February 2008 Sonoita Real Estate Update

Posted at 2:33 PM, Mar. 4, 2008

We need buyers! We have a very good inventory supply of both homes and land, but the buyers have been hiding so far this year. There has been some more traffic in the past week or so through the neighboring restaurant. I am optimistic that we will end the spring talking about the strength of our market versus many other markets in the United States. Now for the numbers: Ten homes were listed in February at an average price of $249 per sq. ft. Prices ranged from $400,000 to $1,800,000. Thirty-three land parcels were listed at a median price of $20,000. This number is imbalanced to the high side due to listings in Three Canyons which are special use lots and a couple of lots less than one acre in size. Prices ranged from $35,000 to 295,000. There were 5 closings totaling $995,000 and consisting of 2 homes and 3 lots. New escrows amounted to $2,601,700 split between 6 homes and 3 lots. This latter statistic may indicate some strength building in the market. We won't know until we see the numbers for March. At the risk of being repetitious, now IS the time to buy. We have willing sellers, lenders with money at historically attractive rates and one of the very best places to call home.