Wine Country Real Estate Trends in July 2019

Wine Country Real Estate Trends in July 2019

PAIGE PAIGE expresses our Core Business Values.  I’m going to cover one of the letters in each blog posting over the next five posts.

P stands for Passion.  Our goal is to stimulate energy to a higher level of inspiration and emotion.

Better Homes and Gardens Real Estate|Wine Country Group Results for July 2019

Better Homes and Gardens Real Estate |Wine Country Group enjoyed 60 closings in July 2019 compared to 43 last July and 33 last month. In July, we closed homes with a total value of $31.2 million compared to $28.5 million last year and $22.3 million last month.  The average selling price of the properties sold by the Wine Country Group in July was $519,000.  Last July our average selling price was $662,000.

BHGRE|WCG currently has 61 pending sales with a value of $42 million dollars. We have 116 active listings with a value of $104 million dollars.  This is the largest inventory that we have had in the past five years.  Our average listing price is $897,000.

Wine Country Real Estate Trends for July 2019

 Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of July stands at 1,279.  This is 13% ahead of the inventory in July 2018 (1,135) and it is 3% ahead of the inventory last month (1,245).  It is the highest inventory since November 2011.  New sales (499) in Sonoma County in July were 6% ahead of the pace of July 2018 (470) and they were 3% ahead of the pace last month (484).  There is a 2.6 months supply of inventory in Sonoma County based on the existing sales pace. The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 44 (Windsor) to 102 (Healdsburg) days. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The average Days on Market for the County as a whole is 59 days.  The median price of 464 homes closed in July in Sonoma County was $630,000.  This is slightly below the median price in July 2018 ($636,000).

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,300,000).  There has been a 17% decrease in the number of Luxury Homes closed (376) from 8/1/18 to 7/31/19 compared to 453 closings in the period 8/1/17 to 7/31/18.  Sales in the 8/1/17 to 7/31/18 period were influenced by fire victims purchasing replacement homes after the 10/17 fires.  The inventory of luxury homes (326) is 36% ahead of the inventory in July 2018 (241 homes).  The pace of new sales (43) in July this year is equal to the pace of a year ago (43) and it is also equal to the pace last month (43).  The Days on Market for Luxury Home closings was 78 days this July compared to 73 days a year ago. This compares to 59 Days on Market for all closed properties in the County in July. There is a 7.6 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.6 months supply in the overall Sonoma County market.

Cloverdale:  The inventory of homes and condominiums for sale (41) in Cloverdale at the end of July is 14% above the inventory in July of 2018 (36).  It is 5% ahead of the inventory of last month (39). There were 17 new sales in Cloverdale in July.  This compares to 9 sales in July 2018 and 12 new sales last month. There is a 2.4 months supply of inventory based on the current sales pace.  The Days on Market for the 12 homes that closed in July was 47 days.

Coastal Sonoma:  There are 32 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This is 19% ahead of the inventory (27) a year ago and it is 7% ahead of the inventory last month (30).  There were 3 new sales in July compared to 4 a year ago and 9 last month.  There is now a 11 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 13 homes that closed in July was 100 days.

Healdsburg Trends:  There are 136 homes and condominiums available for sale in Healdsburg at the end of the month. This is the highest inventory in Healdsburg in the past eight years.  It is 55% above the inventory in July 2018 (88) and it is essentially equal to the inventory last month (135).  New sales in July (20) were equal to the pace of sales in July 2018 (20) and they were slightly below the sales pace last month (21). The months of available inventory is now 6.8 months based on the current sales pace.  The Days on Market for the 20 homes that closed in July was 102 days.

Oakmont: There are 51 homes available in Oakmont at the end of July.  This is essentially equal to the inventory in July 2018 (50) and it is 12% below the inventory last month (58).  New sales (19) are 27% ahead of the sales pace of a year ago (15) and are equal to the pace of last month (19).  There is a 2.7 months supply of inventory based on the current sales pace. The median price of the homes sold in Oakmont in the past year has ranged from the high-$500,000’s up to $800,000. The median price was $600,000 for the 17 homes that closed in July.  The Days on Market for the homes that closed in July was 60 days.

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of July (112) is 8% ahead of the inventory in July 2018 (104) and it is 9% ahead of the inventory last month (103).  This is the highest inventory in Petaluma in the past seven and a half years.  There were 59 new sales for the month. This is equal to the 59 sales in July 2018 and it is slightly below the 61 new sales last month. The Petaluma market currently has 1.9 months of available inventory based on the current sales pace. The median price of the 55 homes that closed in July was $740,000. This is 9% ahead of the median price last July ($680,000). The Days on Market for the homes that closed in July was 46 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of July (66) is 35% ahead of the inventory in July 2018 (49) and it is 50% ahead of the inventory last month (44).   There were 46 new sales in Rohnert Park in July.  This is 35% above the 34 sales in July 2018 and it is 10% ahead of the 42 sales last month.  There is 1.4 month supply of inventory based on the current sales pace.  The median price ($554,000) of the 38 homes and condominiums that closed in July is slightly below the median price a year ago ($559,000). Days on Market for the homes that closed in July was 48 days.

Russian River:  The inventory of homes and condominiums for sale at the end of July (91) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is 21% above the level of July 2018 (75) and it is 11% ahead of the inventory last month (82).  This is the highest inventory in the Russian River area in the past seven years. There were 31 new sales for the month of July.  This sales pace is about equal to the pace in July 2018 (32) and it is also equal to the pace last month (31).  There is a 2.9 months supply of inventory in the Russian River based on the current sales pace. The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year.  The median was $457,000 for the 27 homes that closed in July.  The Days on Market for the homes that closed in July was 59 days.

Santa Rosa:  Thirty-two percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of July (409) is 12% below the inventory of a year ago (464) and it is slightly below the inventory last month (414).  New sales in July (202) are 10% ahead of the pace of last July (184) and they are 14% ahead of the pace last month (177). There is a two months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 181 homes closed in July in Santa Rosa was $585,000 compared to $592,000 a year ago – a slight decrease.  The Days on Market for the homes that closed in July was 57 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of July in Sebastopol (83) is slightly below the level of July 2018 (85) and it is essentially equal to the inventory last month (82).  There were 28 new sales for the month of July.  This is about equal to the pace in July 2018 (29) and it is also equal to the pace last month (27). There is a 3.0 months supply of inventory in Sebastopol based on the current sales pace.  The 28 homes that closed in Sebastopol in July went from listing to pending in 54 days.

Sonoma Valley: The number of available homes and condominiums for sale (174) at the end of July in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 69% above the inventory last July (103) and it is 6.5% below the inventory of last month (186).  There were 47 new sales for the month. This is 6% below the 50 sales in July 2018 and it is equal to the 47 sales last month. There is a 3.7 months supply of inventory in Sonoma based on the current pace of sales.  Sixty-six percent (114 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 34% of the new sales (16) in July were priced at over $1,000,000.

I recently wrote the following for a client about high-end properties in the Sonoma Valley:

“The top quartile market is soft in the Sonoma Valley on a year over year basis.  As of the end of July, the top quartile of available listings in the Valley begins at $3,000,000.   There are 41 available residential properties priced at $3,000,000, or more, at the present time compared to 174 available properties in the total market.  A year ago, at the end of July 2018, there were 26 available homes priced at $3,000,000 or more.   So, the inventory has grown by 57%.   Closings of homes in this price range have dropped from 22 in the twelve months from 8/1/17 to 7/31/18 compared to 10 closings in the twelve months from 8/1/18 to 7/31/19.  So, the number of closings has dropped by 55%.

There is positive news in that there were five new sales in the top quartile in the past two months.   This results in 13.7 months of inventory.  That means if one listed their home in this price range today, they might expect that it would sell in about 14 months.  There was a 26% decrease in top quartile inventory from June to July – they dropped from 53 homes to 41 homes.  There were three new sales in the month, so the other 9 owners must have decided to withdraw their homes from the market.

Part of the reason for slower sales and growing inventory through the early months of this year likely relates to the rainy weather that persisted here through May.  Buyers were not coming out in the rain.  Now that the weather has improved – sales have also bumped up.  Inventory in this market typically drops dramatically after October.  There was a low of 17 units available in January 2019 and 13 in January 2018.  Other reasons for the current soft market in the high end in the Sonoma Valley may relate to traffic concerns (getting here on Hwy 37) and the simple fact that there may be fewer buyers seeking second homes in these high price ranges.  When they have to pay so much for primary homes in the Peninsula, San Francisco and Marin – perhaps renting second homes is a better option than buying.

