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 September 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
A shift on the horizon… Most of us agents are anticipating continued slowing in the market from the aggressive behavior we saw over the summer months. While this will give some relief and more opportunities to buy the market is still generating a very high demand. Interest rates remain extremely low and do not look as though the Federal Reserve will be making any big adjustments in the coming months. I think it is safe to assume a steady sellers market through the end of the year and a robust start to the new year. Our sold inventory dipped to 404 units a –21.2% decline year over year while our new listing inventory grew +10.9% to 357 homes.
The price of a home continues to rise even with a slow down in activity. When we talk about a slow down we are talking 3-5 offers vs. 10-20 offers on properties and homes still selling relatively fast. Our average price per square foot increased +22% to $349 per sq. ft. while our sold price dipped month over month to $602,000 which still represents a 22% appreciation year over year.
Day on market, the time it takes to sell a home has also declined to 29 days. Although it still holds true that if the home is priced right and with proper marketing most homes are selling within the first 10 days. This basically means there is inventory overpriced, in the higher price range taking much longer to get into contract and sell causing our Days on Market to drop a bit -21.6% year over year. The bottom line is THIS IS STILL THE BEST TIME EVER TO BUY AND SELL! Buyers have great strength with low interest rates and sellers have a tremendous amount of equity and this continues to grow.
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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