|Q3 2014||Q3 2015||% Change|
|Number of Sales||1,383||1,401||1.3%|
|Average Price ($000)||$593||$677||14.2%|
|Average Day on the Market||62||59||-4.8%|
|Months of Inventory||1.9||1.8||-5.4%|
Third quarter activity in Sonoma County in 2015 versus 2014 was relatively flat, however prices continued to rise. Units sold were up 1% compared to a 10% year-to-date increase for the prior quarter. Year-to-date sales units are up 2%, totaling 4,131 units.
The Healdsburg and Sonoma areas enjoy the highest year-to-date home prices of $829,000 and $627,000 respectively, or 66% and 31% more than the Sonoma County average of $500,000.
The first time home buyer market under $600,000 continues to be brisk with days on market averaging 1.2 months and sales price averaging $462,000, 6% more than one year ago.
Months of inventory of 1.8 months for Sonoma County appears to be in balance, however, when looking at the market based on price segments, months of inventory varies significantly. For example, months of inventory under $600,000 is 1.2 months, while $1,000,000-$2,000,000 is 3.5 months, $2,000,000-$4,000,000 is 9.4 months, and over $4,000,000 is 13.7 months.
The current market is leveling off and inventory is trending upward. In terms of affordability, Sonoma County still offers excellent value, especially for first time buyers.
To view a spiffy set of interactive graphs that illustrate the Sonoma County-wide real estate market and to download a report, click here.
Living in Bodega Bay and having owned a small business in the region I call Far West Sonoma, I understand our local market. To my clients’ advantage, I office in San Francisco and remain active in that market as well.
Knowing that a great deal of Sonoma County luxury home buyers are coming from elsewhere, I endeavor to build a bridge for buyers to our west county communities.
An important question to ask yourself when considering the marketing of your home … “Where is my buyer coming from?”
In the bay area, if you’re not reaching a global audience you’re missing a huge market of international buyers looking to invest in California. That’s why over two years ago, Alain Pinel Realtors launched our comprehensive global marketing strategy aimed at connecting overseas buyers to our clients’ luxury properties. In addition, we launched our Chinese website, china.apr.com, featuring manually translated listings hosted on China-based servers.
If you, or someone you know, would like assistance in marketing a home, please contact me. I’m eager to put the power of Alain Pinel Realtors, the luxury leader and most technologically advanced real estate brokerage in the bay area, to work for you.