Market Report Solano County August 2022
IN TODAY'S MARKET
What's your home actually worth That really is the question to ask yourself. Our market is incredibly diverse and changes rapidly. Values vary not just by neighborhood, but by street. Your home isn't necessarily worth what your neighbors is. At the end of the day, the current market sets your homes's value. So, do you know what your home is worth in today's market? I can help Contact me for a confidential, no obligation, assessment of your home's value.
Buying a Home May Make More Financial Sense Than Renting One 2022 If rising home prices leave you wondering if it makes more sense to rent or buy a home in today’s housing market, consider this. It’s not just home prices that have risen in recent years rental prices have skyrocketed as well. As a recent article from realtor.com says: “The median rent across the 50 largest US metropolitan areas reached $1,876 in June, a new record level for Realtor.com data for the 16th consecutive month.” That means rising prices will likely impact your housing plans either way. But there are a few key differences that could make buying a home a more worthwhile option for you. READ MORE
August
Solano
In Solano, the median sold price for single-family homes in July slightly decreased monthover-month to $585,000. The number of homes sold decreased to 125 and the number of new listings decreased to 542. The number of condo & townhouses sales decreased month-over-month to $490,000 with 16 units sold and 34 new listings. Buyers are also still being aggressive with their offer prices, with the median offer price continuing to be about 100%. There is no doubt that higher interest rates have impacted demand for homes, especially in June when rates had reached their apex. But low inventory continues to be a factor as well. A balanced market is considered representative of 6 months’ supply of homes. When factoring in the amount of completed homes, the month’s supply of homes available was really less than a month at 25 days. This ongoing imbalance of supply and demand should continue to be supportive of home prices.
What's in the Solano data?
SINGLE FAMILY HOMES 542 New Listings 3.1 Months of Inventory $585K Median Sale Price 100% Median Sale vs List 27 Avg Days on Market 125 Sold Listings Ths data is sourced from InfoSparks for monthly data showing 07/2021 to 07/2022 Data may include preliminary data and may vary from the time this data was gathered All data is deemed reliable but not guaranteed Questons may be directed to KW Advisors 415 483 9285 DRE# 01995149 | DRE# 01906450 Copyright KW Advisors 2022 Each Office s independently owned and operated
CONDOS & TOWNHOMESSolano at a glance 34 New Listings 2.6 Months of Inventory $490K Median Sale Price 100.9% Median Sale vs List 19 Avg Days on Market 16 Sold Listings
July2021August2021September2021October2021November2021December2021January2022February2022 March2022 April2022 May2022 June2022 July2022 1,500 1,000 500 0 SINGLE FAMILY HOMES Last 12 months, year-over-year CONDOS Last 12 months, year over year LISTINGS FOR SALE VS SOLD LISTINGS SOLANO JULY 2021 JULY 2022 July2021August2021September2021October2021November2021December2021January2022February2022 March2022 April2022 May2022 June2022 July2022 125 100 75 50 25 0
A V G D A Y S O N M A R K E T July2021August2021September2021October2021November2021December2021January2022February2022March2022April2022May2022June2022July2022 $750,000 $500,000 $250,000 $0 O V E R B I D S M E D I A N S O L D P R I C E Condos & Townhomes The median sold price has increased from $330k of July 2021 to $490k by July 2022 SOLANO COUNTY AUGUST 2022 Single Family Homes The median sold price is almost the same from $580k last July 2021, to $585k by July 2022 July2021August2021September2021October2021November2021December2021January2022February2022March2022April2022May2022June2022July2022 40 30 20 10 0 Condos & Townhomes The average days on market significantly decreased from 27 days last year's July, to 19 days this year. Single Family Homes The average days on market increased from 25 days last July 2021 to 27 days a year later July2021August2021September2021October2021November2021December2021January2022February2022March2022April2022May2022June2022 July2022 125% 100% 75% 50% 25% 0% Condos & Townhomes The overbid percentage had decreased from 103 4% last year to 100 9% this year's June Single Family Homes The overbid percentage has decreased from 102 9% last year to 100% this year's June
Napa Valley 951 California Boulevard, Napa, CA 94559 San Francisco 1624 California Street, San Francisco CA 94109 2207 Lombard Street, San Francisco, CA 94123 Peninsula Estates 1430 Howard Avenue, Burlingame, CA 94010 16 E 3rd Avenue, San Mateo, CA 94401 Palo Alto 505 Hamilton Ave Suite #100, Palo Alto, CA 94301
