Sonoma County Market Update | Q4 2021
Sonoma County Market Update: It's our pleasure to bring you the Corcoran 2021 Q4 Real Estate Market Report. Flip through this album depicting real estate sales stats town by town and county wide! Even though we're well on our way to a busy market in 2022, it's important to pause and reflect on how the last quarter provides context for the housing market trends we see today in Sonoma County. Here is a quick recap. Sales activity remained steadfast in Q4. Sales did slow down a bit over the holidays, which is a typical seasonal pattern. The median home price reached $769,000, which was a 9.9% year-over-year increase. Overall, we ended 2021 with solid growth (exceeding predictions) for Sonoma County real estate and the promise of another fruitful year ahead. Some of the hottest local markets right now include: Sebastopol (29.9% median price increase!), Sonoma & Healdsburg! Throughout the county home prices saw significant price appreciation although unit sales were down when compared to 2020. Sonoma County Market Update | Q4 Market Highlights: >>>VIEW THE FULL MARKET REPORT<<< Home prices continued to trend upward in most Sonoma County communities as inventory constraints remain. For example, year-over-year prices in Sonoma exponentially increased in the fourth quarter to a median sales price of $1.2 million (+42.4% increase year over year). Sebastopol and Sonoma were tied for the highest median sales price in the county at $1.2 million. What To Expect This Year...
Sonoma County Housing Market Breaks Records in 2020!
After the coronavirus pandemic sent Sonoma County homebuying into a tailspin last spring, the local housing market rebounded to have a banner year, posting a record annual median home price and the most houses and condos sold in seven years! As we embark on a new year (we can’t believe it’s already February), let’s take a look at some of the important real estate highlights from 2020 and what experts are forecasting for the spring season. [caption id="attachment_21108" align="aligncenter" width="408"] *Note: The median price for single family homes in Sonoma County is $700,000, slightly higher than $675,000 mentioned in this report which includes condominiums.[/caption] What This Means For Buyers & Sellers: Low inventory, high buyer demand and increasing home prices have resulted in a seller’s market as we enter 2021. Historic low interest rates are drawing more buyers, especially millennials, into the marketplace. Buyers are flocking to Sonoma County from the Bay Area due to changing household needs and work-from-home flexibility. Despite home prices increasing, Sonoma County is still considered an affordable option compared to the Bay Area with a median single family home price of $700,000 vs $1.06 million. What To Expect As We Look Ahead to Spring 2021...