Market info and trends in Solano

SOLANO COUNTY Market Info Trends AND

Charles Reynolds

Everything you need to know from an Investor Perspective

Solano County is one of the best places to live and work in California. The county is unique in that it has an inviting mix of rural and suburban lifestyles and easy access to all of the urban amenities associated with two of the nation’s most dynamic metropolitan areas. Solano county is situated midway between San Francisco and Sacramento- the state capitol. Solano County is the home to rolling hillsides, waterfronts and fertile farmlands. While some parts of the county are located on the beautiful San Pablo Bay, Suisun Bay and the Sacramento River delta, the inland areas of the county offer large pieces of agricultural lands. The county has varied geographic location which allows access to diverse areas.

ACCESS

The county can be accessed by Oakland, Sacramento and the San Francisco International Airports. The general aviation can utilize Vacaville, Rio Vista, Napa and Concord airports. The county is linked to San Francisco, Oakland and Sacramento by the Interstate 80.

MARKET TRENDS

The median home value in Solano County is $452,504, according to Zillow. Data also shows that home values in the county have gone up 2.6% over the past year and it is predicted that they will rise 4.2% within the next year. The median list price per square foot in Solano county

is $269, which is the same as the Vallejo-Fairfield Metro. The median home price of homes currently listed in Solano County is $449,049, while the median price of homes sold is $442,000. The median rent price in Solano County is $2,275, which is the same as the Vallejo-Fairfield Metro median of $2,275.

FORECLOSURE STATISTICS

In 2018, Solano county was reported to be the county not just in California but in the country with the highest foreclosure rate among the larger metro areas. The foreclosure rate stood at 3.48 per cent in the Vallejo-Fairfield area. The first step of

foreclosure is mortgage delinquency. This usually happens when a homeowner is unable to pay for their mortgage payment. In 2018, the mortgage delinquency rate in Vallejo-Fairfield Market dropped nearly 3 per cent from where it was in 2017. Today, data shows Solano county mortgage delinquencies stand at 0.7% which is lower than the national average of 1.1%. The percentage of Solano County homeowner’s underwear on their mortgage is 5.6% which is the same as the Vallejo-Fairfield Metro at 5.6%.

VALLEJO-FAIRFIELD HOUSING MARKET FORECAST

According to Littlebighomes.com, with an accuracy rate of 74%, the forecast for the trend in the Vallejo-Fairfield housing market for three years ending with the 3rd quarter of 2021 is up. This means that when tested against historical data, the forecasting methodology used by the company was correct 74% of the time. Accordingly, the company also estimates that the probability of rising house prices in the market area is 74% during this period. If the forecast is correct, it means that home values in the market will be higher in the 3rd quarter of 2021 than they were in the 3rd quarter of 2018.

SHOULD I INVEST IN SOLANO COUNTY?

Yes. The real estate sales, especially in the Northern Solano county, are quite steady. However, the shrinking inventory continues to be a challenge for the buyers and real estate agents in the county. The upper end of the market is quite healthy, and if a property is priced right, you will get multiple offers. If you want to learn more about the Vallejo-Fairfield housing market, talk to Charles Reynolds. Charles is an expert in all things real estate. If you are looking to buy or sell, Charles is your guy. He knows first-hand the overwhelming and stress of selling and buying a home. For the past 19 years, he has help clients understand the process of buying and selling a home, also has help clients understand the process of obtaining a mortgage for purchase or refinancing in the areas of Northern California, Solano County, Vacaville, Fairfield, and Vallejo. To learn more about Charles, click here.

Charles is also part of the VIP Agents program. This is a program powered and run by the Power Is Now Media. To learn more about the program, click here.

Sources & Work Cited

https://www.foreclosurelistings.com/list/CA/SOLANO/ FORECLOSURE/ https://www.thereporter.com/2012/03/15/solano-county-hashighest-foreclosure-rate-in-us/ https://www.zillow.com/solano-county-ca/home-values/ https://www.zillow.com/vallejo-ca/home-values/