The closed “luxury” homes over the past year closed at a price of roughly $1,000 per square foot of building area”.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of July equals 62 properties.  This is 9% ahead of the inventory in July 2018 (57) and it is 3% ahead of the 60 homes last month.  There were 23 new sales for the month. This is 28% below the pace of sales in July 2018 (32) and it is 26% below the pace of last month (31).  There is a 2.7 months supply of inventory based on the current sales pace. The days on market for the 30 homes that closed in July in Windsor was 44 days. The median price ($675,000) of the homes closed in Windsor in July is 8% ahead of the median price a year ago ($625,000).

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of July is 530 properties.  This is 2% ahead of the number of lots in July 2018 (519) and it is essentially equal to the number of available lots last month (533).  Going back as far as we have MLS records (2000) there has never been more lots for sale in Sonoma County.  There were 39 new lot sales in July.  This is 11% below the pace of sales in July 2018 (44) and it is 5% below the pace of lot sales last month (41).  There is a 13.6 months supply of inventory based on the current sales pace.  The average days on market of the 41 lots closed in July was 141 days and the median price was $210,000 – 28% below the median price a year ago ($290,000).

Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of July is 90 homes.  This is 80% ahead of the number of mobile homes available in July 2018 (50) and it is 7% ahead of the number of available homes last month (84).  There were 40 new mobile home sales in July.  This is 5% ahead of the pace of sales in July 2018 (38) and it is 5% below the pace of sales last month (42).  There is a 2.3 months supply of inventory based on the current sales pace.  The average days on market of the 36 mobile homes closed in July was 75 days and the median price was $145,000.  This median price is 14% below the median price of $168,000 in July 2018.

Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of July (483) is 26% ahead of the inventory in July 2018 (385) and it is slightly ahead of the inventory last month (478).  This is the highest inventory in Napa County in the past seven years.  49% of the inventory in Napa County (239 properties) is priced at $1,000,000 or above.  New sales (126) are 8% below the pace of last year (137) and are 13% below the 145 sales last month.  There is a 3.8 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 63 days.  For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The median price of the 131 homes closed in July in Napa County ($681,000) was 3% below the median price of a year ago ($700,000).

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $2,300,000 in Napa County at this time.  The number of closings (64) of Luxury Homes (sales price in excess of $2,300,000) in Napa County for the period 8/1/18 to 7/31/19 compared to 60 closings in the period 8/1/17 to 7/31/18.  There were 120 luxury homes in inventory at the end of July 2019 compared to 94 at the end of July 2018.  There were 4 new Luxury Home sales last month resulting in a 30 months supply of available Luxury Homes based on the current sales pace compared to 3.8 months supply for the County as a whole.

American Canyon:  There were 22 available homes and condominiums in inventory at the end of July in American Canyon. This is 19% below the inventory a year ago (27) and it is one unit ahead of the supply last month (21).  New sales (20) are 43% ahead of the pace of last year (14) and are 33% ahead of the 15 sales last month.  There is just a 1.1 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 56 days. The median price of the 21 homes that closed in American Canyon in July ($575,000) was 10% below the median price of a year ago ($637,000).

Napa:  Fifty-three percent of the inventory in Napa County is in the City of Napa.  There were 258 available homes and condominiums in inventory at the end of July in the City of Napa. This is a 25% ahead of the supply at the end of July 2018 (206) and it is 4% ahead of the inventory at the end of last month (249). This is the highest inventory in the City of Napa for any month in the past seven years.  New sales (83) were 18% below the pace of July 2018 (101) and they were 19% below the pace of last month (102). There is a 3.1 months supply of inventory based on the current sales pace. The Days on Market for the 95 closings last month was 60 days.  The median price of the homes that closed in the City of Napa in July was $680,000. This is 3% below the median price of the homes closed in July 2018 ($703,000).

Up Valley Napa County:  The inventory of homes and condominiums for sale in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville) at the end of July (161) is 30% higher than the level of 121 in July 2018 and it is 4% below the level last month (167).  There were 17 new sales in the month compared to 20 a year ago and 27 last month.  There is now a 9.3 months supply of inventory based on the current sales pace.  The Days on Market for the 15 closings last month was 95 days.  Approximately 45% of the Luxury Market inventory (price in excess of $2,300,000) in Napa County is in the Up Valley Market (73 homes). There was one luxury home (price in excess of $2,300,000) closing in the Up Valley Market last month and two new luxury home sales.

Angwin:  The inventory of homes and condominiums for sale at the end of July in Angwin was 14 homes. This is 30% below the level of July 2018 (20) and it is 22% below the inventory last month (18).  There were two new sales for the month of July compared to two a year ago and two last month.  The average asking price of the 14 homes in inventory in Angwin is $1,473,000.

Mobile Homes in Napa County: The inventory of available mobile homes for sale in Napa County at the end of July is 46 homes.  This is 35% ahead of the number of mobile homes available in July 2018 (34) and it is 15% below the number of available homes last month (54).  There were 12 new mobile home sales in July.  This is 14% below the pace of sales in July 2018 (14) and it is 29% below the pace of sales last month (17).  There is a 3.8 months supply of inventory based on the current sales pace.  The average days on market of the 15 mobile homes closed in July was 118 days and the median price was $160,000.  This median price is slightly below the median price of $165,000 in July 2018.

Ukiah, Mendocino County: The inventory of homes and condominiums for sale at the end of July in Ukiah was 58 homes.  It is 7% above the level of July 2018 (54) and it is 12% below the inventory last month (66).  There were 24 new sales for the month of July.  This is 41% ahead of the number of sales in July 2018 (17) and it is equal to the sales last month (24).  There is a 2.4 months supply of inventory based on the current sales pace. The median price of the 22 homes that closed in the Ukiah in July was $382,000. This is 3% below the median price of the homes closed in July 2018 ($395,000).

Marin County:  Marin County’s inventory (511 homes) fell 25% from the high of 587 homes last month.  Sales were down 17.5% from last month creating a 2.1 months supply.  The appreciation rate on a year over year basis is down 4%.

 

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Wine Country Real Estate Trends in June 2019

Wine Country Real Estate Trends in June 2019

Better Homes and Gardens Real Estate|Wine Country Group Results for June 2019

We are pleased to announce the opening of a new Better Homes and Gardens Real Estate|Wine Country Group office in Ukiah.  We have teamed with Eric Garbocci and Trudy Sellars-Ramos and added six additional agents to serve this growing, expanding market.  Please visit us at 320 S. State Street (the original Ukiah library building) when you are passing through Mendocino Wine Country!

Better Homes and Gardens Real Estate |Wine Country Group enjoyed 33 closings in June 2019 compared to 54 last June and 48 last month. In June, we closed homes with a total value of $22.3 million compared to $40 million last year and $29.2 million last month.  The average selling price of the properties sold by the Wine Country Group in June was $676,000.  The rainy weather delayed closings in June and we expect to rebound strongly in July.

BHGRE|WCG currently has 74 pending sales with a value of $39 million dollars. We have 90 active listings with a value of $79 million dollars.  Our average listing price is $878,000.

Wine Country Real Estate Trends for June 2019

 Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of June stands at 1,245.  This is 23% ahead of the inventory in June 2018 (1,014) and it is 11% ahead of the inventory last month (1,120).  It is the highest inventory since November 2011.  Surely the better weather in June had sellers bringing their homes on the market.  New sales (506) in Sonoma County in June were 15% ahead of the pace of June 2018 (442) and they were slightly below the pace last month (513).  There is a 2.5 months supply of inventory in Sonoma County based on the existing sales pace. The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 44 (Petaluma, Rohnert Park and Windsor) to 83 (Cloverdale) days. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The average Days on Market for the County as a whole is 52 days.  The median price of 455 homes closed in June in Sonoma County was $635,000.  This is 3% below the median price in June 2018 ($652,000).

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,400,000).  There has been a 19% decrease in the number of Luxury Homes closed (305) from 7/1/18 to 6/30/19 compared to 376 closings in the period 7/1/17 to 6/30/18.  Sales in the 7/1/17 to 6/30/18 period were influenced by fire victims purchasing replacement homes after the 10/17 fires.  The inventory of luxury homes (305) is 48% ahead of the inventory in June 2018 (206 homes).  The pace of new sales (37) in June this year is equal to the pace of a year ago (38) and it is also equal to the pace last month (36).  The Days on Market for Luxury Home closings was 58 days this June compared to 72 days a year ago. This compares to 52 Days on Market for all closed properties in the County in June. There is an 8.2 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.5 months supply in the overall Sonoma County market.

Cloverdale:  The inventory of homes and condominiums for sale (39) in Cloverdale at the end of June is 5% below the inventory in June of 2018 (41).  It is 15% ahead of the inventory of last month (34). There were 14 new sales in Cloverdale in June.  This compares to 13 sales in June 2018 and 21 new sales last month. There is a 2.8 months supply of inventory based on the current sales pace.  The Days on Market for the 20 homes that closed in June was 83 days.

Coastal Sonoma:  There are 30 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This is 36% ahead of the inventory (22) a year ago and it is the same as the inventory last month (29).  There were 9 new sales in June compared to 9 a year ago and 6 last month.  There is now a 3.3 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 3 homes that closed in June was 47 days.

