North Bay Real Estate Market Update 10/21/22

Thanks for taking a look at a quick snapshot of the North Bay real estate market for Oct 21, 2022. Very light on the new inventory front this week. I went back and looked at this same time last year, and in the week of Oct 22, 2021 we had 146 new listings in Sonoma County and only 50 price reductions compared to just 87 new listings and a WHOPPING 93 price reductions this week. Of course, then we received 10 inches of rain the very next week and the market went into winter hibernation until January. That being said, I think it’s important to illustrate the extreme shortage we are having in new listing inventory. Couple that with the fact that this is the first week I can even remember where we actually had more price reductions than new listings, and I think the writing is on the wall for sellers.