Tuesday, January 27, 2015
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

Huge jump in Solano median home price

17 home sales 1

This house at 211 Sunhaven Drive in Fairfield is listed for around $300,000. The median price for a home in Fairfield has reached$300,000.

By
From page A1 | April 17, 2014 |

FAIRFIELD — It was a record March.

Solano County home prices made a historic jump last month, recording the largest single-month median-price increase in history.

The median price – the point at which an equal number of homes sold for more and less – for the 416 homes sold last month was $300,000, according to San Diego-based real estate information service DataQuick.

It was the first month with a median price of $300,000 or more since June 2008 and was a $70,000 increase from a year ago. More stunning was that it was a jump of $36,000 from February’s median price – the largest month-to-month increase since DataQuick began keeping records and likely the largest ever.

What happened?

Don McDonald, the Fairfield-based director of marketing for ReMax Gold – which covers central and Northern California – said the traditional selling season kicked into high gear.

“We look forward to January and the start of the selling season, but there wasn’t a lot of movement in January,” McDonald said Wednesday. “Then it rained so much in February and early March that it stifled selling. It picked up significantly after that.”

Veteran Fairfield Realtor Jim Stever said the big increase didn’t surprise him.

“Yeah, the prices jumped that much,” he said Wednesday. “It’s supply and demand. There’s still a lot more demand than supply. Every house had multiple offers, so the prices went up.”

The previous biggest single-month jump in DataQuick’s 20-year history of recording the information was a $24,000 boost from July to August 2005 – when prices were racing to the peak of $490,000 in November 2005. The relatively low home prices before the mid-1990s, when DataQuick began tracking the numbers – means that a $36,000 monthly increase was extremely unlikely before that.

Prices had been stalled around the $270,000 level for several months before March’s sudden jump, so McDonald cautioned against putting too much stock in one month’s numbers.

“You don’t know what happened,” he said. “There could have been a bunch of high-priced homes. If you look over 90 days or six months, you get a better idea. It might go from $300,000 to $270,000 next month.”

But both Stever and McDonald said they weren’t surprised by the jump. Solano has been suffering from a monthslong inventory crunch – while there used to be 700 to 800 homes for sale at any given time in Fairfield and Vacaville, there are now less than 300, said Stever.

That’s an improvement from last summer, he said.

“It’s still way behind what it should be, from what’s normal,” he said. “I forget what even seems normal.”

McDonald said more homes are coming on the market as homeowners realize they have equity. Combined with low interest rates, the market is heating up and moving back to homeowners selling their domicile – a far cry from recent years, where nearly all home sales were short sales or foreclosures. He said the ability to sell a home and move up is back for the first time in at least five years and that first-time homeowners are back in the market.

But they have to move fast, said Stever.

“Warm, fuzzy houses are on the market for 10 or 15 days,” Stever said. “A nice house at a decent price will be gone in 14 or 15 days.”

The numbers from the Bay Area Real Estate Information Services Inc., which uses slightly different standards than DataQuick, are similar to DataQuick’s. Its March numbers for Northern Solano County – which excludes Benicia and Vallejo – showed the median price at $340,000, up $17,000 over February. The number of homes sold in both February and March were down dramatically from 2013 numbers.

Across the Bay Area, it was the same story: The median price was $579,000, a 23 percent increase over a year ago, but the number of homes sold dropped nearly 13 percent.

Statewide, the median sales price for new and existing houses and condominiums reached $376,000, up 5.9 percent from the previous month and up 20.1 percent from March 2013. There were 32,923 homes sold, up 28.2 percent from February but down 12.8 percent from March 2013. Sales typically increase from February to March.

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

Note: Corrects quote from Jim Stever in ninth paragraph in earlier version.

