Sonoma County - December 2022 Market Report

Whatisyour homereallyworth intoday’smarket?

This is a question we should all be asking ourselves

Our market is incredibly diverse, and changing rapidly Values may vary, not just by neighborhood, but by street Your home isn't necessarily worth what your neighbors' home is The current market is what 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.

WhyThereWon’tBeaFlood ofForeclosuresComingtothe HousingMarket

With the rapid shift that’s happened in the housing market this year, some people are raising concerns that we’re destined to repeat the crash we saw in 2008. Though there are some parallels, the current market conditions differ significantly from those of the dot-com bubble in 2000. This time around the market presents a much more stable and secure landscape than it did previously, thanks to significantly reduced levels of foreclosure. Here’s a look at why there won’t be a wave of foreclosures flooding the market.

Sonoma

What's in the Sonoma data?

Sonoma’s single-family housing market has slightly increased since last November to an $810k median. The number of homes sold decreased to 245 with only 181 new listings. The number of condo and townhome sales has increased to $485k with 22 units sold and 16 new listings. Buyers have remained aggressive with offer prices persisting at around 100%. Due to only 6% of sales being finalized, the market is experiencing a supply shortage. Combined with surging demand, the cost of buying continues to increase, creating an imbalance between the pricing range and active options in the marketplace.

amily Homes

245

Sold Listings

52

Avg Days on Market

The data, sourced from Broker Metrics, includes all single-family homes, condos and townhomes in the California Area from November 2021 to November 2022. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. Questions may be directed to KW Advisors. 415.483.9285 DRE# 01995149 | DRE# 01906450 Copyright KW Advisors 2022. Each Office is independently owned and operated.

Single Family Homes

The median sales price decreased from $585k last year's November, to $580k this year

Condos & Townhomes

The median sales price has increased from $390k of November 2021 to $412k by November 2022.

AVGDays OntheMarket

Single Family Homes

The average days on market increased from 30 days last year to 44 days by November this year.

Condos & Townhomes

The average days on market slightly decreased from 24 days last year to 39 days by November this year

Overbids

Single Family Homes

The overbid percentage has slightly decreased from 100.7% last year's November, to 100% this year.

Condos & Townhomes

The overbid percentage has slightly decreased from 100 7% last year to 98 8% this year's November