Sonoma County - April 2023 Market Report

What’syourhome reallyworthin today’smarket?

That's really the question you should be asking yourself.

Our market is incredibly diverse, and rapidly changing. Values vary not just by neighborhood, but by street. Your home isn't necessarily worth what your neighbors’ home is. At the end of the day, it’s the current market that sets the value of your home.

So, do you know what your home is worth in today's market?

Contact me for a confidential, no obligation assessment of your home's value.

HowChangingMortgage RatesCanAffectYou

The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.

The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment:

Even a 0.5% change can have a big impact on your monthly payment. And since rates have been moving between 6% and 7% for a while now, you can see how it impacts your purchasing power as rates go down.

What This Means for You

You may be tempted to put your homebuying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go from here, and trying to time them for your benefit is tough Lisa Sturtevant, Housing Economist at Bright MLS, explains:

“It is typically a fool’s errand for a homebuyer to try to time rates in this market . . . But volatility in mortgage rates right now can have a real impact on buyers’ monthly payments.”

That’s why it’s critical to lean on your expert real estate advisors to explore your mortgage options, understand what impacts mortgage rates, and plan your homebuying budget around today’s volatility. They’ll also be able to offer advice tailored to your specific situation and goals, so you have what you need to make an informed decision.

Bottom Line

Your ability to buy a home could be impacted by changing mortgage rates. If you’re thinking about making a move, partner with a trusted real estate agent and lender so you have a strong plan in place.

Source: Keeping Current Matters

Sonoma County

What's in the Sonoma data?

Currently, there are 374 single-family homes sale, providing the market with 1.2 months of inventory. There were 216 new listings, and 2 homes were sold at a median sale price of $8 The median overbid percentage was 100%, w an average of 54 days on the market.

There are currently 31 condo and townhome for sale, providing the market with 0.7 month inventory. There were 39 new listings, and 38 condos sold at a median sale price of $495k. median overbid percentage was 100%, with a average of 43 days on the market.

Last

Last 12 months, year-over-year

Median SalesPrice

Single-Family Homes

The median sales price has decreased from $825k last March 2022, to $824k as of March 2023

Condos & Townhomes

The median sales price has decreased from $499k last March 2022, to $495k as of March 2023.

Overbids

Single-Family Homes

The overbid percentage has decreased from 103 4% last March 2022, to 100% a year later

Condos & Townhomes

The overbid percentage has decreased from 103.8% last March 2022, to 100% a year later.

Single-Family Homes

The average time spent on market went up from 26 days last March 2022, to 54 days as of March 2023

Condos & Townhomes

The average time spent on market went up from 26 days in March 2022, to 43 days as of March 2023