The Sonoma real estate market is on fire with August sales at a 6 year high– this is jus the latest proof of the Bay Area real estate recovery. Third-quarter sales will be determined soon; sales aren’t showing any signs of retreat. A total of 9,000 homes were sold last month in the Bay Area.
Low mortgage rates, an improving economy, and rapidly growing demand in the mid to higher end markets helped increase August sales. Sales are up 14% from just one year ago, making it the best August since 2006.
Real estate sales jumped more than 32% year over year in Napa, and 19% in Sonoma. Marin and San Francisco both had a 29% increase from the previous year. The median home sale price rose across Wine Country, from 13% in Sonoma to 9% in Napa.
Looking ahead, economists see continued economic growth in California and the Bay Area. UCLA released data this week predicting that California’s economy will continue to outpace the US economy for the next couple of years. Unemployment is expected to fall to 8% by the end of 2014. Statewide, 12,000 jobs were added last month! And the Bay Area has added 38,000 jobs this year alone. California is continuing on a path of sustained growth.
*Photo Source: pressdemocrat.com