REAL ESTATE MARKET REPORT – 2019 vs. 2018
First quarter activity in Sonoma County in 2020 reflected the usual seasonal trend by slowing down. 711 homes were sold compared to 1,043 last quarter (Q4-2019). Compared to the first quarter of 2019, there was a 4.2% increase in units sold. More notable is that the average price increases from $736,000 in Q1-2019 to $778,000 in Q1-2020, or a 5.7% increase.
First quarter activity in Sebastopol saw no change in volume of units sold but a whopping 12.0% increase in the average sale price, year over year. We are seeing less days on market and slightly less inventory. When properties are ready for market and priced competitively, we’re experiencing multiple offers and buyers who are willing to pay over asking price.
The Coastal Sonoma market share is small and fluctuations can be wide. Days on market remain high and we have experienced and average of 8 months of inventory in Q1-2020. We had only 11 homes successfully sale in the first quarter of 2020, the same as last year, but nearly half from 2018. It is definitely a balanced market in which sellers need to be realistic with their expectations. Call me to learn more about why it may be a good time to consider selling your home.
As usual, Healdsburg continues to enjoy the highest average home price of $1,258,000, compared to the Sonoma County average of $778,000, for the first quarter of 2020. Healdsburg also has 5.8 months of inventory and an average of 118 days on market, which may indicates a balanced market, and an even paying field for buyers and sellers.
Finally, the Russian River area continues to be your best bet for value, but inventory is low and the volume of sales went up 19.4% over the same quarter last year. We’re still seeing good value with an average sale price at $463,000, well below the countywide average.
Countywide, so far in 2020, the average home spent 77 days on the market with 2.7 months supply of inventory. Depending on the area, the current market can be brisk, requiring buyers and their agents to be nimble and diligent.
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 2020
Lou Rosenberger, REALTOR®