Healdsburg Trends:  There are 135 homes and condominiums available for sale in Healdsburg at the end of the month. This is the highest inventory in Healdsburg in the past eight years.  It is 61% above the inventory in June 2018 (84) and it is 9% ahead of the inventory last month (124).  New sales in June (22) were 15% below the pace of sales in June 2018 (26) and they were 38% ahead of the sales pace last month (16). The months of available inventory is now 6.1 months based on the current sales pace.  The Days on Market for the 17 homes that closed in June was 81 days.

Oakmont: There are 58 homes available in Oakmont at the end of June.  This is 57% ahead of the inventory in June 2018 (37) and it is slightly ahead of the inventory last month (56).  New sales (19) are 12% ahead of the sales pace of a year ago (17) and are 36% ahead of the pace of last month (14).  There is a 3.1 months supply of inventory based on the current sales pace. The median price of the homes sold in Oakmont in the past year has ranged from the high-$500,000’s up to $800,000. The median price was $613,000 for the 13 homes that closed in June.  The Days on Market for the homes that closed in June was 82 days.

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of June (103) is 29% ahead of the inventory in June 2018 (80) and it is 7% ahead of the inventory last month (96).  There were 65 new sales for the month. This is 35% ahead of the 43 sales in June 2018 and it is 12% ahead of the 58 new sales last month. The Petaluma market currently has 1.6 months of available inventory based on the current sales pace. The median price of the 53 homes that closed in June was $735,000. This is 3% ahead of the median price last June ($714,000).  The Days on Market for the homes that closed in June was 44 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of June (44) is 38% ahead of the inventory in June 2018 (32) and it is 10% below the inventory last month (49).   There were 43 new sales in Rohnert Park in June.  This is 19% above the 36 sales in June 2018 and it is 9% below the 47 sales last month.  There is one month supply of inventory based on the current sales pace.  The median price ($524,000) of the 40 homes and condominiums that closed in June is slightly below the median price a year ago ($530,000). Days on Market for the homes that closed in June was 44 days.

Russian River:  The inventory of homes and condominiums for sale at the end of June (82) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is 32% above the level of June 2018 (62) and it is 5% ahead of the inventory last month (78).  There were 34 new sales for the month of June.  This sales pace is 21% ahead of the pace in June 2018 (28) and it is 13% ahead of the pace last month (30).  The dry weather in June has brought buyers out to the River.  There is a 2.4 months supply of inventory in the Russian River based on the current sales pace. The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year.  The median was $449,000 for the 26 homes that closed in June.  The Days on Market for the homes that closed in June was 45 days.

Santa Rosa:  Thirty-three percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of June (414) is equal to the inventory of a year ago and it is 19% ahead of the inventory last month (347).  New sales in June (185) are 10% ahead of the pace of last June (169) and they are 10% below the pace last month (225). There is a 2.2 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 174 homes closed in June in Santa Rosa was $575,000 compared to $598,000 a year ago – a 4% decrease.  The Days on Market for the homes that closed in June was 46 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of June in Sebastopol (82) is slightly ahead of the level of June 2018 (80) and it is 14% ahead of the inventory last month (72).  There were 28 new sales for the month of June.  This is 22% ahead of the pace in June 2018 (23) and it is 18% below the pace last month (34). There is a 2.9 months supply of inventory in Sebastopol based on the current sales pace.  The 26 homes that closed in Sebastopol in June went from listing to pending in 45 days.

Sonoma Valley: The number of available homes and condominiums for sale (186) at the end of June in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 81% above the inventory last June (103) and it is 9% ahead of the inventory of last month (170).  It is the highest inventory in the Sonoma Valley since the end of the recession in 2011.  There were 46 new sales for the month. This is 7% above the 43 sales in June 2018 and it is equal to the 46 sales last month.  There is a four months supply of inventory in Sonoma based on the current pace of sales.  Sixty-seven percent (124 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 41% of the new sales (19) in June were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of June starts at $3,250,000.  10 homes closed in the top quartile in the past twelve months compared to 19 in the twelve months prior to that. There are 51 homes available in this quartile in June 2019 compared to 27 a year ago and 51 last month. There were two new sales in the top quartile in June.  Interestingly, the three sales reported in May all canceled prior to closing and the two new sales in June were on the market just two days.  They were obviously sold prior to hitting the MLS. There have been only 5 sales in this quartile in the last eight months.  This results in over two years of inventory in this segment of the market.  The closed “luxury” homes over the past year closed at a price of roughly $1,000 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of June equals 60 properties.  This is 18% ahead of the inventory in June 2018 (51) and it is also 18% ahead of the 51 homes last month.  There were 34 new sales for the month. This is 36% above the pace of sales in June 2018 (25) and it is essentially equal to the pace of last month (33).  There is a 1.8 months supply of inventory based on the current sales pace. The days on market for the 31 homes that closed in June in Windsor was 44 days. The median price ($635,000) of the homes closed in Windsor in June is 6% below the median price a year ago ($675,000).

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of June is 533 properties.  This is 6% ahead of the number of lots in June 2018 (501) and it is essentially equal to the number of available lots last month (528).  Going back as far as we have MLS records (2000) there has never been more lots for sale in Sonoma County.  There were 44 new lot sales in June.  This is 29% below the pace of sales in June 2018 (62) and it is 19% ahead of the pace of lot sales last month (37).  There is a 12.1 months supply of inventory based on the current sales pace.  The average days on market of the 25 lots closed in June was 133 days and the median price was $315,000 – 20% ahead of the median price a year ago ($263,000).

Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of June is 84 homes.  This is 15% ahead of the number of mobile homes available in June 2018 (73) and it is 11% below the number of available homes last month (94).  There were 46 new mobile home sales in June.  This is 64% ahead of the pace of sales in June 2018 (28) and it is 70% ahead of the pace of sales last month (27).  This may be the highest number of mobile homes sales for any month on record. There is a 1.8 months supply of inventory based on the current sales pace.  The average days on market of the 29 mobile homes closed in June was 70 days and the median price was $159,000.  This median price is 8% ahead of the median price of $147,000 in June 2018.

Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of June (478) is 23% ahead of the inventory in June 2018 (388) and it is 6% ahead of the inventory last month (451).  This is the highest inventory in Napa County in the past seven years.  50% of the inventory in Napa County (240 properties) is priced at $1,000,000 or above.  New sales (150) are 16% ahead of the pace of last year (129) and are 4% ahead of the 144 sales last month.  There is a 3.2 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 67 days.  For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The median price of the 129 homes closed in June in Napa County ($700,000) was equal to the median price of a year ago.

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $2,400,000 in Napa County at this time.  The number of closings (57) of Luxury Homes (sales price in excess of $2,400,000) in Napa County for the period 7/1/18 to 6/30/19 compared to 56 closings in the period 7/1/17 to 6/30/18.  There were 119 luxury homes in inventory at the end of June 2019 compared to 94 at the end of June 2018.  There were 14 new Luxury Home sales last month resulting in a 8.5 months supply of available Luxury Homes based on the current sales pace compared to 3.2 months supply for the County as a whole.  This is the highest number of luxury home sales in any month on record.  It seems that the delayed spring market sales rolled over to June sales.

American Canyon:  There were 21 available homes and condominiums in inventory at the end of June in American Canyon. This is 13% below the inventory a year ago (24) and it is one unit below the supply last month (22).  New sales (16) are 33% ahead of the pace of last year (12) and are 30% below the 24 sales last month.  There is just a 1.3 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 55 days. The median price of the 15 homes that closed in American Canyon in June ($535,000) was 3% below the median price of a year ago ($553,000).

Napa:  Fifty-four percent of the inventory in Napa County is in the City of Napa.  There were 249 available homes and condominiums in inventory at the end of June in the City of Napa. This is a 24% ahead of the supply at the end of June 2018 (201) and it is 4% ahead of the inventory at the end of last month (239). New sales (105) were 15% ahead of the pace of June 2018 (91) and they were 4% ahead of the pace of last month (101). There is a 2.4 months supply of inventory based on the current sales pace. The Days on Market for the 96 closings last month was 63 days.  The median price of the homes that closed in the City of Napa in June was $756,000. This is 6% ahead of the median price of the homes closed in June 2018 ($715,000).

Up Valley Napa County:  The inventory of homes and condominiums for sale in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville) at the end of June (167) is 26% higher than the level of 133 in June 2018 and it is 8% above the level last month (154).  It is the highest level of inventory in Up Valley for the past six years.  There were 28 new sales in the month compared to 20 a year ago and 15 last month.  This is the highest level of new sales for any month in the past two years.  Again, buyers seem to be reacting to the better weather in May/June.  There is now a 6 months supply of inventory based on the current sales pace.  The Days on Market for the 13 closings last month was 61 days.  Approximately 44% of the Luxury Market inventory (price in excess of $2,400,000) in Napa County is in the Up Valley Market (74 homes). There was one luxury home (price in excess of $2,400,000) closing in the Up Valley Market last month and eight new luxury home sales.

