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Solano County’s Weekly Home Activity Reports For The Week Ending Feb. 23, 2009
February 23rd, 2009 categories: Benicia, Buying, Fairfield-Gr Valley, Market Update, Solano, Suisun City, Vacaville, Vallejo
As has been the case for most of the past six or seven weeks, all of the cities in our Solano County market area except Benicia have fewer active listings today than they did a week ago.
For the first time this year, Vallejo is under the 800 mark, with 796 active listings, thanks to a 25-home decrease from a week ago. In the last two weeks alone, Vallejo’s inventory has dropped by more than 5 percent.
Some of the recent decrease, no doubt, has been due to the moratorium on foreclosures, first by Fannie Mae and Freddie Mac and most recently by major banks like Bank of America, CitiBank, and Chase, all of whom agreed to halt foreclosures until early March in order to give President Obama an opportunity to release details of his recently announced Homeowner Affordability and Stability Plan (details of that plan are to be published next week).
In this week’s Pending & Sold Report, you’ll see that Vallejo has had 52 closed sales in the past two weeks with 110 reported pending sales. So a combination of low interest rates, affordable prices and fewer new listings has caused a mini-boom in Vallejo, particularly in the $300,000-and-bel0w price range.
Along with Vallejo, sales were equally brisk in the other three Solano County communities that have been highly impacted by foreclosures and short sales: Fairfield, Suisun City and Vacaville.
Since the first of the year, Benicia, with fewer distress sales than its Solano County neighbors, has been the only community of the five without a large increase in sales or significant decrease in the number of active listings.
THIS WEEK’S REPORTS:
Weekly ACTIVE LISTINGS Report (2-23-09)
Weekly PENDING & SOLD Report (2-23-09)
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