REAL ESTATE MARKET REPORT – 2018 vs. 2017
Once again, second quarter activity in Sonoma County saw a small decrease in volume from 1,204 single family homes sold in 2017 to 1,141 in the same quarter of 2018. The average price has increased to $863,000 from $742,000 in the first quarter of 2017, for a whopping 16.3%. Average days on the market and months of inventory remained somewhat predictable. With only 2.1 months of inventory, we’re still experiencing a countywide seller’s market.
The number of units sold in the Sebastopol area decreased, year-over-year, but the average price paid for a single family home jumped 10.8% to $1,074,000. With 3.1 months of inventory, desirable homes still sell quickly and often with multiple offers for over asking price, but this trend of increased inventory may indicated a more balanced market in the near future. The average number of days on the market soared to 66, an 83.3% increase. Has the Sebastopol real estate market begun to cool?
The Coastal Sonoma market has experienced a predictable volume of sales for the second quarter of 2018. Of note, the coast now has 6.5 months of inventory. This normally indicates a market that is beginning to favor buyers. On average, homes are spending three months on the market before finding 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. On the other hand, luxury homes need to be priced right to attract buyers who are increasingly weary of escalating prices.
The number of units sold in the first quarter of 2018 in the Healdsburg Area has increased 42.5% from last year while the average price has bumped up 5.9%. Inventory diminished to 4.2 months from 5.7 in 2017, indicating a balanced market that may soon be favoring sellers.
The Russian River Area continues to provide very good value. With an average price for a single family home at $587,000, it’s nearly 32% lower than the countywide average. There’s limited inventory and homes tend to sell fast. Buyers need to be prepared to act quickly and strategize for bidding wars.
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 Apr-Jun 2018
Lou Rosenberger, REALTOR®