The summer of 2010 has featured rising REO prices across Sonoma County that reflect an active market with many buyers looking for good value. The Russian River area including Guerneville continues to be the bargain center for Sonoma County bank owned properties with average three bedroom home listing prices in Guerneville at a solid $150,000. (click on chart to enlarge.)
REO Average Listing Price by City
Guerneville’s average is from five listings for three bedroom properties. Overall, Guerneville has 12 current listings of which almost half are now contingent (offer accepted and due diligence and financing underway). Only one of the active listings has been on the market for more than 36 days. Of the contingent properties, four went into contract in less than 20 days, two of those in less than 10 days. The moral of the story is simple: If you snooze on these properties, you lose. The value of working closely with an agent and having all your financing lined up in advance is clear.
In the rest of Sonoma County we are looking at a very consistent pricing environment. Keep in mind that all the properties on the chart are three bedroom single family homes so the comparison would be across like properties. What we see is that areas that are traditionally higher value due to location, lot size, and construction quality continue that pattern in the REO market. In particular, Bodega Bay has just one 3-bedroom listing, but it’s an ocean view property with spectacular views.
Sebastopol has seven listings in the 3 bedroom category, so the average price of $514,000 is developed from enough homes to be a real average. The homes reach that price point with an average lot size of 1.5 acres. These aren’t your typical suburban lots. If you’re looking for a 4H property or a wonderful garden opportunity, pay attention to your Sebastopol REO choices.
For the rest of Sonoma County REO pricing, the story is $300,000 and whether you want to pay a little more or a little less. Cloverdale clearly has the best of the pricing outside the Russian River and you might want to check out the active Cloverdale REO listings. There are good values to be had if you don’t mind the extra commute and warmer summer temperatures.