Brad Stanhope

Brad Stanhope

Brad Stanhope is a former Daily Republic editor. He began his career at the DR in the last millennium. He spent 24 years as a sports editor, associate editor and news editor before leaving the Daily Republic in 2014. Brad lives in Suisun City with his wife, Mrs. Brad, and two sons. He enjoys cheese.
LEAVE A COMMENT

Discussion | 10 comments

The Daily Republic does not necessarily condone the comments here, nor does it review every post. Read our full policy

  • CD BrooksApril 17, 2014 - 7:19 am

    Our front page news of late will probably show a downward curve in these numbers again. We're among the many on the bubble waiting for the "right number." If/when that arrives we're looking to take the road out of town. We don't really want to move but we're pretty much done with the collective attitude and behavior of those we expect better from.

    Reply | Report abusive comment
  • @ CD Where are you considering moving to?April 17, 2014 - 7:24 am

    Out of State? Book suggestion .... Strategic Relocation--North American Guide to Safe Places, 3rd Edition by Joel M. Skousen, Andrew Skousen, Audrey Butler and Elizabeth Lindsey (2010)

    Reply | Report abusive comment
  • Rich GiddensApril 17, 2014 - 10:09 am

    You sound like another member of the great California Rat Political Party with buyer's remorse! Do you have any idea what the United States thinks of California? I hope you get out of State license plates before you leave----for your own well being and safety!

    Reply | Report abusive comment
  • BeeboApril 17, 2014 - 8:16 am

    “It’s supply and demand. There’s still a lot more supply than demand. Every house had multiple offers, so the prices went up.” -- And that makes absolutely no sense.

    Reply | Report abusive comment
  • boomApril 17, 2014 - 9:20 am

    @Beebo-I read and thought the same thing. If a real estate agent can't properly explain supply and demand in laymen's terms, not too sure I'd trust that person to sell my house.

    Reply | Report abusive comment
  • SixStrRzrApril 17, 2014 - 9:41 am

    I think the terms supply & demand are switched in the story. We currently have low inventory, a/k/a low supply.

    Reply | Report abusive comment
  • Brad StanhopeApril 17, 2014 - 11:35 am

    That was my mistake in reporting the quote. It’s the opposite. A correction has been made.

    Reply | Report abusive comment
  • BeeboApril 17, 2014 - 4:32 pm

    I figured it was an honest mistake. Internet warriors like me have to don our battle gear just to show how awesome and flawless we are.

    Reply | Report abusive comment
  • TylerApril 17, 2014 - 3:08 pm

    Prices may be rising now, but it won't continue. Thousands of new homes are waiting to be built here and in Vacaville. Existing homes' values will be impacted by a huge increase in supply BUT NO NEW MORTGAGE-PAYING JOBS. Just like last time - employment numbers look good because of construction, new businesses set up shop and then home prices stall or stagnate, the construction workers move on, unemployment rises and the new businesses slowly withdraw. Commuters have zero loyalty to the town they live in, especially when they chose that town because it was cheapest. As soon as they're able, they either move up to a nicer town or retire and move far away.

    Reply | Report abusive comment
  • tedApril 18, 2014 - 11:42 am

    Interesting...............data company in So. Ca. has a handle on No. Ca. properties........................OOOOOOOOOK

    Reply | Report abusive comment
  • Recent Articles

  • Enter your email address to subscribe and receive notifications of new posts by email.

  • .

    Solano News

     
    Health officials report 1st Solano flu death

    By Kevin W. Green | From Page: A3, 5 Comments | Gallery

     
     
     
    American Legion Post schedules head-shaving fundraiser

    By Kevin W. Green | From Page: A6

    Rush Ranch seeks docents

    By Kevin W. Green | From Page: A2

     
    Dramas, thrillers lead week’s box office openings

    By Amy Maginnis-Honey | From Page: B8

    Vacaville Toastmasters welcome guests

    By Amy Maginnis-Honey | From Page: A6

     
    Kroc Health Fair offers free screenings

    By Amy Maginnis-Honey | From Page: A3

     
    Chipotle fundraiser to benefit Armijo newspaper

    By Amy Maginnis-Honey | From Page: A6, 1 Comment

    Vacaville council eyes earlier start time

    By Ryan McCarthy | From Page:

     
    .

