THe Sonoita Real Estate Market is Hot

Market Trends

Looking at the numbers for the first nine months of 2016, the only conclusion is that the Sonoita real estate market has been hot! In fact, if the rate of home sales is sustained through the end of the year, the number of units sold in the Sonoita, Elgin and Patagonia areas could be one of the best in the 16 years I have been here. Land sales on the other hand, continue to be strong and could eclipse the unit sales for last year, but are way below the numbers we used to see prior to 2008.

These are the numbers you should be interested in: Home sales totaled 48 versus 49 for all of 2015. Land sales totaled 23 versus 24 for 2015. The average sale price for a home was $266,369 ($145 per square foot) and for a lot it was $53,585 ($6,587 per acre). Average days on market was 217 for homes and 421 for lots. The number of homes for sale is 76 down from approximately 115 at the end of 2015. The decrease in available homes for sale should indicate a turn from a buyer's market to a seller's market and a return of increased land sales because people are not finding a home they like and decide to build.

Click Here to see an extraordinary property