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Year over year statistical data for Solano County ending January, 2022

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 January 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

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Quick Facts

SOLD

274

LISTED

167

PRICE

$587,000

DOM

37

Inventory remains the key component to rising prices and demand. Our SOLD properties are down -40.4% month over month to 267 in January 2022. This is down -26% from a year ago. One would think with our sold properties number being down double digits that our inventory would be catching up. This is not the case. Our. inventory was at 167 homes in January 2022 which is down -2.3% month over month  and down -15.7% year over year. Inventory levels remain -62.6% below our 2020 pre pandemic numbers of 444 homes listed in January 2020.

While we sold -40.4% less homes in January than we did in December our prices continued upward to $587,000 which i a +0.7% month over month increase and +7.3% increase from January 2021. Active listed prices continue to outpace the sold prices with an increase of +9.3% year over year and a whopping +25.6% increase from pre covid January 2020. Our average price per square foot rose considerably to $346.00 which is a +14.2% increase year over year and represents the highest per square foot price paid in Solano County history. (*at least as far back as our data goes). Price per square foot rose +4.2% month over month even as lenders have begun to adjust loan rates. We are currently near 4% which is up more than 1.5% year over year.

We traditionally see a slow down in sales and days on market in November, December and January. This year is no different as you can see from the chart above our DOM is at a 12 month high at 37 days on market. This means a seller could expect a home to sell if priced and marketed correctly to sell within 37 days. (See not all home sell in three days with 30 offers above asking…LOL). 

The real story is interest rate hikes across the board. The average mortgage is now costing between 3.75% and 4.25% which means buying power is dwindling. Buyers waiting to buy are finding themselves battling high prices and being priced out of the home they had been looking at just a few weeks earlier. The Fed and the market over-all are expecting even more increases and we could see a 5% loan by the end of the year. If this happens we will see home prices drop to meet buyer demand. Our estimate if as much as -15% by years end. Of course we will need more inventory for all this to really come to fruition. Sellers… NOW IS THE TIME!

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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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