over month and a firm +8.7% increase year over year.
The Federal Reserve has already started raising rates and the lenders are a head of the game with current interest rates sitting right around 4%. There is a lot of talk on wall street and in our industry that we could be looking at rates as high as 6+% by years end. Usually with higher interest rates comes lower home prices as the buying power decreases. however unless we start flooding the market with more inventory we will remain in a strong bullish selling market with sellers controlling the terms.
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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If you live here already, you know how blessed we are. If you’re considering living or investing here, you’ve probably experienced some of the area’s extraordinary possibilities: country settings and small-town communities; enthralling agricultural beauty, and true farm to fork lifestyle, If Northern California is your real estate destination, you’ve arrived at the right spot. Whether you’re looking to buy your first home – or to sell an estate – expect nothing less from us than a Meritage blend of real estate expertise, professional service, creativity, and a passion for achieving your goals.
Mike Martin and The Elite Partners were a great help in finding our first home , he answered all our questions and was honest on what he could and couldn’t do. When we contacted him he got back to us within a few hours which was great , it made the whole process less stressful and fore the most part pretty easy. We love our new home and would happily recommend Mike and the RE/MAX Elite Partners.
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Steve Cohn is an excellent realtor. When my wife and I were buying our first home he was eager to help. He knows and understands the process of buying a home as well as the market very well. Steve and the RE/MAX Elite Partners were responsive and helped us out the whole way through. I will surely use him in the future and have recommended him to a number of people already.
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It was a pleasure to work with Victoria to sell our first home. She was very knowledgeable and helped us through the hole processes. She made sure we understood what was happening and what we needed to do as sellers. If we were staying in the area we would have helped her find our new home as well. She and The Elite Partners were able to refer us to another great agent when we purchased our next home. I highly recommend her if you are looking to buy or sell your home.
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