The trend continues for Bodega Bay homes sales with a flat median sales price, low inventory of homes for sale and significantly reduced unit sales. Only 46 homes sold in the past twelve months compared to 72 homes sold during the prior 12-month period. The median list price is presently $1.1M which is 40% higher than the current median sale price of $781,750.
We might attribute the declining sales numbers to a lack of inventory, perhaps brought on by owners rebuilding the equity lost during the recession as we slowly approach peak pricing from a decade ago. As prices continue to rise in most urban areas, we would expect that to impact the Coast over time with increasing inventories and prices.
We had five homes close during the month and five others got accepted offers. Sale price of homes that closed escrow in May include:
$530,000 – 4800 Coastal Ave, Carmet
$635,000 – 2975 Driftwood Ave, Salmon Creek
$659,000 – 7001 Highway 1 on Cliff Avenue
$825,000 – 21609 Heron Drive, Bodega Harbour
$920,000 – 21255 Heron Drive, Bodega Barbour
$1,162,500 – 21132 Pelican Loop, Bodega Harbour
There was one sale this month – 20780 Robin Court which sold for $245,000. In the twelve months ending May 30 twelve parcels have closed escrow, priced from $12,000 to $1M at a median price of $305,000. The $12,000 sale was included the sale of an adjacent home at 2975 Driftwood Avenue in Salmon Creek. The land price was clearly deflated and the home price inflated.
There are presently 24 lots for sale in Bodega Bay at a median list price of $325,000.
As always, if you would like more details, feel free to call and don’t forget to check our website for all of the latest listings and market reports.