Angwin:  The inventory of homes and condominiums for sale at the end of June in Angwin was 18 homes. This is 5% below the level of June 2018 (20) and it is 54% ahead of the inventory last month (11).  There were two new sales for the month of June compared to three a year ago and four last month.  The average asking price of the 18 homes in inventory in Angwin is $1,630,000.

Mobile Homes in Napa County: The inventory of available mobile homes for sale in Napa County at the end of June is 54 homes.  This is 42% ahead of the number of mobile homes available in June 2018 (38) and it is 8% ahead of the number of available homes last month (50).  There were 16 new mobile home sales in June.  This is 11% below the pace of sales in June 2018 (18) and it is 14% ahead of the pace of sales last month (14).  There is a 3.4 months supply of inventory based on the current sales pace.  The average days on market of the 12 mobile homes closed in June was 78 days and the median price was $145,000.  This median price is 12% higher than the median price of $130,000 in June 2018.

Ukiah, Mendocino County: The inventory of homes and condominiums for sale at the end of June in Ukiah was 66 homes.  It is 18% above the level of June 2018 (56) and it is 11% below the inventory last month (74).  There were 25 new sales for the month of June.  This is equal to the number of sales in June 2018 and it is 79% ahead of the sales last month (16).  There is a 2.6 months supply of inventory based on the current sales pace. The median price of the 16 homes that closed in the Ukiah in June was $398,000. This is 3% below the median price of the homes closed in June 2018 ($409,000).

Marin County:  Marin County is experiencing trends similar to Wine Country. The inventory (587 homes) is close to the highest it has been for any month in the last seven years and the appreciation rate on a year over year basis is down 3%.

 

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Wine Country Real Estate Trends for May 2019

Wine Country Real Estate Trends in May 2019

Better Homes and Gardens Real Estate|Wine Country Group Results for May 2019

Consistent with the G (Growth) in our Better Homes and Gardens Real Estate PAIGE statement we are pleased to announce the re-opening of an office in the City of Napa.  We’re delighted to have leased the space at 3249 Browns Valley Road in the Browns Valley Shopping Center near the corner of Austin Way.  It’s a terrific location and we look forward to building our sales staff there.

Better Homes and Gardens Real Estate |Wine Country Group enjoyed 48 closings in May 2019 compared to 38 last May and 32 last month. In May, we closed homes with a total value of $29.2 million compared to $24 million last year and $22.5 million last month.  The average selling price of the properties sold by the Wine Country Group in May was $607,941.

BHGRE|WCG currently has 53 pending sales with a value of $34 million dollars. We have 90 active listings with a value of $72 million dollars.  Our average listing price is $800,000.

Wine Country Real Estate Trends for May 2019

 The Wine Country (Sonoma and Napa Counties) residential real estate market appears to be off 11% in sales volume, 17% in dollar volume and off 7% in the average selling price of sold homes for the first five months of 2019 compared to the same period in 2018.  Part of this is likely attributable to our very wet and rainy Spring and part to an overall lull in the market.  We’ll see how the market performs in the coming months now that the weather conditions have improved.   Please see details below for each county.

 Sonoma County:  According to MLS data, year to date, there have been 3,645 residential property transactions in Sonoma County with a value of $2.5 billion dollars.  The average price of sold properties is $673,111.  This is 9.8% below the number of properties sold in the same period of 2018 (4,042), over one-half billion dollars lower in dollar volume ($3.0 billion) and the average price is 10% lower this year than last ($747,639).

The inventory of homes and condominiums available in Sonoma County at the end of May stands at 1,120.  This is 39% ahead of the inventory in May 2018 (807) and it is 15% ahead of the inventory last month (974).  Surely the better weather in May had sellers bringing their homes on the market. New sales (560) in Sonoma County in May were 21.5% ahead of the pace of May 2018 (461) and they were 23% ahead of the pace last month (454).  There is a two months supply of inventory in Sonoma County based on the existing sales pace. The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 45 (Petaluma) to 100 (Coastal Sonoma) days. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The average Days on Market for the County as a whole is 53 days.  The median price of 461 homes closed in May in Sonoma County was $650,000.  This is equal to the median price in May 2018 ($650,000).

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,400,000).  There has been an 11% decrease in the number of Luxury Homes closed (321) from 6/1/18 to 5/31/19 compared to 360 closings in the period 6/1/17 to 5/31/18.  The inventory of luxury homes (280) is 50% ahead of the inventory in May 2018 (187 homes). The pace of new sales (39) in May this year is 20% below the pace of a year ago (49) and it is 44% ahead of6/1/18 to 5/31/19 compared to 342 closings in the period 6/1/17 to 5/31/18 the pace last month (27).  The lower number of sales in this price range over the past year is partially due to the fires of late 2017 which created an extraordinary demand in earl 2018.  The Days on Market for Luxury Home closings was 73 days this May compared to 75 days a year ago. This compares to 53 Days on Market for all closed properties in the County in May. There is a 7.2 months supply of inventory of luxury properties based upon the current sales pace compared to a two months supply in the overall Sonoma County market.

Cloverdale:  The inventory of homes and condominiums for sale (34) in Cloverdale at the end of May is 21% ahead of the inventory in May of 2018 (28).  It is 11% below the inventory of last month (38). There were 21 new sales in Cloverdale in May.  This compares to 13 sales in May 2018 and 17 new sales last month. There is a 1.6 months supply of inventory based on the current sales pace.  The Days on Market for the 13 homes that closed in May was 60 days.

Coastal Sonoma:  There are 29 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This is 45% ahead of the inventory (20) a year ago and it is the same as the inventory last month (29).  There were 6 new sales in May compared to 6 a year ago and 7 last month.  There is now a 4.8 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 7 homes that closed in May was 100 days.

Healdsburg Trends:  There are 124 homes and condominiums available for sale in Healdsburg at the end of the month. This is the highest inventory in Healdsburg in the past eight years.  It is 57% above the inventory in May 2018 (79) and it is 18% ahead of the inventory last month (105).  New sales in May (16) were 43% below the pace of sales in May 2018 (28) and they were 30% below the sales pace last month (23). The months of available inventory is now 7.8 months based on the current sales pace.  The Days on Market for the 23 homes that closed in May was 82 days.

Oakmont: There are 56 homes available in Oakmont at the end of May.  This is 155% ahead of the inventory in May 2018 (22) and it is 14% ahead of the inventory last month (49).  New sales (16) are 46% ahead of the sales pace of a year ago (11) and are 16% below the pace of last month (19).  There is a 3.5 months supply of inventory based on the current sales pace. The median price of the homes sold in Oakmont in the past year has ranged from the high-$500,000’s up to $800,000. The median price was $715,000 for the 15 homes that closed in May.  The Days on Market for the homes that closed in May was 74 days.

Petaluma:   The inventory in Petaluma at the end of May (96) is 37% ahead of the inventory in May 2018 (70) and it is 39% ahead of the inventory last month (69).  There were 64 new sales for the month. This is essentially equal to the 63 sales in May 2018 and it is 8.5% ahead of the 59 new sales last month. The Petaluma market currently has 1.5 months of available inventory based on the current sales pace. The median price of the 62 homes that closed in May was $700,000. This is 7.8% below the median price last May ($759,000). The Days on Market for the homes that closed in May was 45 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of May (49) is 133% ahead of the inventory in May 2018 (21) and it is 6% below the inventory last month (52).   There were 51 new sales in Rohnert Park in May.  This is 87% above the 27 sales in May 2018 and it is 6% ahead of the 48 sales last month.  There is one months supply of inventory based on the current sales pace.  The median price ($570,000) of the 47 homes and condominiums that closed in May is 4% above the median price a year ago ($550,000). Days on Market for the homes that closed in May was 46 days.

Russian River:  Obviously, the Russian River region will be affected by the Spring floods throughout the area.  The real estate market here will not be functioning in a stable way for months to come.

The inventory of homes and condominiums for sale at the end of May (78) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is 28% above the level of May 2018 (61) and it is 20% ahead of the inventory last month (65).  There were 32 new sales for the month of May.  This sales pace is 10% ahead of the pace in May 2018 (29) and it is129% ahead of the pace last month (14).  The dry weather may have brought the buyers out to the River.  There is a 2.4 months supply of inventory in the Russian River based on the current sales pace. The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year.  The median was $494,000 for the 19 homes that closed in May.  The Days on Market for the homes that closed in May was 69 days.

