MarketReport Market Report for Sonoma County February 2023 Copyright by KW Advisors 2023
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? Icanhelp... Contact
me for a confidential, no obligation assessment of your home's value.
LowerMortgageRatesAre BringingBuyersBacktothe Market
As mortgage rates rose last year, activity in the housing market slowed down. As a result, homes started seeing fewer offers and staying on the market for longer. That meant some homeowners decided to pause on selling.
Now, however, rates are beginning to come down—and buyers are starting to re-enter the market. In fact, the latest data from the Mortgage Bankers Association (MBA) shows an increase of 7% more mortgage applications, as compared to the week before.
Sonoma County
What's in the Sonoma data?
Sonoma County's single-family housing market saw a decrease to a $760K median sold price, with 152 units sold and 125 new listings. The condo & townhome market has inclined month-over-month, with 28 new listings and 24 sales, totaling approximately $440K. Buyers have remained aggressive with their offer prices continuing to be at around 100%. Only 6% of homes have been completed, so the market has seen a decrease in supply. The surging demand continues driving the cost of buying up, creating an imbalance between the pricing range and active options in the marketplace.
125 New Listings 1 Months of Inventory $760K Median Sale Price 99% Median Sale vs List 67 Avg Days on Market 152 Sold Listings SFH Single Family Homes The data, sourced from Broker Metrics, includes all single-family homes, condos and townhomes in the California Area from January 2022 to January 2023. 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 2023. Each Office is independently owned and operated.
New
Months of Inventory
Median Sale Price
Median Sale vs List
Avg Days on Market
Condo & Townhomes
28
Listings 0.6
$440K
97.9%
47
24 Sold Listings CONDO
st2023September2023October2023November2023December2023January2023 t2023September2023October2023November2023December2023January2023 OLD LISTINGS y y
Median SalesPrice
Single Family Homes
The median sales price has decreased from $794k last January 2022, to $760k as of January 2023
Condos & Townhomes
The median sales price has increased from $431k last January 2022, to $440k as of January 2023.
Overbids
Single Family Homes
The overbid percentage has decreased from 100% last January 2022, to 99% a year later.
Condos & Townhomes
The overbid percentage has decreased from 101 9% last January 2022, to 97 9% a year later
Single Family Homes
The average days on market went up from 49 days last January 2022, to 67 days as of January 2023
Condos & Townhomes
The average days on market went down from 49 days in January 2022, to 47 days as of January 2023
January2022February2022March2022April2023May2023June2022July2023August2023September2023October2023November2023December2023January2023 $1,000,000 $750,000 $500,000 $250,000 $0 January2022February2022March2022April2023May2023June2022July2023August2023September2023October2023November2023December2023January2023 75 50 25 0 January2022February2022March2022April2023May2023June2022 July2023August2023September2023October2023November2023December2023January2023 125% 100% 75% 50% 25% 0%
AVGDays OntheMarket
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
