First Quarter 2008 Sonoita Real Estate Market

Posted at 3:27 PM, Apr. 1, 2008

The angst of the first quarter of a slow year has been slightly, but not much, over-played. There was certainly a lack of buyers coming through the doors of real estate offices in this area, but there were 23 closings. Admittedly, several of the homes had been in escrow since the end of 2007. What is more telling is the fact that there are only 6 properties in escrow at this time; Five of these are lots (3 of which are in Rain Valley) and the other is a home in Patagonia. Now for the numbers: Total sales for the first quarter of this year were $6.2MM versus $7.4MM for 2007. This represents a drop of 17%. Total sales for the month of March were $3.1MM consisting of 5 land transactions and 6 home sales, two of which were in escrow last year. The market is not strong and not yet normal, but it could be worse!