Bennett Valley Stats

Here are the stats for home sales in Bennett Valley, East of Summerfield Road for the month of June 2010.  Surprisingly, 71% of home sales from January 2010 through June 2010 are "normal" sales, i.e. NOT short sales or bank owned!  Short sales consist of 16% of the market, and bank owned homes are only 11%. 

Homes are selling for 98% of the original list price, in an average of 94 days.  The average price per square foot is $257.45.    The average original list price is $704,892, with an average selling price of $688,829.

What do all of these stats mean??!  For this micro-niche market, homeowners are 1) becoming more proactive and selling their homes before they experience predictable financial woes and are NOT giving their homes back to the bank, 2) recognizing the great opportunities to purchase their "dream homes" and seizing the opportunity to move up, and 3) the banks are "holding" properties and not releasing them to the market to avoid flooding the market in order to preserve home values. 

Is this niche market a signal that we are returning to a "standard" real estate market?  The general consensus is that "normal" sales will become more common, however short sales and bank-owned properties will become a normal segment of our new market.  We will not experience the inflated market of a few years ago, we will find a happy medium that will include opportunities for all segments of the population to experience homeownership.

For additional questions, please call me!  707-490-5527 or email greenvalerie@kw.com