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Year over year statistical data for Sonoma County ending February 2022

This report is generated around the 10th of each month once the previous months numbers have been posted. What we see here is a report generated for the Sonoma County Housing Market through February 2022. So we are always looking a month behind. Our statistics are derived from the Bay Area Real Estate Information Services (BAREIS)  This is the Multiple Listing Service provider for all real estate brokerages in Sonoma County. If you have questions or wish to know a more specific account of your properties value and the timing of either selling or buying we are always happy to jump on a Zoom or meet with you at your property to evaluate and discuss a strategy. We can be reached via cell/text 707.580.3499 or email us at concierge@elitepartnersrealestate.com

Quick Facts

SOLD

284

LISTED

325

PRICE

$935,000

DOM

43

We saw another significant month of low sales compared to previous years. February 2022 had closed sales of 284 which is down -20.7% from February 2021 and slightly up +3.3% from January 2022. We are not only selling fewer homes but we remain at the lowest inventory levels we have seen in decades. Our current inventory for February 2022 was 325 a -39.1% decrease from a year ago and up 25.0% from January 2022.

February 2022 marked our second highest price per square footage at $538,000 which was +6.5% month over month and +13.5% from February 2021. This is the second highest month with only November 2021 price per square foot ($548.00) being higher. In fact our current price per square foot is the s second highest in the history of tracking statistics. 

sonoma-county-housing-month-to-month-banner-image

Our sold price compared to the list price remains above 100% currently at 102%. This means a seller could expect that a home marketing correctly and listed for the right price would net 2% more and a buyer should expect to have to pay 2% more for a home. There are no bargains in our current real estate market. Days on market (DOM) has dropped significantly from our January DOM of 57. We are back down to 43 days on market which is -24.6% from January and -28.3% from February 2021.  Finally our sold price flattened a bit at $935,000 which is only a $1,000 less than a month ago but up 30.8% appreciation year over year.

All in all, we remain in a inventory stressed market with strong buyer demand. There simply are not enough homes to meet the demand so buyers are paying way over asking and driving values up. We are optimistic we will see more inventory come on as spring comes in season.. The Federal Reserve continues in its pursuit of raising interest rates and lenders are following in line with rates now over 4% and climbing. With higher interest rates we should see some easement of values and perhaps a slight decline by year end. 

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The opinions expressed in this report are those of Don McDonald, Founding partner, and REALTOR with RE/MAX Elite Partners brokered through RE/MAX Gold. They are not in any way intended to express what RE/MAX, RE/MAX Gold or any other agent or brokerage may think. It is my honest analysis backed but some market data. Check back each month around the 25th or so for an update as we continue down this path. 

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