Broker Blog

The Three R’s:  I was reminded of the “Three R’s” today:
    Respect for self
    Respect for others
    Responsibility for all of one’s actions

Training:   Next Legal Update Dates are: 
      Tuesday, Oct. 20 – Rohnert Park and
      Tuesday, November 3, San Rafael

CAR Red Alert:  I encourage you to respond to CAR’s call for action opposing AB 827 and 985 by calling 1-800-961-3302.  It’s easy and effective.  

Wine Country Group Summary for July, 2009:

We closed 70 transaction sides in July, more than in any July since 2005 when we closed 73.  This is 20% more than we closed in July, 2008 (59).  But, as has been the case all year, the dollar volume was only 10% ahead of the volume last year.  But it was ahead – and that is good!   Also on the positive side, the average asking price of our 236 listings at the end of July remained 33% higher than this time a year ago – so higher selling prices are on the horizon.  We continue to receive multiple offers on our REO listings as the demand is strong and the supply has weakened.  We currently have 18 offers on a bank owned property in a desirable part of Solano County.  Recent comps indicated a list price of $399,000.  The home sold in 2005 for $795,000, and we are receiving offers in excess of $500,000.   A bit of rebalancing.

We remain solidly number one in market share in our Sonoma Valley, Healdsburg and Cloverdale markets.  In the past twelve months, we closed two and times as many transactions as our nearest competitors in our Sonoma and Healdsburg offices.  Our Napa office has generated a 54% increase in transaction sides for the first seven months of 2009 compared to 2008.  The current market leaders only increased their business by 26% and 23% respectively, so we are continuing to grow our Napa Valley business at a healthy pace.  We are a solid number three firm in units sold in Napa County.  We respect the hard work that all of our agents are doing in these tough times to help us to remain market leaders.

August, 2009 - Market Analysis:

Napa County Trends:  The inventory of homes and condominiums for sale at the end of July in Napa County (634) was 28% below the inventory (880) at this time last year.  New sales (174) were a whopping 49%% ahead of the pace a year ago. As in most parts of wine country markets, the median price of homes closed in Napa County seems to have reached it’s low point ($310,000) in February of this year.  In July, the median price of the closed homes was $350,000.   The average price per square foot of the homes closed in July reached $261.00 a steady increase since February when the per square foot price was $201.00.  The county in general is down to 3.6 months supply of inventory based on the current sales pace.  American Canyon has just one months supply of inventory and the town of Napa has 3.3 months – so it is mostly Up Valley Napa County that has an overhang of inventory.  Unusually, over a third of the available inventory in the county is located “Up Valley”.    

The sale of distressed properties (bank owned sales and short sales) represented 57% of the closed escrows for the month of July, 2009.  75% of the 317 contingent or pending homes waiting to close are distressed properties, but only 18% of the active listings are distressed sales.  So, pending the release of additional foreclosed properties by banks (something we have been anticipating for several months), the market is fairly stabilized with conventional listings.  We might expect to see a slow down in the sales pace month over month as the distressed sales are making up such a smaller part of the market over the next several months. Please contact me for additional information and copies of the complete TrendGraphix reports.

St. Helena/Up Valley Trends:  The St. Helena/Up Valley market (Angwin, Calistoga, Deer Park, Rutherford, St. Helena and Yountville) continues to be the slowest market in the region.  There are 204 properties available and there were only 12 new sales in the month of July.  That represents a 17 month supply of inventory.  Unlike our other Wine Country markets, inventory is up 15 % from a year ago.  Up Valley available listings represent 33% percent of the overall Napa County inventory – a very unusual occurrence.   Homes take over one and a half times as long to sell in the Up Valley (146 average days on market) compared to entire County (95 days).  The spring market never gained traction in Up Valley this year – it will be interesting to see when this market will kick into gear.  Please contact me for additional information and copies of the complete TrendGrahix reports.

Sonoma County Trends:  The inventory of homes and condominiums for sale (1,485) in Sonoma County at the end of July was 42% lower than a year ago, but slightly higher than the 1,432 available last month.  New sales (640) in July were 41% ahead of the pace in July, 2008 and 11% ahead of last month.  The median price of homes closed in July in Sonoma  County was $340,000 an increase from the low median price point of $285,000 that was reached in February.  If prices continue to bump forward at the current pace, the median price at the end of next month might be equal to that of August, 2008 ($355,000) meaning the market would have been stable in price on a year over year basis.  We’ll see.   Based on the current sales pace, there is only a 2.3 month supply of inventory, either an indication of a pending sellers market, or, more likely, a slowing of the sales pace.  Please contact me for additional information and copies of the complete TrendGraphix reports.

