This week North Bay Luxury Real Estate focuses on increasing market values in Marin & Sonoma counties. The market for luxury homes in the North Bay is definitely on the upswing.
Watch the video above, or read the text version below:
Hi, this is Tracy Otsuka with Sotheby’s International Realty. I want to talk to you today about why I am certain that home values in Marin and Sonoma counties will increase in 2013. And I’ve never gone out on a limb like this before, but I’m going to say that absolutely we will see an increase for a number of reasons.
Number one: The home median sold price is up by double digits, three
months in a row at this point. Sonoma County had a 23.8% increase at the
end of 2012. For Marin county, it was a 14.5% increase.
Number two: Inventory has decreased 56% in Sonoma County from this time last year and 62% in Marin County for that same period.
Number three: The average days on the market, is down 42.7% in Sonoma County and 31.9% in Marin County. That’s less than 90 days to sell a home in Marin County and 60 days to sell a home in Sonoma County.
Number four: Inventory. The number of listings coming on the market is down 39% in Marin County and 49% in Sonoma County. There are only 13 new luxury properties listed since the New Year in Sonoma County and only 10 in
Number five: Almost all listings are getting multiple offers.
Number six: We have historically low interest rates that continuing to
Number seven: We have improved unemployment. The unemployment rate for Marin is down to 5.8% and 7.7% in Sonoma County. That as of November of 2012.
Number eight, and finally, foreclosure inventories are way down. The notice of defaults are down 64% and notice of trustees sales are down 48%.
So it’s a good time to buy and a really good time to sell. I’d love to hear what you think. You can also catch me
on all of the social sites: Twitter, LinkedIn, Google+, Facebook. Have a great day, and we’ll chat soon. Bye-bye.
Join us every week for more video updates from Tracy, the North Bay Luxury Real Estate, premier broker. Please contact her at 415-668-2020 or 415-668-2020 if you would like more information, or wish to sell or purchase a luxury home in the North Bay.