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Lynn Bowen Real Estate Blog

Sonoma County Wine Country Real Estate

By Lynn Bowen | Broker in Sebastopol, CA
  • 2013 Sonoma County Residential Sales Statistics

    Posted Under: Market Conditions in Sonoma County, Home Buying in Sonoma County, Home Selling in Sonoma County  |  March 20, 2014 8:34 AM  |  262 views  |  No comments
    Here is what sold in our local residential market during 2013 & we will be compiling and posting the 1st Qtr of 2014 market report soon.
    2013 Sonoma County CA Residential Sales Statistics
  • Short Sale Transactions May Become Easier, Quicker and More of A Reality in The Near Future

    Posted Under: Home Buying in Sonoma  |  May 24, 2009 7:13 PM  |  2,383 views  |  7 comments

    I just read an article that ran May 22nd regarding how some of the big banks such as Bank of America and Wells Fargo, are working on making it easier to work with short sale situations.   The Obama administration last week unveiled a strategy to promote short sales as well.

    With the number of short sale listings growing at an unprecedented rate, hearing that some of the big banks and the president have plans in the works to streamline the process is music to my ears.   I’m sure many a short sale home seller as well as buyers trying to purchase these homes and their Realtors assisting them thru the process will be thrilled as well.

    Short Sales should be more advantageous to both the lenders and the homeowners if they can actually happen.   For the lender, one would think it less costly than having to repossess, market and maintain a vacant property.   Often in the past I have wondered why the lenders had not already figured out ways to streamline the process as it seemed so counter productive.   Because of the complexity of these transactions -- including the need for approval of a sales price by lenders, investors and mortgage insurers -- the sales often fall apart.  Many times by the time the sellers get an answer from the bank on an offer, their potential buyer has lost interest and gone elsewhere buying a home that is easier to buy.

    From what I read,  Bank of America, the nation's largest mortgage servicer, states that more than 60 percent of approved short sales do not close, which is why the bank wants to streamline the process.

    In the past, the bank did not begin the lengthy process of qualifying a borrower for a short sale until it had received a purchase offer.   To expedite these short sales, Bank of America has enlarged and updated staff training and set up a phone line dedicated to short sales that borrowers and their agents can use.  In the near future there will be a Web portal that will accept qualifying documentation from clients wishing to do short sales.

    Currently it typically takes 45 to 60 days for the bank to tell a client if a short sale offer can be accepted, and up to 90 days if an investor must approve it. Bank of America’s goal is to shorten the wait to a week.    When that time comes we all will be singing praises to B of A.    

    Short sales will also benefit from President Obama's an amendment to the Making Home’s Affordable program.   Last week it was announced that standardize short sale application and acceptance forms will be implemented. It also provides monetary incentives to servicers and may help cover relocation expense for homeowners.

    Wells Fargo Home Mortgage, has indicated that their bank has been working many months to reduce delays in the short sale process. The bank is working closely with borrowers' agents to increase the likelihood that the listing prices on a short sale will be accepted.

    The lending and real estate industries have certainly been on a crash course in short sales since the housing market bust. The biggest challenge has been not understanding the process,   Now that many of us have had some experience with the process and with some of the banks attempting to streamline it I think we might just see that lite at the end of the tunnel in the near future.   Let’s all hope that that is the case.   There are some excellent opportunities for buyers if we can just figure out how to get these transactions to close more quickly.

    I for one am very much looking forward to what transpires down the road.

     

    Lynn Bowen

    Domaine Real Estate

    Sebastopol CA

     

    Lynn@DomaineRE.com

    707-695-3814

    www.LynnBowenRealEstate.com

  • Cotati / Rohnert Park, Sonoma County CA April 2009 Market Snapshot

    Posted Under: Home Buying in Cotati  |  May 24, 2009 2:30 PM  |  1,724 views  |  No comments
    Cotati&Rohnert Park, Sonoma County CA April 2009 Market Snapshot

    My current monthly market statistics & conditions report for the Rohnert Park & Cotati Market Area of Northern California Real Estate follows.   This report includes sales stats for April 2009 as well as what is currently (as of May 24) listed in the Rohnert Park & Cotati residential real estate market.    Residential meaning, Single Family Homes, Condo's as well as Farms/Ranches.   This month I am changing this up a bit by dividing out the detached single family homes from the condo market.

