Quick Links Top Sales & Closed Sales For the Week
Selma Hepp’s Blog
From Olin’s Desk Dear St. Helena Colleagues,
Napa Stats
Weekly Broker Tip
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The economy is solidly advancing. Unemployment is at an alltime low in California and even lower in the Bay Area. Wages are up. The Dow is over 25K and the Nasdaq is over 7.8K (as of Thursdays trading). The Median Home Price across the Bay Area rose by 12% from July 2017. That’s all the good news, but what about home sales you say? The Bay Area’s decline in home sales improved in July, with only 3% less activity year over year after a 13% decline in June. Inventory improved, up by 2% after 16 consecutive months of year over year declines. Napa and Sonoma Counties gained inventory below $1 million, up by 17% and by 5% respectively, although Sales of homes in this category dropped by 21% in Napa County and 14% in Sonoma County. All sales in Napa County from MayJuly in comparison to 2017 declined by 13%. The number of consumers strongly expressing “it’s a good time to buy” fell to 38.5% in the first half of this year in comparison to 45% at a similar time last year.
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What is behind all that data??? Where did all the buyers go??? Are they on summer vacation? These are all questions to ponder and something I hope to discuss in our agent discussion topics as we move forward each week. See you on Monday! Thanks, -- Olin Russum
License # 01866771
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MARKET SHARE Angwin
Rutherford
Calistoga
St Helena
Napa
Yountville
Pope Valley
All Cities Market Share
CONCIERGE What marketing items can we help you with? We can take some things off your plate so you can focus on what you do best! -Marketing Materials -Uploading Mailing Lists -Listing Presentations -Grabing Marketshare before your big presentation -Facebook, Instagram, and more!
Taryn Lohr Stacy Bowers Heather Seigler Priscilla Lara Jill Silvas Linda Carroll Olin Russum
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Chelsey Crumrine
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Top Sale Of The Week
$2,095,000 Tim Hayden 1714 Michael Way
Napa Stats
For Sale vs. Sold
Months of Inventory
Avg. Price Per Sq. Foot Days On Market: Sold Market Share By City
Source: Trend Graphic/Charts Bareis MLS (updated on the 6th of every month)
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Finally, More Bay Area Housing Inventory Arrives After 16 Months of Declines
Executive Summary: • The Bay Area’s decline in home sales (including single-family and condominiums) improved in July, with only 3 percent less activity year over year after a 13 percent decline in June. • Compared with last summer (May through July), sales were slower in Santa Clara, Napa, Sonoma, Marin, and San Mateo counties. • Sales activity declined by 19 percent in Marin County and by 13 percent in Santa Clara County. • Sales of homes priced above $1 million — and especially those above $3 million — continued to fare better than they did last year. • Only Marin County saw a decline in sales of homes priced between $2 million and $3 million, down by 7 percent year over year. • Inventory finally improved, up by 2 percent, after 16 consecutive months of year-over-year declines. • Most Bay Area counties saw inventory improve in July. • Inventory above $1 million increased by 17 percent, mostly driven by more homes for sale in Santa Clara and San Mateo counties. • Only Sonoma and Napa counties gained inventory below $1 million, up by 17 percent and by 5 percent respectively Read more Here We encourage you to share Pacific Union’s daily blog posts via email, your own blog, or social media. All blog content is updated daily in VoiceStorm, which allows you to share posts to the most popular social networks with just a few clicks. Additionally, our team sends out a weekly Content Hit email each Monday, which contains everything you need to promote Pacific Union content on Facebook, Twitter, or your own blog. Check it out at blog.pacificunion.com
Weekly Broker Tip
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Arbitration in Listing Agreements – Update Q: I was surprised to see that C.A.R. has removed the Arbitration provision from all of their Listing Agreement forms. Is this a good step for the real estate industry? What should we do if a Seller wants to include an Arbitration provision? A: Yes, the removal of the Arbitration provision from the Listing Agreement forms is beneficial for real estate professionals; however, C.A.R. has also created a form to add the provision back into the Listing if a Seller wants to include Arbitration in a Listing Agreement. Regardless of how C.A.R. attempted to craft the Arbitration provision in their Listing Agreements to limit the provision to commission disputes, Judges and Arbitrators took a decidedly different view of those provisions. As a result, too many California Listing Agents were required to participate as defendants in Arbitration actions between Sellers and Buyers (even when the nature of the dispute was clearly limited to those Parties) without any comparable means of obligating Selling Agents to participate in that same Arbitration action. This created an inequity in the treatment of the Brokers. Additionally, since Arbitrators are legally allowed to be arbitrary and ignore not only statutory and case law but contract provisions as well, Arbitrators were often disregarding Broker’s legitimate, contractual commission rights. There is no right to appeal a badly-decided Arbitration case unless the Party who wants to appeal can prove actual bias and/or prejudice of the Arbitrator which seldom occurs. The Arbitrators who hear disputes between Sellers and Brokers are seldom, if ever, Association of REALTORS® Arbitrators. Attorneys for Sellers generally insist upon using private Arbitration services and retired judges who charge large hourly fees. Thus, resolving commission disputes through Arbitration was usually expensive and, more often than not, in favor of the Seller rather than the real estate licensees. Click here to read more ... DO NOT FORWARD TO CLIENTS. This Weekly Practice Tip is for the exclusive use of clients of Broker Risk Management and their agents. It may not be reproduced or distributed without the express written consent of Broker Risk Management. The advice and recommendations contained herein are not necessarily indicative of standards of care in the industry, but rather are intended to suggest good risk management practices. PRACTICE TIPS All Weekly Practice Tips are available at BrokerRiskManagement.com User ID: clientaccess, password: yard
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2018 Advertising Online & Print Distribution, deadlines, and rates
*Some details will be updated as information becomes available. Advertising rates are subject to change. If you are interested in a specific publication that is not on this list, please contact your Marketing Coordinator directly. Co-op advertising rates are at your manager’s discretion.
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PREMIER SERVICE
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Affiliate Resources The Mark Company The Mark Company is the authority on urban residential real estate sales and marketing. Using The Mark Method, our unique approach aligns developer goals with buyer insights to deliver unbeatable results. Visit: themarkcompany.com
Property Management Pacific Union Property Management offers full-service property management to property owners, landlords and investors throughout the SF Bay Area, helping your clients to maximize luxury real estate investments. Visit: pacunionpm.com
Commercial Backed by Pacific Union’s strong name recognition and marketing foundation, our Commercial Brokerage specializes in buying, selling, and leasing commercial properties- apartments, office, retail, and industrial- for a mix of clients. Visit: pacificunion.com/commercial-real-estate
Rentals Gain access to the Bay Area’s most exceptional rental properties with the helpof our rental experts. Visit: pacificunion.com/leasing-rentals
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