1 minute housing market update for Sonoma County, California

The new years is getting off to a slow start. January was the worst “Sales” month in 7 years. We sold, for the entire county, only 221 “Detached” homes. February, with only 28 days, didn’t boast any significant increase over January with a meager 241 homes closed.

1 year of "Detached" single family homes in Sonoma County
1 year of “Detached” single family homes in Sonoma County

Our median home price in Sonoma County is now hovering at $490,000. I expect this to increase as we are seeing much overbidding due to the lack of inventory. Note we broke the $500,000 medium home price threshold a few times last year. We are up year over year 9% which is WAY down from the double digit 20% numbers over the past three years which saw our median home price for the county soar 58%! (see chart below)

We have a seasonal market for sure but we should be picking up speed now.
We have a seasonal market for sure but we should be picking up speed now.

The lack of inventory is creating this “shortage” of sales. WE now have just over 500 “Active” or “Showable” listings in ALL of Sonoma County. This means for Petaluma, Cotati, Rohnert Park, All of Santa Rosa, Windsor, Healdsburg, Cloverdale, Sonoma, Oakmont, Kenwood and Sebastopol PLUS our coastal communities and the Russian River!! NOT Much at all.

New homes are coming to the market but the demand seems to be outstripping this supply
New homes are coming to the market but the demand seems to be outstripping this supply

Good news for all those buyers out there is the above slide showing the “new homes” coming to the market which is up +10% over last year at this time. However, having such a skinny supply of homes means these new homes are getting snapped up so our “Active” or “Showable” listings just don’t get increased by any significant amount.

Bottom line? If you are thinking of selling try and take advantage of this lack of supply before the major thrust of listings hit the market. Buying? Maybe hang out a bit and wait for inventory to increase as in today’s market you’ll be paying more as overbidding is rampant. Either way, we can help you with ALL of your real estate needs. Thinking of moving out of the area? Allison and I have many super Realtors not only in the U.S. but also abroad we can refer you to.

Call Allison at: 707-799-3617 for an appointment to discuss our marketing strategies or email us at nodumbquestion@gmail.com because in real estate Allison and I believe there are NO dumb questions!

 

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