Year over year statistical data for Sonoma County ending August , 2021

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 Tri-County Housing Market which includes Sacramento, El Dorado and Placer Counties through August 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

Quick Facts

Elite Market Snapshot-Sold -TriCounty - Save
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Elite Market Snapshot-DOM -TriCounty - Save

Relief in site… August brought us a tiny bit of relief from the buying pressure we had been experiencing since early March. While we are still in a very strong buyers market. (click here to explore market trends for each county) What has changed? Has inventory flooded the market? Have buyers stopped buying? The answers are all hidden in the data below. What we have seen in the last couple of weeks is a slowing in buyer activity. We are seeing homes selling at rapid pace with multiple offers just not 40+ offers and hundreds of thousands over asking. So what caused this slow down. Part of it is seasonal. Every year between mid July until the middle of September we see what we call in the industry a season lull. Summer break. People take vacations, kids are out of school and while you would think this is prime time to home shop we traditionally see the market dip this time of the year. It isn’t until kids are back in school and Fall is in the air that we see an uptick in activity again.  

However a big change is buyers relocating from closer Bay Area communities looking to cash in on buying a big house vs. staying in a tiny condo because they no longer need to commute into the city daily.  These buyers had been driving prices through the roof. This buyer has virtually disappeared and caused a lull in aggressive activity. We still have strong demand but that aggressive cash rich buyers is gone. In August we saw our inventory of sold properties decrease 9.3% to 2,368 (1.9 percent month over month increase) and our active inventory rise by 6.2% with 2,146 new properties coming up for sale. Our pending properties remain strong at 2,583 which is inline with our sold numbers and down 10% year over year. 

Our Days On Market (DOM), remains steady at 15 days which has been around the same since March. We think this rises through the end of the year. The big number everyone is waiting on is our average sales price. For sold properties in August that number is $640,000 which represents a 19.6% increase year over year and 1.6 percent month over month. Listing prices are higher and are an indication that closing prices will continue to rise over the next 30 to 60 days. 

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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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