Second Quarter, 2017 vs. 2016
The second quarter activity in Sonoma County saw a small decrease in volume from 1,229 single family homes sold in 2016 to 1,173 in the same quarter of 2017. The average price has increased to $742,000 from $722,000 in the first quarter of 2017. Average days on the market and months of inventory remained somewhat predictable. With only 1.8 months of inventory, we’re still experiencing a countywide seller’s market.
The number of units sold in the Sebastopol area is flat, year-over-year, but the average price paid for a single family home jumped 9.9% to $968,000. With only 2.1 months of inventory, desirable homes sell quickly and often with multiple offers at over asking price. Seller’s can expect a brief listing period considering the average number of days on the market is down to just 35.
The Coastal Sonoma market has experienced a predictable volume of sales for the second quarter of 2017. Of note, the coast now has 4.7 months of inventory. This indicates a balanced market favoring neither buyers nor sellers. On average, homes are spending four months on the market to find a buyer. And yet, in the community of Bodega Harbor, the lack of inventory for homes under $1 million ensures that sellers of lesser-priced homes will get strong attention. More than ever, luxury homes need to be priced right to attract buyers who are increasingly weary of escalating prices.
The Healdsburg Area is in the spotlight for buyers. The number of units sold in the second quarter has decreased 35.6% from last year while the average price has plummeted 26.7%. Inventory has swelled to 5.9 months, close to indicating a buyer’s market. If you’ve been thinking of acquiring a home in Healdsburg wine country, now may be a great time to take a look.
The Russian River Area continues to provide very good value. With an average price for a single family home at $440,000, it’s over 40% lower than the countywide average. There’s limited inventory and homes sell fast. Buyers need to be prepared to act quickly and strategize for bidding wars.
Living in Bodega Bay and having owned a small business in the region I call
Far West Sonoma, I understand our local market.
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