Homes and Real Estate Blog

Though many areas in California have had a hard time weathering the real estate storm of 2008-09, the market for Santa Rosa real estate has fared better than many. Though inventory has increased and home values have fallen to a degree, the city has come out much better than many of its counterpoints in the state.

According to the California Association of Realtor’s data, in October, the prices of real estate in Santa Rosa actually rose, albeit by just 1.7%, compared with the same period of last year. Prices stood at a median of $300,000, up from $295,000 in October 2008.
Though prices are up slightly, they are still down from highs in October 2007, when prices were regularly around $450,000.

According to local realtor Beth Robertson, sales activity is up as well over the same period last year, although it is off slightly from recent highs of sales volume reached during the summer, with around 180 sales during November, up from less than 150 at the same time last year. Condominium sales, too, saw recent peaks over the summer months but have since steadied back.

The amount of inventory of homes for sale in Santa Rosa shows reason for optimism as well. The current inventory stands at just around a two months’ supply, which is considered a favorable seller’s market, and is down from a peak of a 16-month supply in October and December of 2007.

Over the past couple of months the city of Nashville in Tennessee has offered a promising view of its future.  The Nashville real estate market has been on the rise during the fourth quarter of 2009, with levels beginning to rise above levels seen in 2008 during the same time period.  Despite the continuing decline in median price, home sales have begun to increase significantly, something many real estate experts claim was caused mostly in part by the federal first-time homebuyers tax credit.   Many realtors are optimistic that the coming months will bring more success as prospective buyers rush to close on properties before the tax credit expires.  Nevertheless, due to the still declining median prices and struggling luxury housing markets and commercial real estate in Nashville, many people aren’t convinced that the Nashville real estate market will make a full recovery until the end of 2010 or most likely 2011.

According to the Tennessean, home sales in Nashville shot up in November by 58.7 percent compared to that of the previous year.  Sales in October even rose by 23 percent.  In November, Nashville realtors reported that approximately 1,973 homes were sold, a significant increase from the 1,243 sold in November of 2008.  Most realtors in the area attribute the significant increases to the federal first-time homebuyers tax credit.  Much activity took place towards the end of November when the tax credit was expected to expire, but since the expiration date has been extended to April, realtors hope that the tax credit will continue to spur an increase in Nashville real estate activity that will lead to a successful recovery sometime next year or in early 2010.

On another note, the Nashville Business Journal has noted that the high-end luxury home real estate in Nashville continues to struggle as sellers are having a difficult time finding buyers willing to pay a lot of money given the current economic situation.  In October, there were only 14 luxury homes sold in the Nashville region.  Despite slow sales, many real estate experts are optimistic that the luxury home market will show signs of improvement over the next few months.