April 2023 Copyright by KW Advisors 2023
What’syourhome reallyworthin today’smarket?
That's really the question you should be asking yourself.
Our market is incredibly diverse, and rapidly changing. Values vary not just by neighborhood, but by street. Your home isn't necessarily worth what your neighbors’ home is. At the end of the day, it’s the current market that sets the value of your home.
So, do you know what your home is worth in today's market?
Contact me for a confidential, no obligation assessment of your home's value.
Icanhelp...
HowChangingMortgage RatesCanAffectYou
The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.
The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment:
Even a 0.5% change can have a big impact on your monthly payment. And since rates have been moving between 6% and 7% for a while now, you can see how it impacts your purchasing power as rates go down.
What This Means for You
You may be tempted to put your homebuying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go from here, and trying to time them for your benefit is tough Lisa Sturtevant, Housing Economist at Bright MLS, explains:
“It is typically a fool’s errand for a homebuyer to try to time rates in this market . . . But volatility in mortgage rates right now can have a real impact on buyers’ monthly payments.”
That’s why it’s critical to lean on your expert real estate advisors to explore your mortgage options, understand what impacts mortgage rates, and plan your homebuying budget around today’s volatility. They’ll also be able to offer advice tailored to your specific situation and goals, so you have what you need to make an informed decision.
Bottom Line
Your ability to buy a home could be impacted by changing mortgage rates. If you’re thinking about making a move, partner with a trusted real estate agent and lender so you have a strong plan in place.
Source: Keeping Current Matters
Solano County
What's in the Solano County data?
Currently, there are 322 single-family homes for sale, providing 0.9 months of inventory. There were 328 new listings, and 312 homes sold at a median sale price of $579k. The median overbid percentage was 100%, with an average of 57 days on the market.
There are currently 20 condo and townhome units for sale, providing 0.7 months of inventory. There were 17 new listings, and 22 units were sold at a median sale price of $397k. The median overbid percentage was 100.5%, with an average of 54 days on the market
SFH Single-Family Homes
328 New Listings
312 Sold Listings
0.9 Months of Inventory
$579k Median Sale Price
100% Median Sale vs List
57 Avg Days on Market
This data was sourced from InfoSparks on April 3rd, 2023 and includes all single-family homes, condos and townhomes in the displayed California Area above from March 2022 to March 2023. 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 - 650 627.3700 DRE# 01995149 | DRE# 01906450 Copyright KW Advisors 2023. Each Office is independently owned and operated.
17 New Listings
22 Sold Listings
0.7 Months of Inventory
$397K Median Sale Price
100.5% Median Sale vs List
54 Avg Days on Market
&
CONDO Condo
Townhomes
Last 12 months, year-over-year
March2022 April2023 May2023 June2022 July2022August2022September2022October2022November2022December2022January2023February2023 March2023 2000 1500 1000 500 0 March2022 April2023 May2023 June2022 July2022August2022September2022October2022November2022December2022January2023February2023 March2023 125 100 75 50 25 0 Solano MARCH 2022 - MARCH 2023
Homes
Single-Family
year-over-year.
& Townhomes
Last 12 months,
Condos
LISTINGS FOR SALE SOLD LISTINGS
Median SalesPrice
Single-Family Homes
The median sales price has decreased from $605k last March 2022, to $579k as of March 2023
Condos & Townhomes
The median sales price has increased from $360k last March 2022, to $397k as of March 2023.
Overbids
Single-Family Homes
The overbid percentage has decreased from 102 1% last March 2022, to 100% a year later
Condos & Townhomes
The overbid percentage has decreased from 102% last March 2022, to 100.5% a year later.
Single-Family Homes
The average time spent on market went up from 24 days last March 2022, to 57 days as of March 2023
Condos & Townhomes
The average time spent on market went up from 26 days in March 2022, to 54 days as of March 2023
March2022April2023May2023June2022July2022August2022September2022October2022November2022December2022January2023February2023March2023 $750,000 $500,000 $250,000 $0 March2022April2023May2023June2022 July2022August2022September2022October2022November2022December2022January2023February2023March2023 75 50 25 0 March2022April2023May2023June2022 July2022August2022September2022October2022November2022December2022January2023February2023March2023 125% 100% 75% 50% 25% 0%
AVGDays OntheMarket
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1624 California Street, San Francisco CA 94109 2207 Lombard Street, San Francisco, CA 94123 SanFrancisco 1430 Howard Avenue, Burlingame, CA 94010 16 E 3rd Avenue, San Mateo, CA 94401 PeninsulaEstates 505 Hamilton Ave Suite #100, Palo Alto, CA 94301 PaloAlto : 951 California Boulevard, Napa, CA 94559 NapaValley