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 January 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
January 2022 is our lowest sold report in the last 18 months. Down -40.0% from December we sold 275 homes in January 2022. this represents a -19.2% from January 2021. This is not unusual as January typically is our slowest month of the year. Inventory (the number of homes available for sale) remains at an all time low with 260 homes available for sale in January 2022. This is only –2.6% from December 2021. However the most alarming number is our year over year decrease of -50.5% in inventory. When compared to our pre-pandemic period of January 2020 we are down -63.3% in inventory and this is the reason prices continue to rise.
January always represents the lowest pint in the market. Our price per square foot $505.00 was down month over month -2.9% but up year over year 6.3%. Our closed sold price for January 2022 averaged $936,000 which is a tick up at +.04% and +11.4% year over year. Our listed price continues to to climb above the $2 million range at $2,157,000 average for January 2022 which is +47.3% more than a year ago.
Pending sales is a good indicator of how the market is moving since what is pending will eventually become our sold inventory we can get a small glimpse into the future. Pending sales in January 2022 were up +9.2% from December 2021 with 310 homes going into contract. This number is not as good year over year as we are down -27.2% from January 2021. Days on market (DOM) hit the highest mark in 11 months but is only slightly up to 57 days which. represents a +3.6% more than December 2021 and down from a year ago 62 days or -6.5%
Since we publish these reports nearly a month late we can already see the market shifting a bit as the Federal Reserve is living up to their promise to raise rates and lenders are falling in line. rates are now over 4% and could see a high of 5.5% to 6.0 % by the end of the year. As we have mentioned in prior articles rising interest rates usually means lower home prices. While we are all a bit optimistic that this will bring more inventory to the market there is no guarantee of this and unless we start to see a significant increase of homes coming up for sale the demand will remain string and prices will continue to reach higher levels.
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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Mike Martin and The Elite Partners were a great help in finding our first home , he answered all our questions and was honest on what he could and couldn’t do. When we contacted him he got back to us within a few hours which was great , it made the whole process less stressful and fore the most part pretty easy. We love our new home and would happily recommend Mike and the RE/MAX Elite Partners.
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