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 November 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. 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
Inventory remains the key component to rising prices and demand. Our SOLD properties are down -11.5% to 406 in November 2021. One would think with our sold properties number being down double digits that our inventory would be catching up. This is not the case. We listed just 269 homes in November compared to 252 in 2020 a +6.7% increase. However we are still -56.1% below our 2019 pre pandemic numbers of 613 homes listed in November 2019.
Our housing prices continue to grow and a rapid rate in some cases double digits. We are up +15.8% year over year with our current price per square foot at $338. This is a -.06% decrease month over month and a full +27.5% increase from our 2019 pre-pandemic price of $265. Remember price per square foot is a foundation for pricing a home but there are still many multiples that need to be take into consideration when pricing a home. Doe the home have. a larger lot size, upgrades, pools, etc. These variables are what ultimately decide the price a consumer is willing to pay for a specific home.
You can see that over the last 6 months our days on market (DOM) has continued to slightly increase. This increase of +3.3% month over month is minimal when you consider we are still -8.8% down from a year ago. This means homes are selling much faster today than they sold a year ago. We are also at an all time sold price high of $624,000 which represents a +19.5% increase year over year. With the Federal Reserve announcing yesterday (December 15th, 2021) that their plan to increase rates over the next year homeowners and consumers could expect a 5% to 10% depreciation in costs if this indeed happens. There are still many variables that could cause the Fed to keep rates at their historic lows so we do not know for sure that these suggested increases will happen and to what extent they will increase the rate. But if interest rates go up a 1/2 to 1 full percent home prices will adjust downward and home owners could lose some of their equity.
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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