Our Mendocino County real estate market does look to the counties in the South, like Sonoma County, as that does have an affect on our activity and pricing here. Sonoma County has been experiencing less sales (like Mendocino County) this spring and summer 2022, but has not seen the decrease in pricing as we have had here. Instead, their "slowing" of the market means less buyers, less multiple offers and less properties selling for over asking price. There is still a lot of demand, but what was taking 20 to 30 days to sell is now 60 to 90 days. Will Sonoma County see price reductions in future? Perhaps, or it may be that they will just see a "flattening" of prices. Not sure yet.
https://www.pressdemocrat.com/article/news/grim-benchmark-mortgage-rates-go-over-6-for-first-time-in-14-years/
