October Market Report - Solano County

MarketReport

Market Report for Solano County

What’syourhome reallyworthin today’smarket?

That's really the question you should be asking 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 the value of your home

So, do you know what your home is worth in today's market?

Icanhelp...

Contact me for a confidential, no obligation, assessment of your home's value.

TwoQuestionsEvery HomebuyerShouldAsk ThemselvesRightNow

Rising interest rates have begun to slow an overheated housing market as monthly mortgage payments have risen dramatically since the beginning of the year. This is leaving some people, who want to purchase a home, priced out of the market, and others wondering if now is the right time to buy. But this rise in borrowing cost shows no signs of letting up soon.

Economic uncertainty and the volatility of the financial markets are causing mortgage rates to rise George Ratiu, Senior Economist and Manager of Economic Research at realtor com, says this:

“While even two months ago rates above 7% may have seemed unthinkable, at the current pace, we can expect rates to surpass that level in the next three months ”

So, is now the right time to buy a home? Anyone thinking about buying a home today should ask these two questions.

Solano

What's in the Solano data?

In Solano, the median sold price for single-family homes in September slightly increased month-over-month to $598 thousand. The number of homes sold decreased to 350 and the number of new listings also decreased to 346. The number of condo & townhome sales increased month-overmonth to $425 thousand month-over-month with 29 units sold and 31 new listings. Buyers are also still being aggressive with their offer prices, with the median offer price continuing to be about 100%. Only about 6% of all homes for sale were actually completed, due to supply constraints adding to the scarcity of home supply. Meanwhile, the demand for homes continues to rise, leading to the rise in sales prices, and creating an imbalance between supply and demand.

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Price n Market

The data, sourced from Broker Metrics, includes all single-family homes, condos and townhomes in the California Area from September 2021 to September 2022. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. Questions may be directed to KW Advisors. 415.483.9285 DRE# 01995149 | DRE# 01906450 Copyright KW Advisors 2022.

Median SalesPrice

Single Family Homes

The median sales price has gone up from $565k last September 2021, to $598k by September 2022

Condos & Townhomes

The median sales price has slightly increased from $380k in September 2021 to $425k by September 2022.

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AVGDays OntheMarket

Single Family Homes

The average days on market slightly increased from 27 days last year to 40 days this year

Condos & Townhomes

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Overbids

Single Family Homes

The overbid percentage has decreased from 101.5% last year to 100% this year's September.

Condos & Townhomes

The overbid percentage has slightly decreased from 103 7% last year to 100% this year's September

The average days on market significantly increased from 23 days last year's September, to 44 days this year

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