In The News

Jeff Schween for The Press Democrat- Oscar’s Wilde Ride

Oscar Wilde – the famed poet and accomplished playwright of the Victorian era – was indeed a dramatist as he greatly enjoyed weaving stories of decadence and beauty with larger social themes in order to deliver the pageantry of the times. He obtained immense highs while also finding the most extreme lows during his abbreviated life which ended at age 46. The continuum of such may have weighed upon his soul, much like the real estate markets have for buyers of late.

Markets rise and fall in general, though its participants are only players at random points in time thereby escaping the torment of the continuous chaos. Over the preceding five years there have been many successes for buyers within the markets though there has been even more bemoaning for each to obtain such satisfaction. Each decision tree has been loaded with nary a detour, heartbreak and even a derailing. The hardiest have stayed the course by understanding the totality of each choice made along the way.

According to BAREIS MLS, the entire Santa Rosa marketplace is still exhibiting greater compression within it’s’ real estate markets than even a year ago – meaning fewer new listings yet still a greater percentage volume of sales. As January closed there were exactly 160 single-family homes remaining for sale in the city and its environs. The municipality welcomed merely 81 new listings to the market during the month – 39 percent less than this same time last year – while 98 units garnered accepted offers – comparatively eight percent more than January 2016. Buyers acquired new keys on another 90 homes by the end of the month, leaving the city with a months’ supply of inventory (MSI) of 1.8.

MSI is the metric that indicates the number of months it would take to sell the current inventory at the current rate of sales. An MSI ranging from 4.0 to 6.0 is generally indicative of a balanced market, with lower numbers increasingly favoring sellers and vice versa.

Getting down to the underlying specifics, Northeast Santa Rosa saw the introduction of just 27 new homes in January – an astonishing 34 percent fewer than the same time last year – leaving an available supply of 70 units for sale by months end. Buyers embarked on 31 newly initiated deals while sellers received closing checks on the sale of 28 residences – 32 percent off from a year ago and still clearly a function of paltry supply. This allowed the MSI to register 2.5 further echoing continued tightness in the markets with respect to available homes.

Comparatively, in Southeast Santa Rosa, there were 32 single-family homes available as February set upon us – 20 percent less than a year ago. This submarket gladly welcomed 15 new listings during the month while buyers garnered accepted offers on 11 more properties. With depleted inventories being the continued saga, sellers still managed to hand-off ownership to 17 new masters – leaving this submarket with an MSI of 1.9.

Oakmont continued to be hampered by sellers showing up lightly within its’ market as only 11 new listings arrived in January. The typical availability of homes to consider for the month was off 46 percent from the prior year – showcased by the mere 14 unit’s available to start up the ensuing month. Buyers secured the promise of 13 new deals this month as sellers triumphantly closed just seven transactions leaving this market with an MSI of 2.0.

Northwest Santa Rosa found 14 newly listed properties make their way to market in January – a staggering 60 percent fewer than twelve months prior. The arrival of homes to pick from was again met with immense voracity as buyers took notice and quickly placed 25 dwellings into contract – 47 percent more than in 2016. Sellers completed sales on 28 different properties leaving this submarket with just 28 available units to open with in February. All this activity still showcased a tight MSI of 1.0 – the city’s most hotly contested market.

Equally frantic, Southwest Santa Rosa saw sellers deliver 14 new offerings to the market – actually 100 percent more than the prior January. Buyers still capitalized on any availability by seizing 18 new deals as Sellers comfortably closed another 10 sales thereby allowing only 16 homes to carry over into the following month with a submarket MSI of 1.6.

Another Oscar had a wild ride this last week on his 89th Anniversary, the much talked about and watched event will be remembered for decades to come. Here’s hoping you are one of those than can take the events life puts upon you in stride so as to become the master of your own domain rather than a slave to lament.

– Jeff Schween of Pacific Union

Download a PDF