    US / World

    Facebook suffers outage affecting users worldwide

    By The Associated Press | From Page:

     
    Private wells in California farm area show high uranium

    By The Associated Press | From Page: B2

     
    Ex-Army prosecutor found guilty of rape at court-martial

    By The Associated Press | From Page: B2

     
    Law enforcement wants popular police-tracking app disabled

    By The Associated Press | From Page: B2

     
    Cuban youth build secret computer network despite Wi-Fi ban

    By The Associated Press | From Page: B2 | Gallery

    Seekers of the Hollywood Sign disrupt nearby neighborhood

    By The Associated Press | From Page: A2, 1 Comment | Gallery

     
    2 small planes crash-land off Hawaii; all aboard survive

    By The Associated Press | From Page: B2

    Report: State worker sent alarming notes before gun arrest

    By The Associated Press | From Page: B2 | Gallery

     
     
    Dwindling group of survivors to mark Auschwitz 70 years on

    By The Associated Press | From Page: B2, 1 Comment | Gallery

    New Jersey’s Christie launches political action committee

    By The Associated Press | From Page: B2

     
    US drone strikes resume in Yemen despite turmoil

    By The Associated Press | From Page: B2

    Monster snowstorm swirls into densely populated Northeast US

    By The Associated Press | From Page: B2 | Gallery

     
    Man takes responsibility for drone over White House

    By The Associated Press | From Page: B2 | Gallery

     
    .

    Opinion

     
    .

    Living

    Community Calendar: Jan. 27, 2015

    By Susan Hiland | From Page: A2

     
    .

    Entertainment

    Petty earns writing credit for Sam Smith’s ‘Stay With Me’

    By The Associated Press | From Page: B3

     
    National Cowboy Poetry Gathering begins in northeast Nevada

    By The Associated Press | From Page: B3

    Trainor and Styles write a duet about heartbreak

    By The Associated Press | From Page: B3

     
    Emma Watson to star in live-action ‘Beauty and the Beast’

    By The Associated Press | From Page: B3

     
    SAG Awards win sends ‘Birdman’ Oscar hopes soaring

    By The Associated Press | From Page: B3

    Cumberbatch says sorry for calling black actors ‘colored’

    By The Associated Press | From Page: B3

     
    A murder at the edge of the world takes ‘Fortitude’ to crack

    By The Associated Press | From Page: B3 | Gallery

    Lawyers: Melissa Rivers files lawsuit in mother Joan’s death

    By The Associated Press | From Page: B3 | Gallery

     
    Sundance Watch: ‘Cobain’ premieres, women talk Hollywood

    By The Associated Press | From Page: B3

    TVGrid Jan 27

    By Daily Republic Syndicated Content | From Page: B7

     
    .

