Tuesday, September 23, 2014
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

Solano homes prices stable, inventory grows

By
From page A1 | June 13, 2014 |

homes for sale 6_12_14_crappy vertical

Pictured here is a home for sale in Fairfield. Median home prices in Solano County remained flat in May. (Robinson Kuntz/Daily Republic)

FAIRFIELD — Solano County home prices remained flat in May – although it’s a plateau that’s more than 22 percent higher than a year ago.

The median price for a home sold last month in the county was $300,750, according to San Diego-based real estate service DataQuick. That’s up just $750 from each of the two previous months, but an increase from $245,500 last year and the highest median price for any month since April 2008.

The number of homes for sale in the county remained constricted – the 537 sold in May was nearly 15 percent less than last May and the fewest homes sold in any May since 2008.

The low sales numbers are a bit of a mystery to Realtor Denise Kirchubel.

“We have a tight inventory, but we still have a lot of homes on the market,” said Kirchubel, a Realtor with Re/Max Gold in Fairfield.

Kirchubel said there is a two-month inventory of homes in the Fairfield-Suisun area – significantly higher than six months ago. That could foretell an increase in volume.

“We’re kind of between a true sellers’ market and we’re not yet in a buyers’ market,” Kirchubel said. “What we’re really seeing is a truer picture of where we are economically and with home prices.”

She said the leveling of home prices could spur more sales, since sellers now know what their home is worth and buyers have a better idea of what they’ll pay.

“It gives them a better sense of security,” she said. “You have comparables for your home – it helps when you have stabilization or incremental adjustments.”

Across the entire Bay Area, the median price was up 18.9 percent over last year and the sales volume dropped 7.5 percent from 2013. Solano County had the biggest year-over-year drop in sales and the third-largest increase in prices for the nine-county Bay Area. Solano, as always, had the lowest prices in the region, well below the $440,000 median price in Sonoma County.

One effect of the rising prices is that fewer people who live in the county can afford to purchase a home. The California Association of Realtors’ home-affordability index, which measures the percentage of residents who could afford to purchase a median-priced home, dropped from 67 percent to 54 percent in the first quarter of this year compared to a year ago.

John Karevoli, a DataQuick analyst, said the prices will continue to increase.

“Right now, we’re keeping an eye on prices,” he said in a press release. “While some of the Bay Area counties have already reached or passed their pre-recession price peaks, the region as a whole is on pace to reach that point later this summer.”

Solano County’s peak was $490,000, so it’s still a long way off, but Kirchubel said the summer months – traditionally the best selling months of the year – should at least speed up the pace of sales.

“It will definitely help,” she said. “We hope prices will remain stable to help with that.”

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

A steady climb

May Solano County homes sold and median price for the past four years:

Year – Homes sold – Median price

2014   537   $300,750

2013   629   $245,500

2012   713   $190,000

2011   602   $189,000

Source: DataQuick

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 | No comments

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

.

US / World

California wildfire crews brace for weather shift

By The Associated Press | From Page: | Gallery

 
LA County sheriff’s deputies testing body cameras

By The Associated Press | From Page:

 
Bear suspected to have killed New Jersey hiker

By The Associated Press | From Page:

Poll: Support for gay marriage may be leveling off

By The Associated Press | From Page:

 
Islamic State militants kill 40 Iraqi troops

By The Associated Press | From Page:

Sierra Leone, Liberia brace for new Ebola cases

By The Associated Press | From Page:

 
Islamist group kidnaps Frenchman in Algeria

By The Associated Press | From Page: , 3 Comments | Gallery

Pennsylvania governor confident ambush suspect will be caught

By The Associated Press | From Page: | Gallery

 
Focus on UVa employee in student’s disappearance

By The Associated Press | From Page: | Gallery

 
Prosecutor: 800 rounds found in intruder case

By The Associated Press | From Page: , 2 Comments | Gallery

Islamic State offensive poses problems for Turkey

By The Associated Press | From Page:

 
Study links changing winds to warming in Pacific

By The Associated Press | From Page: | Gallery

Crews work to clear debris from Shasta mudslide

By The Associated Press | From Page: | Gallery

 
.

Opinion

Editorial cartoon for Sept. 23, 2014

By Daily Republic Syndicated Content | From Page:

 
Academia needs to act to protect college women

By Dan K. Thomasson | From Page:

 
.

Living

Today in History: Sept. 23, 2014

By The Associated Press | From Page:

 
Community Calendar: Sept. 23, 2014

By Susan Hiland | From Page:

 
Horoscopes: Sept. 23, 2014

By Holiday Mathis | From Page: B7

.

