CNN Money ranks Santa Rosa #1
CNNMoney.com recently compiled a list of top cities poised for a Real Estate rebound. Santa Rosa found its way to the top of that list.
Home price forecast (1 year):* 6.0%
Many cities close to the Bay Area saw a huge run-up in home prices during the boom as real estate buyers branched out to less expensive markets. Santa Rosa, the largest city in northern California's wine country, was no exception: Prices grew more than 121% from 2000 to the early 2006 peak.
They've since plunged more than 45%. But forecasts show the decline is over and Santa Rosa prices will gain 6% this year, more than any other U.S. city.
| City stats† | |
|---|---|
| Population: (2006) |
466,891 |
| Median family income: (2008) |
$77,800 |
| Home price data | |
| Median home price: (2009) |
$345,000 |
| Affordability index: (Median home price/family income 2009) |
4.4 |
| Prices peaked in: | 2006:Q1 |
| Total climb during the boom: (2000 to peak) |
121.7% |
| Total decline so far: (Peak through 2009) |
-45.6% |
| One-year change: (Q4 2008 to Q4 2009) |
-5.9% |
| Forecast | |
| Additional price change to bottom: | -6.4% |
| When they'll hit bottom: | 2010:Q1 |
*(Q1 2010 - Q1 2011)
† Data is for Santa Rosa-Petaluma, CA Metropolitan Statistical Area
Notes:
Median home prices are for single-family homes through the third quarter of 2009, the most recent data available, and include sales of bank-owned properties.
Sources:
Fiserv and Moody's Economy.com