A surprise increase in interest rates and the difficulty and increased cost associated with obtaining home insurance does not seem to have impacted local home sales. Of the thirty-six homes that have closed escrow in Bodega Bay so far this year, 21 of them were cash sales, two used 1031 exchange funds and just 13 relied on financing. The cash sales were not just at the lower price points as they were spread pretty evenly across all price points.
HOMES
While only four homes closed escrow during the month, ten homes were placed in escrow and all but one of them are already pending sale or have closed escrow. There are currently 14 homes for sale in Bodega Bay. In August we stated the that “the 20 listings for sale were the highest since 2015, and with these new listings, we’re expecting buyers to finally have a good choice of homes in all price ranges”. That seems to have been the impetus for the improvement in sales these past few months.
LAND
There were no land sales last month.
MORE
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