    As of Today May 24, 2009 the Cotati/Rohnert Park CA Market Area has:

    191 Listings:

    115 Are Single Family Home with List Price Range of $159,900  - $1,499,000  

    Average List Price $382,929 *  Median List Price $349,900  

    21 are Bank Owned aka REO/Foreclosed properties & 62 are Short Sales

    76 Are Condo Listings with a List Price Range of $94,500  -  $334,900   

    Average List Price of $164,594    *  Median List Price of $158,500

    24 are Bank Owned aka REO/Foreclosed properties & 42 are Short Sales

    110 of the  Listings Are In Escrow in "Contingent" status:

    66 being Single Family Homes List Price Range $199,000  -  $639,950   

    Average List Price $329,811     *    Median List Price $322,000  

    Of these 66, 8 are Bank Owned &  are Short Sales 48

    44 are Condo's with a List Price Range of $94,500   -  $334,900  

    Average List Price of $158,173   *  Median List Price of $158,500 

    Of these 44, 9 are Bank Owned & 32 are Short Sales

    28 of the  Listings In Escrow are in the "Pending" status i.e. All Contingencies have been removed

    19 are Single Family Homes List Price Range $199,900  -  $465,000    

    Average List Price $ 330,337    *  Median List Price $ 309,900    

    Of  these 19, 9 are Bank Owned & 6 are Short Sales

    9 are Condo's with a List Price Range of $104,900  -  $284,500

    Average List Price of  $163,000   *   Median List Price of $149,000  

    Of  these 9, 3 are Bank Owned & 2 are Short Sales

    48 Listings Sold i.e. Closed Escrow During the month of April 2009:

    31 being Single Family Homes Selling for 98.46% of List Price

    List Price Range $129,900 -  $599,000  *   Selling Price Range $135,000   -  $562,500   

    Average List Price $320,332   *   Average Selling Price $315,401  

    Median List Price $320,000 *   Median Selling Price $305,000   

    Of  these 31, 15 were Bank Owned & 8 were Short Sales

    17 Were Condo's That Sold for 96.02% of List Price

     List Price $85,500 - $225,000   &   Selling Price of $85,500  -  $206,000 

    Average List Price $160,200    *   Average Selling Price $153,831

    Median List Price  $160,000 *    Median Selling Price $150,000  

    Of  the 17, 8 were Bank Owned & 8 were Short Sales

    For quite some time now the Cotati/Rohnert Park market has been heavily weighted with bank owned/REO's (foreclosed homes) and short sale listings.  This market isfollowing suit with a majority of the rest of the county having be a larger number of short sales in escrow but the numbers generally turn around when we count the closed escrows.   Since the Bank Owned inventory has been bought up and not as many coming on the market we are seeing a higher percentage of available short sale listings.   We believe that the trend of a heavy short sale market will continue but that we should start to see a bit more inventory of Bank Owned listings coming on the market in the not too distant future.  

    What Does All This Mean?

    Currently we have 191 listings, we have been consistently selling approx 48 listings a month, at this rate Cotati/Rohnert Park has about 4 months of inventory.   As we break these numbers out further, we have about a 1.6 month inventory of Bank Owned homes and a 13 month inventory of Short Sales.

    Upon Request I am happy to adjust these stats to a more specific neighborhood within the Cotati/Rohnert Park area or to your own criteria such as certain number of bedrooms and bath or single level to name a few.

    Lynn Bowen

    Domaine Real Estate

    Sebastopol Ca

    707-695-3814  Lynn@DomaineRE.com

    www.LynnBowenRealEstate.com

  • Rohnert Park & Cotati, Sonoma County CA April 2009 Market Snapshot

    Posted Under: Home Buying in Rohnert Park  |  May 24, 2009 2:27 PM  |  1,737 views  |  No comments

    Rohnert Park&Cotati, Sonoma County CA April 2009 Market Snapshot

    My current monthly market statistics & conditions report for the Rohnert Park & Cotati Market Area of Northern California Real Estate follows.   This report includes sales stats for April 2009 as well as what is currently (as of May 24) listed in the Rohnert Park & Cotati residential real estate market.    Residential meaning, Single Family Homes, Condo's as well as Farms/Ranches.   This month I am changing this up a bit by dividing out the detached single family homes from the condo market.

    As of Today May 24, 2009 the Rohnert Park/Cotati CA Market Area has:

    191 Listings:

    115 Are Single Family Home with List Price Range of $159,900  - $1,499,000  

    Average List Price $382,929 *  Median List Price $349,900  

    21 are Bank Owned aka REO/Foreclosed properties & 62 are Short Sales

    76 Are Condo Listings with a List Price Range of $94,500  -  $334,900   

    Average List Price of $164,594    *  Median List Price of $158,500

    24 are Bank Owned aka REO/Foreclosed properties & 42 are Short Sales

    110 of the  Listings Are In Escrow in "Contingent" status:

