$1Mil+ Market–coming back to earth!

For the past few months the $1Mil+ price segment has been very robust. While the overall market languished in mediocrity, except for a record high median home price which quickly fell the following month, the $1Mil+ range was surging. June sales, off -20% in the overall market was UP +20% in the $1Mil+ market. Huge spread. The market, driven by fire victims replacing homes lost in the fires of October 017, are buying and rehabbing homes. If you look at the NE area and examine Lot sales you’ll find many NOT rebuilding. Currently we have approx 174 lots for sale with 33 in escrow and a whopping 247 that have sold.

The big question? Where have all of these homeowners gone? Have they moved away, moved down, moved within their price range relative to the value of the lost home? Here’s some charts on the latest activity:

July Sales in Sonoma County, California–The BIG Cool Off.

The buying season has been thoroughly mejdiocre in 2018. Year Over Year (YOY) reporting shows a market with anemic sales overall.  Inventory beginning to accumulate due to weak sales and a median home price, countywide, faltering from a record high posted in June of $705,000 and an increase of 13% to $653,000 in July and an increase of a mere 3%.