Sonoma County "Wine Country" Sales Data for July! Median down ONLY 11%! Yeah!?!?

Sales Data-July 2009 Sonoma County

2009 July Sales:

ALL CATEGORIES (Single family,condos,Farms and Ranches ONLY) :

Active listings-1574

Continue to show or just in escrow:-1058

Pending-firmed up escrows: 227

Sold: 500 Up 6.5% over last year at this time-not spectacular by any means!

However, Median Price down ONLY 11.25%!!

REO(Real Estate Owned-bank foreclosed properties):

A-131 (only 8% of ALL current listings!)

CTS-153 (14.5% of all )

Pending: 78 (34% of all)

Solds: 147 (29% of all sales)

Short Sales -Those selling below current loans secured on their house:

A-186 (12% of all Actives)

CTS-645 (61% of CTS!! A BIG number!)

Pending 67 (29.5%)

Sold: 86 (17% of all sales Short-Sales: Up 42% over last year but DOWN 14% from previous month!)

Total foreclosure market is 46% of SOLDS or 233 of marketplace

REO's-sales down 32% over last year!

HOWEVER!! VACANT HOMES:

A-545 Median $440,00 DOM 102

CTS-416 Median $279,000

Pending-119

Sold-303 $310, 85DOM 60% of all the sold listings are VACANT!!

So what do these numbers tell us?

Our Median Price overall is down ONLY 11.25%!!

REO Median sales price- DOWN 20% dispels the therory of price creep in the REO market?

Short-Sales: Median DOWN 25% over last year!! Still not much to hang your hat on!

So what in the Wide,Wide,Wide world of sports is a goin' on around here?

• Banks are NOT releasing many REO's as they did in the past two years
• Short-Sales-banks are NOT increasing approvals in any significant numbers
• Modifications? We're NOT hearing any great news on that front also
• Appraisals-getting harder and harder to do
• Underwriting-very restrictive
• Now let me ask you a question? WHO is controlling the market?