Santa Rosa:  Thirty-one percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of May (347) is 28% ahead of the inventory of a year ago (272) and it is 10% ahead of the inventory last month (315).  New sales in May (226) are 26% ahead of the pace of last May (179) and they are 24% ahead of the pace last month (183). There is a 1.5 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 185 homes closed in May in Santa Rosa was $589,000 compared to $610,000 a year ago – a 4% decrease.  The Days on Market for the homes that closed in May was 56 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of May in Sebastopol (72) is 16% ahead of the level of May 2018 (62) and it is 18% ahead of the inventory last month (61).  There were 38 new sales for the month of May.  This is the highest number of new sales in any month since July of 2014.  It is 65% ahead of the pace in May 2018 (23) and it is 73% ahead of the pace last month (22).  Again, the better weather may have brought out the buyers.  There is a 1.9 months supply of inventory in Sebastopol based on the current sales pace.  The 23 homes that closed in Sebastopol in May went from listing to pending in 34 days.

Sonoma Valley: The number of available homes and condominiums for sale (170) at the end of May in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 62% above the inventory last May (105) and it is 17% ahead of the inventory of last month (145).  It is the highest inventory in the Sonoma Valley since the end of the recession in 2011.  There were 49 new sales for the month. This is 6% below the 52 sales in May 2018 and it is 32% ahead of the 37 sales last month.  There is a 3.5 months supply of inventory in Sonoma based on the current pace of sales.  Sixty-nine percent (117 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 35% of the new sales (17) in May were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of May starts at $3,500,000.  14 homes closed in the top quartile in the past twelve months compared to 13 in the twelve months prior to that. There are 40 homes available in this quartile in May 2019 compared to 25 a year ago. There were no new sales in the top quartile in May and there have been only 3 sales in this quartile in the last seven months.  The closed “luxury” homes over the past year closed at a price of roughly $1,000 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of May equals 51 properties.  This is 19% ahead of the inventory in May 2018 (43) and it is 31% ahead of the 39 homes last month.  There were 34 new sales for the month. This is 55% above the pace of sales in May 2018 (22) and it is 26% ahead of the pace of last month (27).  There is a 1.5 months supply of inventory based on the current sales pace. The days on market for the 28 homes that closed in May in Windsor was 47 days. The median price ($699,000) of the homes closed in Windsor in May is slightly ahead of the median price a year ago ($685,000).

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of May is 528 properties.  This is 8% ahead of the number of lots in May 2018 (487) and it is 8% ahead of the number of available lots last month (491).  There were 40 new lot sales in May.  This is 38% below the pace of sales in May 2018 (64) and it is 25% below the pace of lot sales last month (53).  There is a 13.2 months supply of inventory based on the current sales pace.  The average days on market of the 48 lots closed in May was 158 days and the median price was $243,000 – 12% below the median price a year ago ($275,000).

Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of May is 94 homes.  This is the highest number of available mobile homes in Sonoma County for any month since October of 2012.  It is 47% ahead of the number of mobile homes available in May 2018 (64) and it is 21% above the number of available homes last month (78). There were 37 new mobile home sales in May.  This is 6% ahead of the pace of sales in May 2018 (35) and it is 12% ahead of the pace of sales last month (33).  There is a 2.5 months supply of inventory based on the current sales pace.  The average days on market of the 35 mobile homes closed in May was 72 days and the median price was $156,000.  This median price is 9% below the median price of $172,000 in May 2018.

Napa County:  Year to date, there have been 940 residential property transactions in Napa County with a value of $794 million dollars.  The average price of sold properties is $845,085.  This is 16% below the number of properties sold in the same period of 2018 (1,119), $113 million lower in dollar volume and the average price is 4.2% higher this year than last ($790,655).

The inventory of homes and condominiums available for sale in Napa County at the end of May (451) is 28% ahead of the inventory in May 2018 (352) and it is 17% ahead of the inventory last month (384).  This is the highest inventory in Napa County in the past seven years.  54% of the inventory in Napa County (242 properties) is priced at $1,000,000 or above. New sales (155) are 31% ahead of the pace of last year (118) and are 22% ahead of the 127 sales last month.  There is a 2.9 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 58 days down from 72 days last May. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The median price of the 126 homes closed in May in Napa County ($720,000) was 10% higher than the median price of a year ago ($675,000).

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $2,500,000 in Napa County at this time.  The number of closings (56) of Luxury Homes (sales price in excess of $2,500,000) in Napa County for the period 6/1/18 to 5/31/19 compared to 52 closings in the period 6/1/17 to 5/31/18 (an 8% increase).  There were 112 luxury homes in inventory at the end of May 2019 compared to 83 at the end of May 2018.  There were 4 new Luxury Home sales last month resulting in a 28 months supply of available Luxury Homes based on the current sales pace compared to 2.9 months supply for the County as a whole.

American Canyon:  There were 22 available homes and condominiums in inventory at the end of May in American Canyon. This is 10% ahead of the inventory a year ago (20) and it is essentially equal to the supply last month (21).  New sales (24) are 140% ahead of the pace of last year (10) and are 60% ahead of the 15 sales last month.  There is just a 0.9 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 53 days. The median price of the 13 homes that closed in American Canyon in May ($540,000) was 14% ahead of the median price of a year ago ($474,000).

Napa:  Fifty-three percent of the inventory in Napa County is in the City of Napa.  There were 239 available homes and condominiums in inventory at the end of May in the City of Napa. This is a 29% ahead of the supply at the end of May 2018 (185) and it is 15% ahead of the inventory at the end of last month (208). New sales (108) were 27% ahead of the pace of May 2018 (85) and they were 19% ahead of the pace of last month (91). There is a 2.2 months supply of inventory based on the current sales pace. The Days on Market for the 92 closings last month was 53 days.  The median price of the homes that closed in the City of Napa in May was $740,000. This is 6% ahead of the median price of the homes closed in May 2018 ($700,000).

Up Valley Napa County:  The inventory of homes and condominiums for sale in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville) at the end of May (154) is 29% higher than the level of 119 in May 2018 and it is 25% above the level last month (123).  It is the highest level of inventory in Up Valley for the past six years.  There were15 new sales in the month compared to 17 a year ago and 17 last month.  The end of the rainy season may have added to the inventory in May.  There is now a 10.4 months supply of inventory based on the current sales pace.  The Days on Market for the 16 closings last month was 78 days.  Approximately 46% of the Luxury Market inventory (price in excess of $2,500,000) in Napa County is in the Up Valley Market (71 homes). There were three luxury home (price in excess of $2,500,000) closings in the Up Valley Market last month and one new luxury home sale.

Angwin:  The inventory of homes and condominiums for sale at the end of May in Angwin was 14 homes. This is 45% below the level of May 2018 (20) and it is 21% below the inventory last month (14).  There were four new sales for the month of May.  These are the first new sales in Angwin since January. The average asking price of the 11 homes in inventory in Angwin is $1,729,000.

Mobile Homes in Napa County: The inventory of available mobile homes for sale in Napa County at the end of May is 50 homes.  This is 11% ahead of the number of mobile homes available in May 2018 (45) and it is equal to the number of available homes last month (50).  There were 17 new mobile home sales in May.  This is 6% below the pace of sales in May 2018 (18) and it is 89% ahead of the pace of sales last month (9).  There is a 2.9 months supply of inventory based on the current sales pace.  The average days on market of the 8 mobile homes closed in May was 132 days and the median price was $225,000.  This median price is 67% higher than the median price of $135,000 in May 2018.

Ukiah, Mendocino County: The inventory of homes and condominiums for sale at the end of May in Ukiah was 74 homes.  This is the highest inventory in Ukiah for the past five years. It is 35% above the level of May 2018 (55) and it is also 35% ahead of the inventory last month (55).  There were 14 new sales for the month of May.  This is 30% below the number of sales (23) in May 2018 and it is 16% below the sales last month (19).  There is a 4.6 months supply of inventory based on the current sales pace. The median price of the 21 homes that closed in the Ukiah in May was $360,000. This is 14% below the median price of the homes closed in May 2018 ($419,000).

Marin County:  Marin County is experiencing trends similar to Wine Country. The inventory (597 homes) is the highest it has been for any month in the last seven years and the appreciation rate on a year over year basis is flat.

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Wine Country Real Estate Trends in April 2019

Wine Country Real Estate Trends in April 2019

Better Homes and Gardens Real Estate|Wine Country Group Results for April 2019

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 32 closings in April 2019 compared to 52 last April and 24 last month.  The rainy weather in March kept some buyers at home and had some sellers waiting to list their properties, so we expect May to be busier than April.  In April, we closed homes with a total value of $22.5 million compared to $23 million last year and $17 million last month.  The average selling price of the properties sold by the Wine Country Group in April was $702,117.

BHGRE|WCG currently has 49 pending sales with a value of $31 million dollars. We have 82 active listings with a value of $68 million dollars.  Our average listing price is $829,000.