    Sports

    Manfred knows he’ll get hit as commish _ his name is on ball

    By The Associated Press | From Page: B1 | Gallery

     
    NASCAR to leave championship format unchanged in 2015

    By The Associated Press | From Page: B1

     
    Kobe Bryant to have shoulder surgery, likely out for season

    By The Associated Press | From Page: B1 | Gallery

    Tim Brown hopes 6th time is charm in Hall of Fame vote

    By The Associated Press | From Page: B1

     
    Raiders sign Charles Woodson for 2015 season

    By The Associated Press | From Page: B1

    Rams notify St. Louis they’ll go year-to-year on dome lease

    By The Associated Press | From Page: B1

     
    Gamecocks still No. 1; Chattanooga joins women’s hoops poll

    By The Associated Press | From Page: B1

    Scott Dixon shines in masterful final drive in Rolex win

    By The Associated Press | From Page: B1 | Gallery

     
    LeBron, Cavs climb in standings, back in title conversation

    By The Associated Press | From Page: B1

    Capitals among East contenders; West race too tight to call

    By The Associated Press | From Page: B1

     
    Playoff not interested in moving semis of New Year’s Eve

    By The Associated Press | From Page: B1

    Fireworks help celebrate Venus Williams’ Australian Open run

    By The Associated Press | From Page: B1

     
    US women to host New Zealand, Ireland, Mexico, South Korea

    By The Associated Press | From Page: B1

    NBA D-League All-Star events set for Feb. 15 in Brooklyn

    By The Associated Press | From Page: B1

     
    AP Source: Los Angeles Kings release Mike Richards

    By The Associated Press | From Page: B1

    Hope Solo could be left off US World Cup roster

    By The Associated Press | From Page: B1 | Gallery

     
    .

    Business

    Employers: Agreement made on key issue in port labor dispute

    By The Associated Press | From Page: B4

     
    Lyft cars doing away with pink furry mustache

    By The Associated Press | From Page: B4, 1 Comment

     
    Hard Rock (again) dips toe into Atlantic City casino market

    By The Associated Press | From Page: B1

    US stock market finishes with small gains

    By The Associated Press | From Page: B4

     
    IBM disputes report that big layoffs coming

    By The Associated Press | From Page: B4

    Union says California Kaiser nurses reach contract agreement

    By The Associated Press | From Page: B4

     
    Boeing, SpaceX will beat Russia on price for astronaut rides

    By The Associated Press | From Page: B4 | Gallery

    CBO: Deficit to shrink to lowest level of Obama presidency

    By The Associated Press | From Page: B4

     
    Eurozone looks for dialogue after stunning Greece elections

    By The Associated Press | From Page: B4

    S&P downgrades Russia credit rating to junk

    By The Associated Press | From Page: B4

     
    .

    Obituaries

    Donald Wesley Johnson

    By Susan Hiland | From Page: A4

     
    .

    Comics

    Rose is Rose Jan 27

    By Daily Republic Syndicated Content | From Page: B4

     
    Get Fuzzy Jan 27

    By Daily Republic Syndicated Content | From Page: B4

    Beetle Bailey Jan 27

    By Daily Republic Syndicated Content | From Page: B4

     
    B.C. Jan 27

    By Daily Republic Syndicated Content | From Page: B4

    Cryptoquote Jan 27

    By Daily Republic Syndicated Content | From Page: B5

     
    For Better or Worse Jan 27

    By Daily Republic Syndicated Content | From Page: B4

    Dilbert Jan 27

    By Daily Republic Syndicated Content | From Page: B4

     
    Bridge Jan 27

    By Daily Republic Syndicated Content | From Page: B5

    Garfield Jan 27

    By Daily Republic Syndicated Content | From Page: B4

     
    Crossword Jan 27

    By Daily Republic Syndicated Content | From Page: B5

    Baby Blues Jan 27

    By Daily Republic Syndicated Content | From Page: B4

     
    Pickles Jan 27

    By Daily Republic Syndicated Content | From Page: B4

    Sally Forth Jan 27

    By Daily Republic Syndicated Content | From Page: B4

     
    Baldo Jan 27

    By Daily Republic Syndicated Content | From Page: B4

    Wizard of Id Jan 27

    By Daily Republic Syndicated Content | From Page: B4

     
    Word Sleuth Jan 27

    By Daily Republic Syndicated Content | From Page: B5

    Frank and Ernest Jan 27

    By Daily Republic Syndicated Content | From Page: B4

     
    Sudoku Jan 27

    By Daily Republic Syndicated Content | From Page: B5

    Blondie Jan 27

    By Daily Republic Syndicated Content | From Page: B4

     
    Zits Jan 27

    By Daily Republic Syndicated Content | From Page: B4

    Peanuts Jan 27

    By Daily Republic Syndicated Content | From Page: B4