Entertainment

Kris Jenner files to divorce Bruce Jenner

By The Associated Press | From Page: | Gallery

 
Alaska TV reporter quits on air to promote pot

By The Associated Press | From Page:

Shonda Rhimes lays claim to Thursday nights on ABC

By Frazier Moore | From Page: | Gallery

 
Giuliani to help fight Noriega’s video game suit

By The Associated Press | From Page: | Gallery

‘The Lion King’ earns record box office

By The Associated Press | From Page:

 
Eric Lynch, Howard Stern’s diminutive foil, dies

By The Associated Press | From Page:

TVGrid Sept 23

By Daily Republic Syndicated Content | From Page: A11

 
.

Sports

Giants get closer, beat Dodgers 5-2 in 13 innings

By The Associated Press | From Page:

 
Prep boys water polo: Mustangs go 3-0 in Dixon tourney

By Daily Republic staff | From Page:

 
Prep boys soccer: Mustangs hold Indians to 0-0 draw

By Daily Republic staff | From Page:

 
MNF: Bears hold on to beat Jets 27-19

By The Associated Press | From Page:

Jeff Samardzija pitches A’s past Angels 8-4

By The Associated Press | From Page:

 
Nebraska’s Abdullah: Jameis Winston must grow up

By The Associated Press | From Page:

Raiders have to settle for moral victory

By The Associated Press | From Page:

 
Home of 49ers lineman Ray McDonald burglarized

By The Associated Press | From Page: , 1 Comment

Undisciplined play sends 49ers to 1-2 start

By The Associated Press | From Page:

 
Kicking game: It is called football, after all

By Barry Wilner | From Page:

US Soccer stands by Solo decision

By The Associated Press | From Page:

 
FIFA ethics judge hesitates on World Cup

By The Associated Press | From Page:

 
Braves fire GM Frank Wren after missing playoffs

By The Associated Press | From Page:

Royals beat Indians 2-0, gain on Tigers

By The Associated Press | From Page:

 
Bettman says NHL proactive about off-ice conduct

By The Associated Press | From Page:

Silver: NBA will review domestic violence policies

By The Associated Press | From Page:

 
Concern over McIlroy, McDowell more about results

By The Associated Press | From Page:

NFL vetting process: There are no sure things

By The Associated Press | From Page:

 
Owner: ‘No misinformation’ by Ravens on Rice

By The Associated Press | From Page:

This date in sports history for Tuesday, Sept. 23, 2014

By The Associated Press | From Page:

 
Kent creates scholarship for Cal women’s athletics

By The Associated Press | From Page:

 
.

Business

Treasury to unveil steps to curb tax inversions

By The Associated Press | From Page:

 
Tesco suspends execs over inflated profit report

By The Associated Press | From Page:

GM expert says 21 deaths eligible for compensation

By The Associated Press | From Page: | Gallery

 
Apple: 10 million iPhone 6 and 6 Plus sold

By The Associated Press | From Page: , 1 Comment

US existing home sales fall in August

By The Associated Press | From Page:

 
Investors fret Yahoo’s future, stock dips

By The Associated Press | From Page: | Gallery

Businesses and investors pressing for green policy

By The Associated Press | From Page: | Gallery

 
.

Obituaries

.

Comics

Garfield Sept 23

By Daily Republic Syndicated Content | From Page: B6

 
Baldo Sept 23

By Daily Republic Syndicated Content | From Page: B6

Dilbert Sept 23

By Daily Republic Syndicated Content | From Page: B6

 
Baby Blues Sept 23

By Daily Republic Syndicated Content | From Page: B6

Cryptoquote Sept 23

By Daily Republic Syndicated Content | From Page: B7

 
Beetle Bailey Sept 23

By Daily Republic Syndicated Content | From Page: B6

Zits Sept 23

By Daily Republic Syndicated Content | From Page: B6

 
Crossword Sept 23

By Daily Republic Syndicated Content | From Page: B7

Bridge Sept 23

By Daily Republic Syndicated Content | From Page: B7

 
Word Sleuth Sept 23

By Daily Republic Syndicated Content | From Page: B7

Frank and Ernest Sept 23

By Daily Republic Syndicated Content | From Page: B6

 
Pickles Sept 23

By Daily Republic Syndicated Content | From Page: B6

For Better or Worse Sept 23

By Daily Republic Syndicated Content | From Page: B6

 
Rose is Rose Sept 23

By Daily Republic Syndicated Content | From Page: B6

Sally Forth Sept 23

By Daily Republic Syndicated Content | From Page: B6

 
Get Fuzzy Sept 23

By Daily Republic Syndicated Content | From Page: B6

Sudoku Sept 23

By Daily Republic Syndicated Content | From Page: B7

 
B.C. Sept 23

By Daily Republic Syndicated Content | From Page: B6

Wizard of Id Sept 23

By Daily Republic Syndicated Content | From Page: B6

 
Blondie Sept 23

By Daily Republic Syndicated Content | From Page: B6

Peanuts Sept 23

By Daily Republic Syndicated Content | From Page: B6