344 San Marino
Offered at $305,000
Solano Real Estate
June 17, 2016 RE Update
Ok, so I’ve taken a little bit of time off from the ole blog…but I’m back at it now! Here is my mid-June market update…in video! Check. It. Out.
All-in-all, the real estate market is looking pretty strong – don’t let my dour face fool you. I’m still getting used to the camera…Inventory is coming back, buyers are still in; we’re still seeing multiple offer situations but they are a more reasonable 2 or 3 offers, rather than the 9 offers I had seen before.
I hope that you all have a great Father’s Day Weekend. If you are looking for something to do, check out the 10th Annual Pirate Festival down by the water front in Vallejo. I know that I’ll be there on Sunday. I hope to see you there!
Just Sold Above Asking!
465 Echo Summit Drive, Vallejo
4 bed, 2 bath home in the heart of the Meadows. Sold over asking. The Vallejo real estate market continues to be extremely strong with the median home price up 22.2% year-over-year. The National Association of Realtors just rated it as the 4th hottest market in all of the country!! Prices are expected to continue to rise in 2016.
Hidden Vallejo Gem
Ordinarily I am out on tour on Thursdays looking at Napa properties that have recently come to the market. However, I do go to where the business is and since I have an upcoming listing in Vallejo, I thought that I would take a look at a couple of other homes on the market. What I found was an extremely delightful neighborhood and hidden gem of a home. 
1009 Mariposa St is exclusively listed by Linda Zalesky with Mustico Realty and offered at $269,000; 3 bedrooms, 1 bath, approximately 1218 square feet; it sits on a tree-lined street in a quiet neighborhood and is just a few blocks from Highland Elementary. According to the marketing material, the home was built in 1942. It does have some nice upgrades but still manages to keep its period feel. Dual pane windows, central heat and updated kitchen. Living in South Napa County, I am familiar with much of Vallejo; however, I had not had the opportunity to get to know the Vallejo Highlands subdivision…but I’m glad that I did. The home has been on the market for about a month so I don’t know how much longer it will be around. Give me a call to arrange a showing – (707) 853-0797.
Aug 4 Weekly RE Roundup
What? Millenials are being shut out of the San Francisco Housing Market??! No kidding…
According to RealtyTrac, San Francisco is the least affordable city for Millenials looking to buy a home. It’s a good thing that they aren’t looking…oh wait, according to last week’s infograph by CAR, 31% of the Gen Y’ers still think that buying a home is a good investment. With Alameda County coming in at the 8th least affordable housing market for Millenials where does this leave them? Increasingly, it may put them at odds with investors who are looking for bargains as well as pushing them further out into the suburbs.
Meanwhile, As I snooped around the Pacific Union Blog, it seems that the San Jose Mercury News reported that the sales volume for $1M+ homes is at an all time high. Over 5,700 homes have sold for over $1M in the second quarter alone…more good news for Millenials.
The National Association of Realtors recently released a study showing that Millenials are increasingly out of the housing market nationwide (not just the SF Bay Area), and have the lowest rate of home ownership in almost 2 decades. This isn’t exactly bad news, however. According to the study’s summary:
The strange pattern of more homeowners but a falling homeownership rate…will continue for the next 2 years…because household formation of young adults who had been living with their parents will seek out their own housing with an improving economy, first as renters before the shift to homeowners.
So then perhaps not all doom and gloom for the millenials after all. They’re graduating, living with their parents until they pay down some of their debt, moving out on their own and then making a responsible decision to purchase a home once they can afford it. So perhaps the real reason we’re seeing the lowest rate of homeownership among Millenials in a generation has less to do with homes being unaffordable and more to do with making sure that they’re solvent before purchasing a home. This sounds – to me – that perhaps they are taking some sound financial advice rather than that the sky is falling because they are being prudent. Just a thought.
California June Sales
The California Association of Realtors(R) recently released a data relating to June solds throughout the state.
The median sales price for Single Family Residences (or SFRs in real estate speak) was $457,000, up from $429,000 last year for the same period. This is, however, a slight retreat from this past May where the median sales price for an SFR was $466,000. Nevertheless, the housing market is continuing strong year-over-year gains throughout the state.
Meanwhile, in Southern Napa & Solano Counties (roughly American Canyon, Benicia & Vallejo), median sales prices remained relatively stable:
Overall, the median home price for the South County Region was $281,000. Benicia had the highest median sold price at $520,000 with American Canyon next at $365,000 and then Vallejo at $255,500. The median solds price for all three cities increased year-over-year. Despite the traditional summer slow down, the South County markets remain strong and are well-positioned for the rest of the year.
Benicia Condo – Just Sold!
900 Southampton Rd, 166, Benicia
Listed at $170,000 – sold over list price!
2 bed, 1.5 bath in ~1100 sf condo in desirable Bay View Villas. 2 stories with separate kitchen and living room. Patio out back. Short distance to the Southampton shopping center. Easy access to 780 and just minutes from Downtown Benicia.
Thinking of buying or selling? Contact me today to get a free market analysis of the area that you are interested in.
My Commitment to You:
- Responsive – You will be continuously informed of all aspects of the sale from start to close and beyond!
- Professional – You know that you will have received the very best representation to meet your needs.
- Highest Possible Price – You know that you received the highest possible price because every marketing avenue will be pursued to reach every buyer in your price range.
Richard Peterson
Lic# 01931815
(707) 853-0797 or richard.peterson@pacunion.com
Open House Sunday May 18, 1-4pm
I will be hosting 900 Southampton Rd #166 from 1-4pm on Sunday, May 18.
Offered @ $170,000
Cute corner unit, 2 stories, 2 bed & 1.5 bath ~1100sf.
Just Listed – 900 Southampton Rd #166, Benicia
900 Southampton Rd, #166, Benicia, CA
Offered @ $170,000
Open Saturday, May 10 from 1-4pm
2 bed, 1.5 bath in ~1100 sf condo in desirable Bay View Villas. 2 stories with separate kitchen and living room. Patio out back. Short walk to the Southampton shopping center. Easy access to 780 and just minutes from Downtown Benicia.
Your Napa Valley Home 