“Where did all the sellers go?” might have been the most frequently asked question in Pacific Union’s Sonoma County region in the first weeks of 2015. The supply of homes was exceptionally tight, frustrating the best efforts of buyers hoping to make an off-season deal. Thankfully, inventory loosened by mid-February and expanded even more by March. Buyer demand, meanwhile, remained exceptionally high. Contracts were drawn up and homes were put into escrow as quickly as they came on the market
Sales prices, meanwhile, continued to climb throughout the quarter, reflecting not only the rising value of the properties but also the nature of homes on the market. One year earlier, foreclosures and short sales accounted for much of the region’s sales activity, but virtually all of that stock was exhausted by the start of 2015, and the market moved up to higher-priced homes.
Looking Forward: We expect a bustling spring selling season. Sonoma County’s supply constraints will continue in the second quarter, but those sellers who put their homes on the market with a fair price will likely see multiple offers and a quick sale.
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