MarketReport
Market Report for Sonoma County
October 2022 Copyright by KW Advisors 2022
What’syourhome reallyworthin today’smarket?
That's really the question you should be asking yourself
Our market is incredibly diverse and changes rapidly
Values vary not just by neighborhood, but by street Your home isn't necessarily worth what your neighbors is At the end of the day, the current market sets the value of your home
So, do you know what your home is worth in today's market?
Icanhelp...
Contact me for a confidential, no obligation, assessment of your home's value.
TwoQuestionsEvery HomebuyerShouldAsk ThemselvesRightNow
Rising interest rates have begun to slow an overheated housing market as monthly mortgage payments have risen dramatically since the beginning of the year. This is leaving some people, who want to purchase a home, priced out of the market, and others wondering if now is the right time to buy. But this rise in borrowing cost shows no signs of letting up soon.
Economic uncertainty and the volatility of the financial markets are causing mortgage rates to rise George Ratiu, Senior Economist and Manager of Economic Research at realtor com, says this:
“While even two months ago rates above 7% may have seemed unthinkable, at the current pace, we can expect rates to surpass that level in the next three months ”
So, is now the right time to buy a home? Anyone thinking about buying a home today should ask these two questions.
Sonoma
What's in the Sonoma data?
In Sonoma, the median sold price for single-family homes in September slightly increased month-over-month to $815 thousand. The number of homes sold decreased to 312 and the number of new listings also decreased to 279. The number of condo and townhome sales was static monthover-month at $465 thousand with 45 units sold and 39 new listings. Buyers are also still being aggressive with their offer prices, with the median offer price continuing to be about 100%. Only about 6% of all homes for sale were actually completed, due to supply constraints adding to the scarcity of home supply. Meanwhile, the demand for homes continues to rise, leading to the rise in sales prices, and creating an imbalance between supply and demand.
39 New Listings 1.2 Months of Inventory $465K Median Sale Price 100% Median Sale vs List 40 Avg Days on Market 45 Sold Listings CONDO Condo & Townhomes
y y
Median SalesPrice
Single Family Homes
The median sales price slightly increased from $757k last year's September, to $815k this year
Condos & Townhomes
The median sales price has increased from $449k of September 2021 to $465k by September 2022.
December2021January2021February2021March2022April2022May2022June2022July2022August2022September2022
AVGDays OntheMarket
Single Family Homes
The average days on market slightly decreased from 52 days last year to 45 days by September this year.
Condos & Townhomes
October2021November2021December2021January2021February2021March2022April2022May2022June2022July2022August2022
The average days on market significantly decreased from 52 days last year to 40 days by September this year
Overbids
Single Family Homes
The overbid percentage has slightly decreased from 100.1% last year's September, to 100% this year.
Condos & Townhomes
The overbid percentage has remained the same from 100% last year to 100% this year's September
August2022
September2021October2021November2021
$1,000,000 $750,000 $500,000 $250,000 $0 September2021
September2022 60 40 20 0 September2021October2021November2021December2021January2021February2021March2022April2022May2022June2022 July2022
September2022 125% 100% 75% 50% 25% 0%
1624 California Street, San Francisco CA 94109 2207 Lombard Street, San Francisco, CA 94123 SanFrancisco 1430 Howard Avenue, Burlingame, CA 94010 16 E 3rd Avenue, San Mateo, CA 94401 PeninsulaEstates 505 Hamilton Ave Suite #100, Palo Alto, CA 94301 PaloAlto 951 California Boulevard, Napa, CA 94559 NapaValley :