Spring Market Update for Southern Solano County
Posted on Apr 27, 2021
Here’s what’s going on in Southern Solano County real estate this spring.
Today we have a quick update for you for Southern Solano County after the first quarter of 2021. Here are the main things you need to know about our real estate market.
At the chart appearing at 0:19, you can see where inventory and home sales dropped during the first lockdown, but you will also see that there has been a steady decline in homes for sale and a steady increase in sold homes since the summer. At 0:58, we see a chart showing the trends in the average price per square foot over the last year. It has increased steadily since the start of 2020 and over 20% year over year.
“I think we’ll be seeing more open houses as pandemic restrictions ease.”
Homes in Southern Solano County are selling a lot quicker than they had been. Back in February 2020, they were taking an average of 59 days to sell. These days, that average is down to just 28. Additionally, homes are selling for an average of 104% of their list prices. This is yet another sign of a strong market.
What does all this mean? First, I think Proposition 19 is going to allow more senior homeowners to sell and carry their tax bases with them. Second, I think we’ll find that we’ll be having more open houses as pandemic restrictions ease.
Interest rates are still terrifically low, and there are a ton of buyers out in the market looking to take advantage of that fact. Buyer demand will continue to remain strong, and I don’t think it will change anytime soon.
If you have any other questions about what’s going on in Southern Solano County real estate, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.