Real Estate Report presented by Information Designs

April 2018 Report

Single Family Homes in Sonoma County, All Cities, All Neighborhoods Change >


Median Price
$690,363
-1.4%
Average Price
$850,637
-6.5%
No. Sold
294
+36.7%
Pending Properties
376
+9.9%
Active
446
+10.1%
Sale/List Price Ratio
101.5%
+0.9%
Days on Market
49
-20.0%
Days of Inventory
46
-10.5%

Market Barometer

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Market Commentary

Condo Prices Set New Highs in March

Sales price for condominiums in Sonoma County set new all-time highs last month. The median price gained 29.7%, year-over-year, to $480,000. The average price rose 29.2% to $555,484.

The median price for single-family, re-sale homes in Sonoma County rose 8.7%, year-over-year.

That’s the sixty-ninth month in a row the median price has higher than the year before.

The average price for homes gained 10.9%.

Home sales fell 9.8% from last March. At 294 homes sold, that’s below the average monthly sales of 422 since January 1998.

Condo sales were down 36.9%.

Homes are selling quickly, taking only forty-nine days from coming onto the market to when they go under contract. The average since January 1998 is eighty days. Condos are selling in thirty-eight days, whereas the average is seventy-three days.

The sales price to listing price ratio stayed over 100%: 101.5%. The ratio for condos is 100.8%. The ratio for condos has been over 100% for the past thirteen months.

Inventory continues to be abysmal. It is just over 25% of the average since 2008. As of the 5th of March, there were four-hundred and forty-six homes for sale. We average fifteen-hundred and twenty-eight!

This is reflected in our Days of Inventory statistic which is forty-six. The average is one-hundred and eleven.

If you would like to know what’s going on in your neighborhood, click on Recent Sales & Listings. That will tell you what is for sale, what has sold and what is pending in a radius around your home.

Big investment firms have stopped gobbling up California homes

By: Cal Matters

Astronomical prices are forcing a rising share of California families to postpone buying a house. As a result, the state’s record-low homeownership rate has been a boon to one growing segment of California’s housing market: single-family home rentals.

Between 2005 and 2015, the number of owner-occupied homes in California shrunk by nearly 64,000 units, according to the Public Policy Institute of California. Meanwhile the number of renter-occupied homes increased dramatically.

California now has 450,000 more homes used as rentals than it did a decade ago. Compare that to the 1990s, when the number of rented homes grew by less than 120,000 while the state added 700,000 homes owned by the people who live in them.

The rising tide of single-family rentals has renewed attention on who actually receives the rent payments that nearly 2 million Californians make each month. Lawmakers and first-time homeowner advocates have been scrutinizing a relatively new form of landlord: private investment firms that snapped up thousands of homes during the foreclosure crisis and now rent them out.

With nearly one in four California homes now purchased in all-cash, these well-financed institutional investors have also been blamed as unfair competition against families bidding on starter homes. So how much are institutional investors impacting California’s housing prices? The data says not so much now.. 

The rest of the article is much too long for this space. You can access it here: https://tinyurl.com/y8ucd9fc

It is well worth the read as it also discusses the impact of foreign buyers on the local market.

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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