Solano Real Estate Scene: Jim Porter
Article By: Jim Porter – October 21, 2023
There are 609 active and coming-soon listings in Solano County available today, an additional 135 homes that have contingent offers accepted and another 225 homes pending to close escrow with no contingencies. There were 277 homes that sold and closed escrow in the month of September in Solano County.
These numbers were provided to me by broker-owner Realtor Brian Stumbaugh through his access to the MLS.
The 609 active listings are up from a few months ago but still 40 to 50% short of the supply needed for current buyer demand, and the 277 home sales for September is way below the average of 500 to 550 sales per month we saw from Christmas 2015 to Christmas 2021.
The forecasts from the CAR, Zillow, Freddie Mac and Forbes suggest 2024 will be better for Realtors and loan officers than 2023 but nowhere near enough improvement to slow down the layoffs in the mortgage business and the number of salespeople leaving the commission-only world of real estate and lending to guaranteed salaries.
Some Realtors are remaining in the business and moonlighting and some entrepreneurial agents are starting new businesses to supplement their real estate business.
Zillow expects home prices to rise 6% in 2024. Freddie Mac is forecasting an increase in home prices of a little less than 1% next year and the California and national associations of Realtors are expecting mortgage rates to gradually decline in 2024, supply to remain short and demand to hold steady, which will result in higher home prices. Moody’s Analytics and Morgan Stanley both expect home prices to slightly fall in 2024.
Solano County remains a “seller’s market” for homes that are priced right.
Jim Porter, NMLS No. 276412, is the branch manager of Solano Mortgage, NMLS No. 1515497, a division of American Pacific Mortgage Corporation, NMLS No. 1850, licensed in California by the Department of Financial Protection and Innovation under the CRMLA / Equal Housing Opportunity. Jim can be reached at 707-449-4777.
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