Sonoma County Real Estate market

 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/

CA real estate market information September 2021

 According to the California Association of Realtors, the median price range in Mendocino County has changed from $485,000 in June 2020 to a price of $582,000 in June 2021 with a price change upwards of 34%.  However, we have seen a 35.6% decrease in sales overall compared to a year ago.

Supply and demand, once again.  A decrease in the number of homes being put onto the market and sold means less for buyers to choose from, so they have to fight and complete for the few homes that do come on for sale.  

However, this is not true for every price range, and there is a point to where a seller can push the price and not get the activity and offers that they want.