Please note that the following article has been authored by the Ramos & Ramos Real Estate Team. The content has not been altered or modified by The Ukiah Post.
The inventory of homes and condominiums available in Mendocino County at the end of June stands at 274. This is 19.4% below the inventory in June 2022 (340) and it is 1.4% below the inventory last month (278). New sales (44) in Mendocino County in June were 34.3% below the pace of June 2022 (67) and they were 10% above the pace last month (40). There now is a 3.6-month supply of inventory in Mendocino County based on the existing sales pace. The average Days on Market for the 44 homes sold in Mendocino County in June is 101 days. For our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The median price of the homes closed in June in Mendocino County was $520,000. Generally, the median price of sold homes in Mendocino has been between $475,000 and $600,000. Over the past six months, Mendocino County homes are selling at roughly 90% of original asking price.
All data is sourced from the Bay Area Multiple Listing Service/TrendGraphix and is deemed reliable but not guaranteed. Not all cities are represented individually however all cities are factored into the entire Mendocino County Data.
Ramos & Ramos Team Thoughts
Overall the market in Mendocino County is moving along steadily, we are still seeing the effects of higher interest rates compared to last year. As you can see our average days on market (DOM) has increased rather significantly, while the median sold price has decreased. This may or may not correlate, but what they really show is higher priced listings are sitting for longer than listings in the $500k and under range. We are sitting at about 3.6 months of inventory based on closed sales in June 2023, normally this would be considered a “Seller’s Market” because of the lack of inventory, but with the drop in closings in general, we would still consider this a “Neutral Market”. Summer is typically noted as a “Busy Time” in real estate, and this year is no exception, with sales up a bit from last month, we are definitely seeing it.
Information above is personal opinion, it does not represent the market in its entirety and should not be used as the deciding factor when choosing to list or buy a home. Please consult a qualified real estate professional.
For more information contact Ramos & Ramos Real Estate Team
Cell: 707-367-6097 or 707-671-6761
Email: [email protected]
