Wednesday, April 16, 2014
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

Solano home prices highest since 2008

home sale, 12/13/12

A home for sale on Sonoma Valley Drive in Fairfield. (Brad Zweerink/Daily Republic)

By
From page B11 | December 14, 2012 | 1 Comment

FAIRFIELD — Solano County home sales in November continued a four-month trend of increasing prices, with the median sales price reaching the highest level in four years, according to San Diego-based real estate service DataQuick.

A total of 584 homes sold in the county last month, according to DataQuick. That’s up 11.9 percent from a year ago and down only 2.7 percent from October, less than the normal seasonal decrease between those months.

The median price was $221,500 – the highest in the county since November 2008, when prices were in the midst of a free fall that would see them plunge below $200,000 for years.

Solano mirrored the Bay Area as a whole, with sales increasing 15.5 percent across the region over a year ago and prices up 20.5 percent over November 2011. The 7,296 homes sold in the Bay Area was the highest November total since 2006.

James D. Marshall, a Realtor with Re/Max Gold in Fairfield, said local buyers are very active.

“There’s not a lot of inventory and what me and others are experiencing is buyers are being ultra-aggressive and driving up the bidding,” he said.

Marshall said the hottest segment of the market continues to be homes selling for $150,000 to $500,000. He said the “luxury” homes in the county – which he defined as those worth more than $500,000 – are not moving as fast. He said those selling for less than $150,000 are usually the target of investors who want to purchase them and turn them into rentals, another hot market.

While prices are increasing, Marshall warned that the release of the rumored “shadow inventory” – homes foreclosed on and still owned by banks – could change things.

“If that hits the market, you won’t see price decreases, but you’ll start to see the prices level out,” Marshall said.

John Walsh, DataQuick’s president, predicted that the trend upward in prices will continue.

“Current trends are likely to stay with us well into spring, at least,” Walsh said in a press release. “With the mismatch between supply and demand, there’s an upward pressure on prices.”

Walsh also warned about the possibility of bank-owned homes flooding the market.

Solano has the lowest median prices of the nine-county Bay Area. The next-lowest median price in November was $332,000 in Contra Costa County.

Reach Brad Stanhope at 427-6958 or bstanhope@dailyrepublic.net. Follow him on Twitter at www.twitter.com/bradstanhope.

Brad Stanhope

Brad Stanhope

Brad Stanhope is the Daily Republic's news editor. He began his career at the DR in the last millennium. He spent 17 years as a sports editor and three years as the associate editor before spending three years away from the newspaper (though continuing as a columnist). He returned in December 2010 as news editor. Brad lives in Suisun City with his wife, Mrs. Brad, and two sons. He enjoys cheese.
LEAVE A COMMENT

Discussion | 1 comment

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  • ReaderDecember 15, 2012 - 7:06 am

    A House across from me was vacant for two years before having a renter. I believe the renter was kicked out, because the same day he moved, a realtor was over there putting up a sign and cutting the grass. My house was 179k in 09, and this house is asking 195k,with one less bedroom, and a half bath less,while the house next door to it sold earlier this year for 142k.Here's the kicker-the house asking 195k wasn't even available all this week, and it's now PENDING! Makes me feel like were in 2005 again!

    Reply | Report abusive comment
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