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2nd Qtr ‘09 Housing Statistics For Solano: Prices Way Down, Sales Activity Way Up
July 16th, 2009 categories: Benicia, Buying, Fairfield-Gr Valley, Market Update, Selling, Solano, Suisun City, Vacaville, Vallejo
Half of 2009 is in the books and I just finished compiling the housing statistics for the 2nd quarter for Solano County.
As expected, if you compare the second quarter of 2009 with the same period in 2008, the number of sales is way up while the median price is way down.
If you read my weekly sales activity report on a regular basis, you know that inventory throughout the county has dropped dramatically (by as much as 65%-75% in some cities).
So the second quarter housing statistics came out pretty much as one who follows these trends would expect.
Real estate is heavily influenced by supply-and-demand principles. So when prices are down, inventory falls and sales activity increases. And that’s exactly what the second quarter statistics show.
To see the full 2nd quarter report, click here or on the graphic above. Here are some highlights from that report:
- County-wide, the median sales price for homes in Solano was down 38% from the second quarter of 2008.
- The biggest drop was in Vallejo, where prices fell an even 50% in one year — from a median of $270,000 in ‘08 to $135,000 in ‘09.
- The smallest price decline was in Vacaville, where prices dropped 28%. Benicia was next with a 29% decline, followed by Suisun (-31%), Fairfield-Green Valley (-42%) and the aforementioned Vallejo (-50%).
- Even though prices fell, the number of sales soared compared to a year ago. County-wide, sales were up 175% over the second quarter of 2008.
- The biggest jump in sales activity was, not surprisingly, in the city with the lowest prices: Vallejo (+235%). Vallejo had 300 closed sales between April-June of ‘08 and 704 this same year.
- The next highest increase in sales activity belonged to Fairfield-Green Valley (+174%), followed by Vacaaville (+151%), Suisun (+133%) and Benicia (+111%).
FURTHER READING
