|SONOMA COUNTY||Q1 2015||Q1 2016||% Change|
|Number of Sales||794||833||4.9%|
|Average Price ($000)||$586||$660||12.6%|
|Average Day on the Market||75||75||—|
|Months of Inventory||1.9||1.7||-10.6%|
First quarter activity in Sonoma County in 2016 versus 2015 reflected the usual seasonal trend by slowing down. However, while 37.9% less units sold during the quarter, the average price increase 8.7% from last quarter to $660,000. Year-over-year, the first quarter number of units sold increased by 5%, from 794 in 2015 to 833 in 2016. With only 1.7 months of inventory, we continue to experience a sellers market.
Sebastopol had a notable volume of units sold, up 42.3% from the same quarter a year ago. The average price has dipped 8% from the fourth quarter of 2105 to $754,000. The market continues to be tight with a critical lack of inventory. There has been fierce buyer competition for homes under $800,000. It’s not uncommon to see multiple offers and homes being sold for over-asking price.
The Bodega Bay market continues to enjoy an uplift in value. The average price increased 38.7% from the same quarter last year, and up 13% over the fourth quarter of 2015. There are currently 3.6 months of inventory on the market, up 28.6% from last quarter. This indicates a balanced market where desirable homes need to be well priced for the market to find a buyer.
As usual, the Healdsburg and Sonoma areas continue to enjoy the highest home prices of $1,052,000 and $897,000 respectively, or 59.4% and 35.9% more than the Sonoma County average of $660,000 for the first quarter of 2016.
Countywide in 2016, the average home spent 75 days on the market and there were only 1.7 months of inventory. Depending on the area, the current market can be brisk, requiring a buyers and their agents to be nimble and diligent. Home prices continue to trend upward. I’ve said it before, in terms of affordability around the Bay Area, Sonoma County still offers excellent value.
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|SEBASTOPOL||Q1 2015||Q1 2016||% Change|
|Number of Sales||26||37||42.3%|
|Average Price ($000)||$711||$754||6%|
|Average Day on the Market||80||84||5%|
|Months of Inventory||2.2||1.8||-18.2%|
|BODEGA BAY||Q1 2015||Q1 2016||% Change|
|Number of Sales||9||12||33.3%|
|Average Price ($000)||$687||$953||38.7%|
|Average Day on the Market||56||142||153.6%|
|Months of Inventory||7.6||3.6||-52.9%|
|HEALDSBURG||Q1 2015||Q1 2016||% Change|
|Number of Sales||32||43||34.4%|
|Average Price ($000)||$1,143||$1,052||-8%|
|Average Day on the Market||86||108||25.6%|
|Months of Inventory||2.8||2.3||-18%|
|SONOMA||Q1 2015||Q1 2016||% Change|
|Number of Sales||71||68||-4.2%|
|Average Price ($000)||$780||$897||15%|
|Average Day on the Market||72||68||-5.6%|
|Months of Inventory||2.4||2.2||-8.3%|
“Living in Bodega Bay and having owned a small business in the region I call Far West Sonoma,
I understand our local market.
Referrals are extremely important to my business.
If you, or someone you know, would like assistance in marketing a home,
I would be most grateful if you would please contact me.”
Lou Rosenberger, Realtor®
415.518.5286 | www.FarWestSonoma.com