    66 being Single Family Homes List Price Range $199,000  -  $639,950   

    Average List Price $329,811     *    Median List Price $322,000  

    Of these 66, 8 are Bank Owned &  are Short Sales 48

    44 are Condo's with a List Price Range of $94,500   -  $334,900  

    Average List Price of $158,173   *  Median List Price of $158,500 

    Of these 44, 9 are Bank Owned & 32 are Short Sales

    28 of the  Listings In Escrow are in the "Pending" status i.e. All Contingencies have been removed

    19 are Single Family Homes List Price Range $199,900  -  $465,000    

    Average List Price $ 330,337    *  Median List Price $ 309,900    

    Of  these 19, 9 are Bank Owned & 6 are Short Sales

    9 are Condo's with a List Price Range of $104,900  -  $284,500

    Average List Price of  $163,000   *   Median List Price of $149,000  

    Of  these 9, 3 are Bank Owned & 2 are Short Sales

    48 Listings Sold i.e. Closed Escrow During the month of April 2009:

    31 being Single Family Homes Selling for 98.46% of List Price

    List Price Range $129,900 -  $599,000  *   Selling Price Range $135,000   -  $562,500   

    Average List Price $320,332   *   Average Selling Price $315,401  

    Median List Price $320,000 *   Median Selling Price $305,000   

    Of  these 31, 15 were Bank Owned & 8 were Short Sales

    17 Were Condo's That Sold for 96.02% of List Price

     List Price $85,500 - $225,000   &   Selling Price of $85,500  -  $206,000 

    Average List Price $160,200    *   Average Selling Price $153,831

    Median List Price  $160,000 *    Median Selling Price $150,000  

    Of  the 17, 8 were Bank Owned & 8 were Short Sales

    For quite some time now the Rohnert Park/Cotati market has been heavily weighted with bank owned/REO's (foreclosed homes) and short sale listings.  This market isfollowing suit with a majority of the rest of the county having be a larger number of short sales in escrow but the numbers generally turn around when we count the closed escrows.   Since the Bank Owned inventory has been bought up and not as many coming on the market we are seeing a higher percentage of available short sale listings.   We believe that the trend of a heavy short sale market will continue but that we should start to see a bit more inventory of Bank Owned listings coming on the market in the not too distant future.  

    What Does All This Mean?

    Currently we have 191 listings, we have been consistently selling approx 48 listings a month, at this rate Rohnert Park/Cotati has about 4 months of inventory.   As we break these numbers out further, we have about a 1.6 month inventory of Bank Owned homes and a 13 month inventory of Short Sales.

    Upon Request I am happy to adjust these stats to a more specific neighborhood within the Rohnert Park/Cotati area or to your own criteria such as certain number of bedrooms and bath or single level to name a few.

    Lynn Bowen

    Domaine Real Estate

    Sebastopol Ca

    707-695-3814  Lynn@DomaineRE.com

    www.LynnBowenRealEstate.com

  • Sebastopol, Sonoma County CA April 2009 Residential Property Sales Statistics

    Posted Under: Home Buying in Sebastopol  |  May 23, 2009 7:19 PM  |  1,807 views  |  No comments

    Are you interested in current market statistics for the Sebastopol Market Area?   Following are the April 2009 market stats as well as what is currently (as of May 23) available in the residential real estate market.    Residential meaning, Single Family Homes, Condo's as well as Farms/Ranches.   This month I chang it up a bit by dividing out the detached single family homes from the condo market.

    NOTE: The Sebastopol Market Area includes Occidental&Camp Meeker as well as Sebastopol.

    As of Today May 23, 2009 the Sebastopol Market Area currently has:

    154 Listings:

    134 Single Family Home Listings with List Price Range of  $49,900  -  $9,500,000 

    Average List Price $933,826  *  Median List Price $729,000 

    13 are Bank Owned aka REO/Foreclosed properties & 13 are Short Sales

    13 Condo Listings with a List Price Range of $185,000  -  $449,500  

    Average List Price of $312,270  *  Median List Price of $285,000  

    0 are Bank Owned aka REO/Foreclosed properties & 4 are Short Sales

    31 of the 154 Listings Are In Escrow in "Contingent" status:

    28 being Single Family Homes List Price Range $164,000 -  $ 965,000 

    Average List Price $ 569,704  *  Median List Price $ 499,000 

    Of these 28, 3 are Bank Owned & 8 are Short Sales

    3 are Condo's with a List Price Range of $185,000   -  $269,000 

    Average List Price of $218,000   *  Median List Price of $200,000

    Of these 3, 0 are Bank Owned & 2 are Short Sales

     7 of the 154 Listings In Escrow are in the "Pending" status i.e. All Contingencies have been removed: 

