This report is generated around the 20th 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 October 2021. 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
As we head into the Fall months we will typically see a slow down in the real estate market. People in general avoid buying homes around the Holidays unless it is a must do. There are many agents whom we have spoken to whose sentiment is that the market is changing. While personally I think the slow down is holiday related we can see that a portion of buyers has disappeared over the last two months. It would appear that “Cash buyers” from the Bay Area looking to escape the high costs associated the living near the city have all but disappeared. Our October 2021 sold inventory fell -0.9 to 538 year over year. This also represents a big increase of +23.1 percent pre pandemic number of 437 The real story remains in our inventory levels. On one side we listed 615 new properties for sale in October 2021 this is a decrease of 26.2% year over year but still nearly 1/2 (-45.5%) from the same time in 2019. As long as we continue to see a large shortage in supply our prices will remain high and demand strong.
With our continued struggle for inventory I can safely predict a robust Spring on the way much like what we just witnessed a few months back with record breaking highs with multiple offers and buyers being pushed out of the market. We are still trending with double digit appreciation year over year with our sales price now at $885,000 which is 22.1% more in the last 12 months. One could almost make a living from simply living in their home. If you purchased a $750,000 home 12 months ago congratulations you have earned $41,250 or $3,427.50 a month. Of course this is all on paper in appreciation. Our average listed price soared in the last few months with a +22.1% price hike year over year. This is an indication that there are currently a lot more expensive homes on the market. Homes over $1 million.
Our Days On Market (DOM) has slightly increased month over month from 45 days to 47 days +4.4% but still down from a year ago from 59 days (-20.3%). DOM measures the time it takes for a home to get into contract. While it is fun to share with your neighbors how quickly your home sold but keep in mind to take true advantage of this sellers market you should work with a professional that has a solid marketing and advertising plan to get your home the most exposure possible and allow at lease 10 days of market exposure so you are not leaving money on the table.
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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