Holiday Fun in Sonoma County
The holiday season is here in Sonoma County, and with it, the expected quieting of real estate activity as the focus shifts to holiday gatherings, seeing friends and family, and warm celebrations.
Buying or selling a property may not be top of mind for you with all the other festivities this month, but there is something to be said for listing your home during the quiet of winter: there’s less competition on the market, and buyers who are still actively looking are serious buyers.
Homes that go into contract during the second half of December typically wouldn’t close escrow until sometime in January—what a way to kick off 2024! Food for thought, along with all the other holiday delicacies.
Should You “Wait & See”? 📉
Autumn is upon us and we’re in the midst of the post-Labor Day / pre-holidays bump in the real estate market – a window of time that’s coming to a close soon!
One of the questions I’ve been getting a lot lately is, “Should I wait and see what interest rates do next year or jump in the market now?”
A valid question for both buyers and sellers.
Before sharing my perspective, I think it’s wise to look at what’s happening in the market.
🍂 Fresh Eggs, Wine Walks & Fall Fun!
It’s October in Sonoma County, and I’m ready for all things fall! 🍂
From cooling temps and changing leaves, to cozy sweaters and decorating for the holidays —I can’t wait! Can you?
Fall is the world’s way of embracing change and often prompts us to reconsider our own routine and home life. Maybe that means adopting a new healthy habit, getting up earlier to make the most of shorter days, or even a change of address.
July Sonoma County Market Stats, Happy Hour & End-Of Summer Fun!
Where did summer go?
We’re officially in that in-between season of summer fun and fall productivity. I don’t know about you, but I’d personally like a few more days of beach, pool and sunshine! But alas, the season is changing, and so is the Sonoma County housing market!
This year, real estate has seen some crazy twists and turns. From roller coaster interest rates, inventory shortages to fluctuating pricing, and a two-week MLS outage, what have we not seen?
Summer Fun & Things To Do This July in Sonoma County
Welcome to July! Can you believe we’re already in the thick of summer in Sonoma County? I’m loving the blue skies and a healthy dose of sunshine, however the summer months can be a busy time.
Our calendars fill up fast with vacation plans, a plethora of new outdoor events to attend and additional time spent working on the house and in the garden.
It’s important to remember to slow down and literally “smell the roses.” Enjoy the longer days, savor a glass of wine and carve out time to reflect on our goals for the year.
How are we progressing? How do we feel? What’s working and what’s not?
If real estate is a goal that’s on your mind, you’re not alone! This year has been a change of pace for both buyers and sellers. Many have put their plans on hold as they wait out the interest rate hikes and rising home prices.
Keep reading below for more on how our housing market is performing and a list of ways to enjoy summer in Sonoma County!
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...
Sonoma County Median Home Price up $50,000 from Last Winter's Low
The median price of a Sonoma County home was $340,000 at the end of November, down slightly from $345,000 the previous month but up for the low hit last February of $290,000. This reflects several trends: shrinking inventory due to increased sales, initially led by the surge of entry-level home sales begun last spring, and followed by a late full increase in the sale of upper-end and mid-range homes. Most agents I talk to are upbeat about the coming market this winter and spring. We also wonder what the impact of the so called shadow market of foreclosures will bring to the Sonoma County housing market. If you were considering selling your home but reluctant due to the tough market conditions of the last couple of years, you might think about putting your home on the market this winter. Even with the holidays, there are a lot of buyers still active in the market. Please contact me if you would like to explore your options! ...
Sonoma County Real Estate Sales Update
Year over year the median Sonoma County home price dropped 5% to $359,000. However, the apparent bottom for this market (whether a V, U or W is yet to be determined) was in February when the median price was #315,000. Some of my smart buyer clients (you know who you are) are happily ensconced in homes they bought in January and February, sensing the (a?) bottom had arrived....
2008 Sonoma County Real Estate: Three Quick Sales Trends
These three graphs tell the quick story of pricing, supply and demand trends for housing in Sonoma County from December 2007 through 2008. But the real story for your home depends on the price range for your house and the part of the county in which you live, or seek to live. You cannot automatically say that every home in the country dropped 30%. The price dropped most steeply in those communities with high rates of distressed housing: West Santa Rosa, East Petaluma, Windsor and Rohnert Park/Cotati. But, on average, and in summary: The median price dropped 30% year over year. The number of newly ratified sales contracts grew steadily all year and lead to a 184% increase year over year. Months supply of inventory dropped dramatically (73%) and steadily all year, exceeding the drop in prices. From a very strong buyers market in December '07, with over 14 months supply of homes at last December's sales rate, this December saw only 3.7 months supply. Six months is considered a balanced market. Anything under is a seller's market--in this case the banks who own nearly half the properties sold. ...
October Sonoma County Real Estate Sales Snapshot
This week I received this quick sales snapshot from Rick Laws, my broker at Coldwell Banker.  It provides a 13 month overview of Sonoma County residential sales activity at all price ranges and in all locations county wide. Sales activity and area trends vary widely by price and location but this is a quick view based upon MLS data pulled by Brokermetrics. In about a week I will have more detailed information available covering the various price points and separating out condo activity. Sonoma County Real Estate Market Dynamics October 2008                                Oct 07       Oct 08        # Units Change       % Change Under contract      227             604                       377                     166% Sold                      227              488                        261                    115% New listings           530              551                          28                      5% The biggest takeaway here is that this is the first time in over two years that the number of newly opened escrows has exceeded the number of new listings.  Despite everything that happened in the financial markets in October, the number of newly opened escrows was up 166% and hit its highest point year over year. In addition, the number of closed escrows reached a new high for the year. We all know that not every opened escrow will close-but the number of newly ratified sales continues its upward trend, and bucks the national trend. The tail wagging the dog in this market continues to be the REO (bank-owned) home at the low end with an increasingly high volume of sales under $500,000 for both single family homes and condos. Sales through October seem to be driven (this is anecdotal) equally by first time buyers or owner occupants and real estate investors....