    All 7 being Single Family Homes List Price Range $330,000  -  $889,000  

    Average List Price $535,279  *  Median List Price $515,000  

    Of these 7, 1 is Bank Owned & 0 are Short Sales

    No Condo's are currently in the Pending Status

     11 Listings Sold i.e. Closed Escrow During the month of April 2009:

    10 being Single Family Homes Selling for 93.84% of List Price

    List Price Range $314,900  -  $1,595,000  * Selling Price Range $340,000  -  $1,349,000 

    Average List Price $704,780   *  Average Selling Price $661,395 

    Median List Price $644,000   *  Median Selling Price $615,000 

    Of these 10, 3 were Bank Owned & 1 was a Short Sale

    1 Was A Condo That Sold for 100% of List Price

     List Price $350,000  &   Selling Price of $350,000

    This Sale was a Short Sale

    Here in Sebastopol we are seeing more bank owned and short sale listing then previously but still not nearly the percentage distressed properties as in some other communities within Sonoma County.   Bodega Bay & Healdsburg & Penngrove are other locations that have been following suit.  

    We are also seeing that well priced, prepared and marketed properties are selling for close and sometimes more then their list price.

    I am happy to further drill down these stats to more specific neighborhoods in and around Sebastopol
    or for other areas of Sonoma County, upon request.

    Happy Trails and Happy House Hunting!


    Lynn Bowen
    Domaine Real Estate
    Sebastopol Ca
    707-695-3814  Lynn@DomaineRE.com  www.LynnBowenRealEstate.com

  • Market Stats for Bodega Bay, Sonoma County CA April 2009 Sales & Currently Listed

    Posted Under: Home Buying in Sonoma County  |  May 23, 2009 5:59 PM  |  1,703 views  |  No comments

    Are you interested in current market statistics for the Bodega Bay area of Northern California Real Estate?   Following are the April 2009 Bodega Bay Market Stats as well as what is currently listed in the residential real estate market.    Residential meaning, Single Family Homes as well as Farms/Ranches.  

    As of Today May 23, 2009 Bodega Bay has:

    51 Listings:

    List Price Range of $200,000 -  $4,975,000 

    Average List Price of $978,164 

    Median List Price of $795,000 

    Of these listings, 4 are Bank Owned aka REO/Foreclosed properties & 5 are Short Sales

    4 Listings In Escrow are in "Contingent" status:

    List Price Range of $200,000   -  $799,000 

    Average List Price of $493,250 

    Median List Price of $487,000 

    Of these 4, 1 are Bank Owned & 1 is a Short Sale

    0 Listings Are In Escrow are in the "Pending" status i.e. All Contingencies have been removed: 

    3 Listings Sold i.e. Closed Escrow During the month of April 2009:

    List Price Range of $374,900 -  $1,099,000  * Selling Price Range of $360,000  -  $965,000 

    Average List Price $757,633 *  Average Selling Price $700,717 

    Median List Price $799,000   *  Median Selling price $777,150 

    Of these 3 listings, 1 was Bank Owned & 0 were Short Sales

    We are seeing a few more bank owned and short sales on the market but as a whole this market is certainly not saturated with distressed property listings that we see in some other communities within Sonoma County.   Sebastopol, Penngrove&Healdsburg are three other locations that follow a similar scenario. 

    A majority of the Bodega Bay market are second homes and often times sellers may want to sell but do not have the same sense of urgency and can wait the market out and will do just that.   Many of these homes are in the Vacation Rental Market and are bringing their sellers an income while they are being marketed to sell.  

    I am happy to further drill down these stats to more specific neighborhoods within Bodega Bay, such as The Bodega Bay Harbour Development, or for other areas of Sonoma County upon request.

    Lynn Bowen
    Domaine Real Estate
    Sebastopol CA
    707-695-3814   Lynn@DomaineRE.com
    www.LynnBowenRealEstate.com

    Happy Trails & Happy House Hunting

  • Sonoma County i.e Wine Country California 1st Quarter 2009 Residential Sales Stats

    Posted Under: Home Buying in Sonoma County  |  May 5, 2009 1:39 PM  |  1,686 views  |  No comments
    Below are 1st Quarter 2009 Sales Stats for Residential properties here in Sonoma County Ca broken down by market area.   Residential meaning, single family homes on a parcel, townhouses and condo's.   As you scroll down you will see that I have also further broken out the Short Sale and Bank Owned aka REO Transactions and in all spreadsheets have indicated the average percentage of list price these properties are selling at.   The last spread sheet at bottom of page are all the listed residential properties as of date indicated.   I will be uploading month end stats for April shortly.

    As always any questions or comments will be replied to in a timely manner.

    Happy Trails and House Hunting,   Lynn


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