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 March 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
Sonoma continues to straddle a high buyer demand and low inventory housing market. In March 2022 we saw both of the categories dropped respectfully. We sold 413 homes which was down -15% year over year and our inventory fell even harder with new home listings accounting for 391 and a -31.9% drop. The bigger concern here is how fast our pending shot up. From 361 to 530 units month over month is a +46.8% increase it is still lower than our pending numbers a year ago of 619 which was –14.4% less.
With our pending number shooting up we can plan on April being a high sold units number. The strong buyer demand coupled with low inventory has created an all time price per square foot price of $562 up +14.0% year over year. We also see an all time high of list to sold pricing average at +105%. A buyer in this market could expect to pay as much as 5% above the listed price. Even as interest rates continue to rise a buyer would be smart to get into ownership as soon as possible before they are priced out of the market.
Days On Market (DOM) is at an 18 months low of just 31 days -42.6%. In most cases homes are selling much faster in weeks if not days with multiple offers and well above the listed price. It does appear that we have peaked in values as our average sold price is up month over month by +6.2% and +15.9% year over year. However the $994,000 price is the third highest having an average price of $995,000 in November 2021 and a $996,000 average price back in June of 2022.
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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If you live here already, you know how blessed we are. If you’re considering living or investing here, you’ve probably experienced some of the area’s extraordinary possibilities: country settings and small-town communities; enthralling agricultural beauty, and true farm to fork lifestyle, If Northern California is your real estate destination, you’ve arrived at the right spot. Whether you’re looking to buy your first home – or to sell an estate – expect nothing less from us than a Meritage blend of real estate expertise, professional service, creativity, and a passion for achieving your goals.
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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