Coast Real Estate Update for May 2024

Steve Hecht - June 1, 2024
As expected for this time of year, we’re seeing some good activity on the listing side of the market. Of course, it's a complicated and convoluted market at the time and while sales numbers were at all-time lows on the Coast, it does feel like we will see an increase in sales activity in the near future. That said, there does seem to be some downward pressure on home prices at the time so we may see a reduction in list prices and a slight improvement in affordability. You can see part of this downward pressure in the summary below.
 
HOMES
There were seven new listings in Bodega Bay this month with four of those in Bodega Harbour (one of which is already in escrow), one on Bodega Head and two on Highway One. There are currently twelve active listings in Bodega Bay - the most we’ve seen in nearly four years.
 
Two homes closed escrow this month - both on Windy Lane in the Village. Listed at $875,000, 130 Windy Lane was in escrow within six days and sold at asking price. 1333 Windy Lane took two weeks to attract two offers and closed at $1,125,000 ($25,000 over asking).
 
The median asking price for a Bodega Harbour home is over $2M but the median sale price over the past twelve months is $1,614,000. This indicates the downward pressure on pricing as noted above.
 
LAND
No activity this month.
 
OTHER
One commercial building was sold in May for $1,025,000. The former Second Wind kite store will soon become the new location of the Bodega Bay Surf Shack.
 
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As always, if you would like more details on any of the information above, feel free to email us.
 

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