Sonoma Valley Trends:  The inventory of homes and condominiums for sale (213) in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) at the end of July was 12% below that  for July, 2008 and slightly ahead of the inventory of last month.  There were 41 new sales for the month (compared to 35 a month ago and 33 in July, ‘08).  The median sales price in Sonoma Valley in July ($504,000) was just slightly below the median sales price ($518,000) in July, 2008.  Overall, the Sonoma Valley market seems to be reaching a stage of “good health”.  Please contact me for additional information and copies of the complete TrendGraphix reports.

Healdsburg Trends:  New sales (23) in July remained at a relatively high level.  They were 156% ahead of the new sales pace a year ago.  The inventory of homes and condominiums for sale (104) in Healdsburg at the end of July was slightly higher than that of last month (96) but was 10% below the available inventory (116) in July, ‘08.  This market is certainly showing signs of rebounding. The average days on market for the 15 closed sales in Healdsburg last month was 134 days – so things are taking a while!  Selling price to original list price was 86% for last month’s sales, still a soft figure for our Wine Country markets.  The sales activity in Healdsburg clearly is in the below $1,000,000 price range.  Please contact me for additional information and copies of the complete TrendGraphix reports.

Cloverdale Trends: The inventory of homes for sale in Cloverdale (31) at the end of July, 2009 is the lowest that it has been in the past fifteen months.  It is 67% lower than this time a year ago.  Sales remain strong at 23 for the month, so there is only 1.3 months of inventory available at the current sales pace.  The median price per square foot ($203.00) is 30% ahead of the low median price per square foot ($156.00) in March of this year.  The Cloverdale market may have trouble sustaining the current sales pace due to the lack of inventory and the absence of distressed sale properties – but, perhaps, reluctant sellers may see that the market has turned their way and consider going on the market.  Please contact me for additional information and copies of the complete TrendGraphix reports.

Windsor Trends:  The inventory of homes for sale in Windsor (54) at the end of July is 63% lower than it was a year ago.  And, with a sales pace of 44 new sales for the month, the market is at an astounding low of 1.2 months of inventory.  The sales price to original listing price is a healthy 99%. and prices have stabilized at about $200 per square foot.  The median price ($360,000) of the homes closed in July is 11% ahead of the median price ($325,000) level in April of this year – the seemingly low point in the market.  Clearly, this market needs inventory and sellers who have been on the sidelines should be encouraged to get into the game while the market is in their favor.  It will be interesting to see how this market goes through the balance of the summer.  Please contact me for additional information and copies of the complete TrendGraphix reports.

Closings:  Congratulations to Carol Figone who closed her very first real estate transaction as a new licensee on 8/11 after being with the company just a few months.  Wishing Carol many, many more in her career.

Others who enjoyed closings in the past month include:  Randy Haak, Glen Ellen;  Barbara Greenhill, Sonoma;  Art Bowen, Napa;  Ann Amtower, Healdsburg;  Hank Lane, Healdsburg;  Bill Streett, Sonoma;  Aimee Greco, Napa;  Barbara Sommerville, Sonoma;  Beth Bruno, Healdsburg;  Mara Kahn, Sonoma;  Carol Lexa, Healdsburg;  Lark Raymond, Napa;  Diane Krause, Sonoma;  Penelope La Montagne, Healdsburg;  and Diane Litchfield, Sonoma.  

The following agents had two closings over the past month:  Sheila Deignan, Sonoma;  Mari Johnson, Sonoma;  and Svetlana Ternovskaya.

The following agents had three closings in the past thirty days:  Felice Torri, Sonoma;  Linda Alioto, St. Helena;  Herb Heil, Sonoma;  Frank Trozzo, Napa;  and Deke Dekay and Diane Harris, Healdsburg.

Lisa Albertson, Gina Clyde and Susan White enjoyed four closings in the Foss Creek Subdivision in Healdsburg in the past month.  

Cheri Stanley of our Napa Office had six closings and David Barker of our Napa office and Doug Del Fava and Susan Parker of our Kenwood office had seven closings each in the past month.

To cap it off, Daniel Casabonne of our Sonoma office had a whopping twelve closings in the past month – three a week – something to strive for!

Well done by all and congratulations!