REAL ESTATE MARKET REPORT – 2018 vs. 2017
First quarter activity in Sonoma County in 2018 reflected the usual seasonal trend by slowing down. 809 homes were sold compared to 1,102 last quarter (Q4-2017). Compared to the first quarter of 2017, there was a 4.3% change in units sold. More notable is that the average price increased to $809,000, or 14.2%
Sebastopol had a sizable 15.2% increase in volume of units sold from the same quarter a year ago. The average price has jumped to $928,000. The amount of inventory is predictable at a 2.6 month supply. Prices continue to rise while supply remains low. When properties are ready for market and priced competitively, we’re seeing multiple offers and buyers who are willing to pay over asking price.
The Coastal Sonoma market share is small and fluctuations are wide. Still, it is notable that the market is critically low on inventory. A few properties are priced beyond what the market will bear and are languishing, but generally speaking, homes are selling quickly . Buyers are having to wait extended periods to find their coastal property. It may be time for potential sellers to consider their options. Call me to learn more about why NOW may be the time to sell your home.
As usual, Healdsburg continues to enjoy the highest average home price of $1,254,000, or 51.9% more than the Sonoma County average of $809,000, for the first quarter of 2018.
And, the Russian River area is your best bet for value. Inventory is low, but the volume of sales is way up; 43.3% over the same quarter last year! While the average price shot up 17.6%, we’re still seeing good value at $508,000. That’s 37.2% below the countywide average.
Countywide, so far in 2018, the average home spent 54 days on the market with only 1.6 months supply of inventory. Depending on the area, the current market can be brisk, requiring buyers and their agents to be nimble and diligent. Home prices continue to trend upward.
Live Market Data
Number of Sales and Average Price are for only the stated quarter/year. Average DOM and Months of Inventory are based on statistics for the last month of the stated quarter.Source: TrendGraphix Jan-Mar 2018
Lou Rosenberger, REALTOR®