Snapshot of Sonoma County Real Estate Quarter 3 – 2020
Despite the pandemic, Sonoma County has experienced a robust real estate market throughout the 3rd quarter this year. With few exceptions, every city in the North Bay counties has seen sales prices increase while inventory remains low. Take a look at this healthy view of home sales in North Bay areas:
- Median sales price: $720,000 (up 6.7% over 2019)
- Days on the market: 42 (up 2 days over 2019)
- Median $/SQ.FT.= $420. (up 21% over 2019)
- Properties sold = 1,640 (up 34.2% over 2019)
- Sold over asking = 1/3 (up 9.4% over 2019)
When we look at individual cities within this area, the results are extraordinarily weighted in favor of record increases in both the number of homes sold and the median sales price. Only Guerneville, Occidental, Penngrove and Petaluma showed any decline in home sales. The median home price fell in just 3 cities: Cazadero, Geyserville, and Jenner.
While many economists are attributing these favorable results to low mortgages, it is good to remember that there is a Hard Money solution for those homebuyers who do not qualify for traditional home financing. For those who have fallen short of conventional loans, hard money financing has become the answer for many Home buyers in the Bay area!
Sun Pacific Mortgage has provided many loans this quarter to anxious homebuyers who have been turned down by their bank or other lending institutions because of stricter pandemic regulations. If you think that we might be able to help you, give us a call at 707-523-2099. You will find an experienced and caring family owned business ready to help you achieve your dreams.