We'll start with the bad news...You probably heard that homes sales in July were at the lowest levels in 15 years and took the largest drop ever. I'm not surprised at this since we had one of our worst months in Bodega Bay with a whopping five sales.
Nationally, this drop is being blamed on the phase-out of the $8000 tax credit. Personally, I saw little impact of that credit here on the Coast so I don't think it had anything to do with anything here (except for the potential psychological effects on buyers) since an $8000 credit on a million dollar home is hardly a motivating factor.
That said, we did have some positive news in California as a whole. While the nation saw some scary numbers, California actually saw a 10% increase in the median price, although the number of sales dropped significantly. We've seen increases for nine consecutive months - a nice streak in this unstable and unpredictable market...
Sonoma Coast Real Estate is a forum for discussion on what's happening on our beautiful coastline. While real estate is the core topic, anything that happens on the Coast affects it so feel free to discuss whatever is important to you and eventually we might actually evolve this forum into something specific. If you'd like to discuss any of this in real time, please contact us directly at at info@coastalagent.com.
About Me
- Steve Hecht
- Please visit www.coastalagent.com for more details on the Sonoma Coast.
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