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CA DRE# 01173459 / 01264737
Weekly Solano Real Estate Report For Sept. 14: Huge Drop In Closed Sales Last Week
September 17th, 2009 categories: Benicia, Buying, Fairfield-Gr Valley, Market Update, Selling, Solano, Suisun City, Vacaville, Vallejo
Since we were out of town earlier this week, this week’s report is a few days later than normal…but the data still reflects what was current as of Sept. 13th & 14th.
Some interesting notes this week:
- Inventory was up in the north county (Fairfield, Suisun, Vacaville) and down in the south (Benicia, Vallejo).
- For the year, the housing supply in Vallejo and Suisun remains down more than 75% from where it was at its peak in January. Fairfield and Vacaville are down 64% and 50% respectively, and Benicia a modest 14%.
- The biggest and most surprising news this week, however, was the unexpected drop in closed sales activity. Benicia, with 2 more sales than its yearly average, was the lone exception.
- Closed Sales numbers for last week: Suisun -67%; Vallejo -63%; Vacaville -48%; Fairfield -42%; Benicia +46%.
- Despite the big drop in closed sales last week, the number of new pending sales for most cities in the county last week was close to their respective yearly averages. Only Suisun saw a decided drop-off in pending sales. Benicia and Vacaville, meanwhile, reported above-average pending sales activity for the week.
- A few possible reasons for the sudden nosedive in closed sales: 1) Labor Day was last week, so there was one less recording day at the county; and, 2) the last week of the month is typically the busiest week for closings. So some buyers who might otherwise close the first week of the month instead close at the end of the previous month to lower their closing costs.
Our Solano County Real Estate Sales Report appears at HomeSection.com weekly — it’s usually posted on Monday or Tuesday. To see the full report, click here.
FURTHER READING
- Are Home Prices Finally Heading North?
- Are Short Sales Really Selling In Solano County?
- First-Time Home Buyer Tax Credit Almost Gone?
- Are We In An Artificial Boom Market?
MARKET UPDATES
- Monthly Solano Real Estate Report – Aug ‘09
- Monthly Solano Real Estate Report – July ‘09
- Benicia & Vallejo Home Sales Report — Aug ‘09
- Vallejo Home Sales — July ‘09
- 2nd Qtr Solano County Home Sale Statistics
- See The Latest Market Update
