While the number of existing home sales was down this month over last year, the median price is up 15% in California (see graph). Here on the Coast, we're not yet seeing that trend. However, it seems that we've been behind the curve over that last couple of years as we didn't see the downturn until it was well established elsewhere and we've been holding steady at our low for over six months now. If the trend continues, I'd expect to see Bodega Bay and surrounding areas begin seeing a relaxing of the downward pressure and some normalcy begin to re-establish itself this year. As mentioned in previous blogs, we have a series of foreclosures coming through and with the market easing a bit we may see those properties picked up relatively quickly, easing the pressure on the overall local market as they begin to disappear. This certainly appears to be a relatively safe time to purchase.
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