Top Producers for the 1stQuarter of 2019:

Santa Rosa Office:

Tops in Units Sold and New Listings:  Mari Giblin

Tops in Volume Sold (individual):  Heather Thurber

Tops in Volume Sold (team):  The Northern Nest Team

Sebastopol Office:

Tops in Units Sold, Volume Sold and Listings:  Laurie Parris

Sonoma Office:

Tops in Units Sold and Listings:  Sheila Deignan

Tops in Volume Sold:  Mike Caselli

St. Helena Office:

Tops in Units and Volume Sold:  Linda Alioto

Tops in New Listings:  Rianne Pasquariello

Look for news of our new Brown’s Valley Napa office in a future post!

Market Comparisons to April 2018

Note:  The wildfires across Wine Country occurred in early October 2017.  A good number of homes were removed from the market in later October 2017 as folks tried to figure out the impact of the fires on home sales.  Thus, the inventory of available homes was unseasonably low for the months following the fires.  Comparing this year to last, some of the percentages are quite high and that is partly driven by the fires in late 2017.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of April stands at 974.  This is 35% ahead of the inventory in April 2018 (723) and it is 27% ahead of the inventory last month (767).  Surely the better weather in April had sellers bringing their homes on the market. New sales (485) in Sonoma County in April were 10% ahead of the pace of April 2018 (443) and they were 25% ahead of the pace last month (389).  There is a two months supply of inventory in Sonoma County based on the existing sales pace. The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 30 (Coastal Sonoma) to 98 (Healdsburg) days. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The average Days on Market for the County as a whole is 60 days.  The median price of 370 homes closed in April in Sonoma County was $610,000.  This is a 6% decrease from the median price in April 2018 ($650,000).

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,400,000).  There has been an 3% decrease in the number of Luxury Homes closed (332) from 5/1/18 to 4/30/19 compared to 342 closings in the period 5/1/17 to 4/30/18.  The inventory of luxury homes (234) is 25% ahead of the inventory in April 2018 (187 homes).  The pace of new sales (30) in April this year is slightly below the pace of a year ago (32) and it is close to the pace last month (27).  The lower number of sales in this price range over the past year is partially due to the fires of late 2017 which created an extraordinary demand in earl 2018.  The Days on Market for Luxury Home closings was 68 days this April compared to 64 days a year ago. This compares to 60 Days on Market for all closed properties in the County in April. There is a 7.8 months supply of inventory of luxury properties based upon the current sales pace compared to a two months supply in the overall Sonoma County market.

Cloverdale:  The inventory of homes and condominiums for sale (38) in Cloverdale at the end of April is 100% ahead of the inventory in April of 2018 (19). It is 37% ahead of the inventory of last month (28).  There were 19 new sales in Cloverdale in April.  This compares to 19 sales in April 2018 and 12 new sales last month. There is a 2 months supply of inventory based on the current sales pace.  The Days on Market for the 11 homes that closed in April was 62 days.

Coastal Sonoma:  There are 29 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This is 32% ahead of the inventory (22) a year ago and it is 38% ahead of the inventory last month (21).  There were 8 new sales in April compared to 7 a year ago and 5 last month.  There is now a 3.6 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 4 homes that closed in April was just 30 days – a very low number for Coastal Sonoma.

Healdsburg Trends:  There are 105 homes and condominiums available for sale in Healdsburg at the end of the month. This is the highest inventory in Healdsburg in the past eight years.  It is 40% above the inventory in April 2018 (75) and it is 21% ahead of the inventory last month (87).  New sales in April (24) were 60% ahead of the pace of sales in April 2018 (15) and they were 41% ahead of the sales pace last month (17). The months of available inventory is now 4.4 months based on the current sales pace.  The Days on Market for the 18 homes that closed in April was 98 days.

Oakmont: There are 49 homes available in Oakmont at the end of April.  This is 113% ahead of the inventory in April 2018 (23) and it is about equal to the inventory last month (47).  New sales (19) are 24% below the sales pace of a year ago (25) and are 138% ahead of the pace of last month (8).  The clearing weather in April certainly brought out buyers.  There is a 2.6 months supply of inventory based on the current sales pace. The median price of the homes sold in Oakmont in the past year has ranged from the high-$500,000’s up to $800,000. The median price was $570,000 for the 11 homes that closed in April.  The Days on Market for the homes that closed in April was 71 days.

Petaluma:   The inventory in Petaluma at the end of April (69) is 17% ahead of the inventory in April 2018 (59) and it is19% ahead of the inventory last month (58).  There were 61 new sales for the month. This is essentially equal to the 60 sales in April 2018 and it is 22% ahead of the 50 new sales last month. The Petaluma market currently has 1.1 months of available inventory based on the current sales pace.  Petaluma remains the tightest market in Wine Country that we track. The median price of the 52 homes that closed in April was $695,000. This is about equal to the median price last April ($686,000).  The Days on Market for the homes that closed in April was 36 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of April (52) is 189% ahead of the inventory in April 2018 (18) and it is 33% ahead of the inventory last month (39).   There were 48 new sales in Rohnert Park in April.  This is 30% above the 37 sales in April 2018 and it is 12% ahead of the 43 sales last month.  There is 1.1 months supply of inventory based on the current sales pace. The median price ($523,000) of the 36 homes and condominiums that closed in April is 1% above the median price a year ago ($518,000). Days on Market for the homes that closed in April was 59 days.

Russian River:  Obviously, the Russian River region will be affected by the Spring floods throughout the area.  The real estate market here will not be functioning in a stable way for months to come.

The inventory of homes and condominiums for sale at the end of April (65) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is 33% above the level of April 2018 (49) and it is 71% ahead of the inventory last month (38).  There were 15 new sales for the month of April.  This sales pace is 46% below the pace in April 2018 (28) and it is 67% ahead of the pace last month (9).  There is a 4.3 months supply of inventory in the Russian River based on the current sales pace. The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year.  The median was $785,000 for the 7 homes that closed in April. This is likely the highest median price for homes sold in the Russian River for any month since we’ve had records.  The Days on Market for the homes that closed in April was 97 days.

Santa Rosa:  Thirty-two percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of April (315) is 26% ahead of the inventory of a year ago (250) and it is 19% ahead of the inventory last month (265).  New sales in April (197) are 18% ahead of the pace of last April (167) and they are 33% ahead of the pace last month (148). There is a 1.6 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 140 homes closed in April in Santa Rosa was $573,000 compared to $611,000 a year ago – a 6% decrease.  The Days on Market for the homes that closed in April was 62 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of April in Sebastopol (61) is 22% ahead of the level of April 2018 (50) and it is 42% ahead of the inventory last month (43).  There were 26 new sales for the month of April. This is 24% ahead of the pace in April 2018 (18) and it is 44% ahead of the pace last month (18).  There is a 2.3 months supply of inventory in Sebastopol based on the current sales pace.  The 20 homes that closed in Sebastopol in April went from listing to pending in 41 days.

Sonoma Valley: The number of available homes and condominiums for sale (145) at the end of April in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 47% above the inventory last April (99) and it is 48% ahead of the inventory of last month (98).  There were 39 new sales for the month. This is 9% below the 43 sales in April 2018 and it is 7% below the 42 sales last month. There is a 3.7 months supply of inventory in Sonoma based on the current pace of sales.  Sixty-three percent (92 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 46% of the new sales (18) in April were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of April starts at $3,500,000.  12 homes closed in the top quartile in the past twelve months compared to 13 in the twelve months prior to that. There are 32 homes available in this quartile in April 2019 compared to 23 a year ago. There were two new sale in the top quartile in April creating a 16 months supply of inventory in this quartile based on the current sales pace.  The closed “luxury” homes over the past year closed at a price of roughly $1,000 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of April equals 39 properties.  This is 18% ahead of the inventory in April 2018 (33) and it is essentially equal to the 41 homes last month.  There were 29 new sales for the month. This is 12% below the pace of sales in April 2018 (33) and it is 7% ahead of the pace of last month (27).  There is a 1.3 months supply of inventory based on the current sales pace. The days on market for the 26 homes that closed in April in Windsor was 58 days. The median price ($597,000) of the homes closed in Windsor in April is 12% lower than the median price a year ago ($682,000).  Both the number of sales and the high median price of a year ago were partially driven by the fires in October 2017.

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of April is 491 properties.  This is 11% ahead of the number of lots in April 2018 (441) and it is 7% ahead of the number of available lots last month (460). There were 62 new lot sales in April. This is 10% below the pace of sales in April 2018 (69) and it is 29% ahead of the pace of lot sales last month (48). There is a 7.7 months supply of inventory based on the current sales pace.  The average days on market of the 38 lots closed in April was 107 days and the median price was $267,000 – 7% above the median price a year ago ($250,000).

Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of April is 78 homes.  This is 53% ahead of the number of mobile homes available in April 2018 (51) and it is 11% above the number of available homes last month (70). There were 35 new mobile home sales in April.  This is 21% ahead of the pace of sales in April 2018 (29) and it is 9% ahead of the pace of sales last month (32).  There is a 2.2 months supply of inventory based on the current sales pace.  The average days on market of the 24 mobile homes closed in April was 72 days and the median price was $166,000.  This median price is close to the median price of $160,000 in April 2018.

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of April (384) is 44% ahead of the inventory in April 2018 (267) and it is 12% ahead of the inventory last month (342).  50% of the inventory in Napa County (191 properties) is priced at $1,000,000 or above.  New sales (134) are 16% ahead of the pace of last year (116) and are 30% ahead of the 103 sales last month.  There is a 3 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 78 days up from 72 days last April. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The median price of the 97 homes closed in April in Napa County ($675,000) was 6% higher than the median price of a year ago ($638,000).

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $2,300,000 (up from $1,900,000 last month) in Napa County at this time.  The number of closings (70) of Luxury Homes (sales price in excess of $2,300,000) in Napa County for the period 5/1/18 to 4/30/19 compared to 59 closings in the period 5/1/17 to 4/30/18 (a 19% increase).  There were 98 luxury homes in inventory at the end of April 2019 compared to 71 at the end of April 2018.  There were 4 new Luxury Home sales last month resulting in a 24.5 months supply of available Luxury Homes based on the current sales pace compared to 3 months supply for the County as a whole.

American Canyon:  There were 21 available homes and condominiums in inventory at the end of April in American Canyon. This is slightly ahead of the inventory a year ago (18) and it is essentially equal to the supply last month (20).  New sales (16) are 60% ahead of the pace of last year (10) and are 14% ahead of the 14 sales last month.  There is just a 1.3 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 60 days. The median price of the 14 homes that closed in American Canyon in April ($519,000) was 4% ahead of the median price of a year ago ($500,000).

Napa:  Fifty-four percent of the inventory in Napa County is in the City of Napa.  There were 208 available homes and condominiums in inventory at the end of April in the City of Napa. This is a 55% ahead of the supply at the end of April 2018 (134) and it is 10% ahead of the inventory at the end of last month (189). New sales (95) were 17% ahead of the pace of April 2018 (81) and they were 28% ahead of the pace of last month (74). There is a 2.2 months supply of inventory based on the current sales pace. The Days on Market for the 71 closings last month was 84 days.  The median price of the homes that closed in the City of Napa in April was $710,000. This is 5% ahead of the median price of the homes closed in April 2018 ($675,000).

Up Valley Napa County:  The inventory of homes and condominiums for sale in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville) at the end of April (123) is 32% higher than the level of 93 in April 2018 and it is 26% above the level last month (98). There were18 new sales in the month compared to 18 a year ago and 11 last month.  The end of the rainy season may have added to the inventory in April. There is now an 6.8 months supply of inventory based on the current sales pace.  The Days on Market for the 10 closings last month was 48 days.  Approximately 57% of the Luxury Market inventory (price in excess of $2,300,000) in Napa County is in the Up Valley Market (56 homes). There was one luxury home (price in excess of $2,300,000) closing in the Up Valley Market last month and two new luxury home sales.

Angwin:  The inventory of homes and condominiums for sale at the end of April in Angwin rose to 14 homes. This is 17% above the level of April 2018 (12) and it is also 17% ahead of the inventory last month (12).  There were no new sales for the month of April.  There have been no new sales in Angwin since January of this year.  The average asking price of the 14 homes in inventory in Angwin is $1,599,000.

Ukiah, Mendocino County: The inventory of homes and condominiums for sale at the end of April in Ukiah was 55 homes. This is 10% above the level of April 2018 (50) and it is essentially equal to the inventory last month (54).  There were 22 new sales for the month of April. This is 12% below the number of sales (25) in April 2018 and it is 214% ahead of the sales last month.  The improved weather certainly brought buyers out in April.  There is a 2.5 months supply of inventory based on the current sales pace. The median price of the 9 homes that closed in the Ukiah in April was $412,000. This is 17% ahead of the median price of the homes closed in April 2018 ($352,000).

 

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Wine Country Real Estate Trends in March 2019

Wine Country Real Estate Trends in March 2019

Russian River flooding:  Over 2,500 homes were flooded in the February storms that brought the Russian River over flood stage in the Guerneville/Monte Rio, etc., areas.  Our hearts and support go out to the individuals and families affected by these floods.

Better Homes and Gardens Real Estate|Wine Country Group Results for March 2019

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 24 closings in March 2019 compared to 36 last March and 37 last month.  I think that the rainy weather kept some buyers at home and had some sellers waiting to list their properties.  In March, we closed homes with a total value of $17 million compared to $23 million last year and $21 million last month.  The average selling price of the properties sold by the Wine Country Group in March was $692,274.

BHGRE|WCG currently has 48 pending sales with a value of $32 million dollars. We have 72 active listings with a value of $66 million dollars. Our average listing price is $917,000.

Wine Country Real Estate Trends for March 2019:

Market Comparisons to March 2018

Note: The wildfires across Wine Country occurred in early October 2017.  A good number of homes were removed from the market in later October 2017 as folks tried to figure out the impact of the fires on home sales.  Thus, the inventory of available homes was unseasonably low for the months following the fires.  Comparing this year to last, some of the percentages are quite high and that is partly driven by the fires in late 2017.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of March stands at 767.  This is 33% ahead of the inventory in March 2018 (577) and it is 13% ahead of the inventory last month (680).  New sales (411) in Sonoma County in March were essentially equal to the pace of March 2018 (419) and they were 39% ahead of the pace last month (295).  There is a 1.9 months supply of inventory in Sonoma County based on the existing sales pace. The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 40 (Sebastopol) to 127 (Oakmont) days. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The average Days on Market for the County as a whole is 66 days.  The median price of 298 homes closed in March in Sonoma County was $606,000.  This is an 8% decrease from the median price in March 2018 ($660,000).

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,200,000).  There has been an 5% increase in the number of Luxury Homes closed (513) from 4/1/18 to 3/31/19 compared to 489 closings in the period 4/1/17 to 3/31/18.  The inventory of luxury homes (197) is slightly ahead of the inventory in March 2018 (191 homes).  The pace of new sales (40) in March this year is 25% below the pace of a year ago (53) and it is essentially equal to the pace last month (22).  The high number of sales in this price range in March 2018 is partially due to the fires of late 2017.  The Days on Market for Luxury Home closings was 117 days this March compared to 62 days a year ago. This compares to 66 Days on Market for all closed properties in the County in March. There is a 5 months supply of inventory of luxury properties based upon the current sales pace compared to a 1.9 months supply in the overall Sonoma County market.

Cloverdale:  The inventory of homes and condominiums for sale (28) in Cloverdale at the end of March is 65% ahead of the inventory in March of 2018 (17). It is just ahead of the inventory of last month (26).  There were 14 new sales in Cloverdale in March. This compares to 15 sales in March 2018 and 6 new sales last month. There is a 2 months supply of inventory based on the current sales pace.  The Days on Market for the 10 homes that closed in March was 123 days.

Coastal Sonoma:  There are 21 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This is 62% ahead of the inventory (13) a year ago and it is 24% ahead of the inventory last month (17).  There were 5 new sales in March compared to 1 a year ago and 4 last month.  There is now a 4.2 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the five homes that closed in March was 72 days.

Healdsburg Trends:  There are 87 homes and condominiums available for sale in Healdsburg at the end of the month. This is 77% above the inventory in March 2018 (49) and it is 50% ahead of the inventory last month (58).  New sales in March (18) were about equal to the pace of sales in March 2018 (17) and they were 50% ahead of the sales pace last month (12). The months of available inventory is now 4.8 months based on the current sales pace.  The Days on Market for the 12 homes that closed in March was 114 days.

Oakmont: There are 47 homes available in Oakmont at the end of March.  This is 124% ahead of the inventory in March 2018 (21) and it is 52% ahead of the inventory last month (31).  New sales (8) are 62% below the sales pace of a year ago (21) and are 20% below the pace of last month (10).  There is a 5.9 months supply of inventory based on the current sales pace. The median price of the homes sold in Oakmont in the past year has ranged from the high-$500,000’s up to $800,000. The median price was $555,000 for the 11 homes that closed in March.  The Days on Market for the homes that closed in March was 127 days.

Petaluma:   The inventory in Petaluma at the end of March (58) is 21% ahead of the inventory in March 2018 (48) and it is 9% ahead of the inventory last month (53).  There were 52 new sales for the month. This is 16% below the 62 sales in March 2018 and it is 41% ahead of the 37 new sales last month. The Petaluma market currently has 1.1 months of available inventory based on the current sales pace.  Petaluma remains one of the tightest markets in Wine Country. The median price of the 37 homes that closed in March was $732,000. This is 8% below the median price last March ($795,000).  The Days on Market for the homes that closed in March was 65 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of March (39) is 86% ahead of the inventory in March 2018 (21) and it is 25% below the inventory last month (52).   There were 43 new sales in Rohnert Park in March.  This is 86% above the 21 sales in March 2018 and it is 59% ahead of the 27 sales last month.  There is 0.9 months supply of inventory based on the current sales pace.  The median price ($485,000) of the 26 homes and condominiums that closed in March is 13% below the median price a year ago ($556,000). Days on Market for the homes that closed in March was 58 days.

Russian River:  Obviously, the Russian River region will be affected by the recent floods throughout the area.  The real estate market there will not be functioning in a stable way for months to come.

The inventory of homes and condominiums for sale at the end of March (38) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is equal to the level of March 2018 (38) and it is essentially equal to the inventory last month (36).  There were 10 new sales for the month of March.  This sales pace is 33% below the pace in March 2018 (15) and it is 25% ahead of the pace last month (8).  There is a 3.8 months supply of inventory in the Russian River based on the current sales pace. The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year.  The median was $515,000 for the 9 homes that closed in March. The Days on Market for the homes that closed in March was 85 days.

Santa Rosa:  Thirty-five percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of March (265) is 37% ahead of the inventory of a year ago (194) and it is 12% ahead of the inventory last month (236).  New sales in March (160) are 8% below the pace of last March (174) and they are 19% ahead of the pace last month (135). There is a 1.7 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 130 homes closed in March in Santa Rosa was $550,000 compared to $646,000 a year ago – a 15% decrease.  The Days on Market for the homes that closed in March was 59 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of March in Sebastopol (43) is 7.5% ahead of the level of March 2018 (40) and it is 59% ahead of the inventory last month (27).  There were 20 new sales for the month of March. This is slightly ahead of the pace in March 2018 (19) and it is 67% ahead of the pace last month (12).  There is a 2.2 months supply of inventory in Sebastopol based on the current sales pace.  The 7 homes that closed in Sebastopol in March went from listing to pending in 40 days.

Sonoma Valley: The number of available homes and condominiums for sale (98) at the end of March in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 15% above the inventory last March (85) and it is 8% ahead of the inventory of last month (91).  There were 40 new sales for the month. This is 11% below the 45 sales in March 2018 and it is 135% ahead of the 17 last month.  There is a 2.5 months supply of inventory in Sonoma based on the current pace of sales.  Fifty-nine percent (58 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 40% of the new sales (16) in March were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of March starts at $3,250,000.  13 homes closed in the top quartile in the past twelve months compared to 14 in the twelve months prior to that. There are 26 homes available in this quartile in March 2019 compared to 18 a year ago. There was one new sale in the top quartile in March creating a 26 months supply of inventory in this quartile based on the current sales pace.  The closed “luxury” homes over the past year closed at a price of roughly $1,000 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of March equals 41 properties.  This is 52% ahead of the inventory in March 2018 (27) and it is essentially equal to the 40 homes last month.  There were 30 new sales for the month. This is equal to the pace of sales in March 2018 (30) and it is 43% ahead of the pace of last month (21).  There is a 1.4 months supply of inventory based on the current sales pace. The days on market for the 20 homes that closed in March in Windsor was 65 days. The median price ($610,000) of the homes closed in Windsor in March is 9% lower than the median price a year ago ($670,000).  Both the number of sales and the high median price of a year ago were partially driven by the fires in October 2017.

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of March is 460 properties.  This is 14% ahead of the number of lots in March 2018 (402) and it is about equal to the number of available lots last month (454).  There were 52 new lot sales in March.  This is 33% below the pace of sales in March 2018 (77) and it is 13% ahead of the pace of lot sales last month (46).  There is a 9 months supply of inventory based on the current sales pace.  The average days on market of the 36 lots closed in March was 151 days and the median price was $225,000 – 17% below the median price a year ago ($270,000).

Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of March is 70 homes.  This is 49% ahead of the number of mobile homes available in March 2018 (47) and it is 13% below the number of available homes last month (80).  There were 35 new mobile home sales in March.  This is 19% below the pace of sales in March 2018 (43) and it is 17% ahead of the pace of sales last month (30).  There is a 2 months supply of inventory based on the current sales pace.  The average days on market of the 31 mobile homes closed in March was 58 days and the median price was $136,000.  This median price is 6% below the median price of $145,000 in March 2018.

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of March (342) is 38% ahead of the inventory in March 2018 (248) and it is 10% ahead of the inventory last month (311).  44% of the inventory in Napa County (152 properties) is priced at $1,000,000 or above.  New sales (115) are 5% ahead of the pace of last year (110) and are 80% ahead of the 64 sales last month.  There is a 3 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 94 days up from 70 days last March. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The median price of the 74 homes closed in March in Napa County ($682,000) was 7% higher than the median price of a year ago ($636,000).

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $1,900,000 in Napa County at this time.  The number of closings (112) of Luxury Homes (sales price in excess of $1,900,000) in Napa County for the period 4/1/18 to 3/31/19 compared to 78 closings in the period 4/1/17 to 3/31/18 (a 20% increase).  There were 86 luxury homes in inventory at the end of March 2019 compared to 75 at the end of March 2018.  There were 8 new Luxury Home sales last month resulting in a 10.8 months supply of available Luxury Homes based on the current sales pace compared to 3 months supply for the County as a whole.

American Canyon:  There were 20 available homes and condominiums in inventory at the end of March in American Canyon. This is slightly ahead of the inventory a year ago (19) and it is 26% below the supply last month (27).  The inventory has fallen the last two months unlike the general trend for increasing inventory in the region at this time of year.  New sales jumped from 9 in February to 17 in March – an 89% increase.  New sales were 13% above the 15 sales in March 2018.  There is just a 1.2 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 87 days. The median price of the 8 homes that closed in American Canyon in March ($608,000) was 15% ahead of the median price of a year ago ($530,000).

Napa:  Fifty-five percent of the inventory in Napa County is in the City of Napa.  There were 189 available homes and condominiums in inventory at the end of March in the City of Napa. This is a 48% ahead of the supply at the end of March 2018 (128) and it is 3% ahead of the inventory at the end of last month (183).  New sales (81) were 12.5% ahead of the pace of March 2018 (72) and they were 72% ahead of the pace of last month (47). There is a 2.3 months supply of inventory based on the current sales pace. The Days on Market for the 53 closings last month was 95 days.  The median price of the homes that closed in the City of Napa in March was $750,000. This is 11% ahead of the median price of the homes closed in March 2018 ($674,000) and it is the highest median price for any month in the City of Napa.

Up Valley Napa County:  The inventory of homes and condominiums for sale in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville) at the end of March (98) is 27% higher than the level of 77 in March 2018 and it is 36% above the level last month (72).  There were12 new sales in the month compared to 17 a year ago and 7 last month.  The rainy weather may have contributed to the slower sales pace year over year.  There is now an 8.2 months supply of inventory based on the current sales pace.  The Days on Market for the 10 closings last month was 84 days.  Approximately 52% of the Luxury Market inventory (price in excess of $1,900,000) in Napa County is in the Up Valley Market (45 homes). There were two luxury home (price in excess of $1,900,000) closings in the Up Valley Market last month and three new luxury home sales.

Angwin: The inventory of homes and condominiums for sale at the end of March in Angwin rose to 12 homes. This is 20% above the level of March 2018 (10) and it is 71% ahead of the inventory last month (7).  There were no new sales for the month of March.  This is the same as last month.  There were two sales in March of 2018.  There is a 12 months supply of inventory based on the current sales pace. The average asking price of the 12 homes in inventory in Angwin is $1,714,000.

Ukiah, Mendocino County: The inventory of homes and condominiums for sale at the end of March in Ukiah was 54 homes. This is 17% above the level of March 2018 (46) and it is 6% ahead of the inventory last month (51).  There were 8 new sales for the month of March.  This is 50% below the number of sales (16 in March 2018 and it is slightly below the 9 sales last month.  There is a 6.8 months supply of inventory based on the current sales pace. The median price of the 9 homes that closed in the Ukiah in March was $385,000. This is 7% ahead of the median price of the homes closed in March 2018 ($361,000).

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Wine Country Real Estate Trends in February 2019

Wine Country Real Estate Trends in February 2019

Russian River flooding:  Over 2,500 homes were flooded in the recent storms that brought the Russian River over flood stage in the Guerneville/Monte Rio, etc., areas.  Our hearts and support go out to the individuals and families affected by these floods.

Better Homes and Gardens Real Estate|Wine Country Group Results for February 2019

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 36 closings in February 2019 compared to 25 last February and 29 last month.  In February, we closed homes with a total value of $21 million compared to $21.5 million last year and $15 million last month.  The average selling price of the properties sold by the Wine Country Group in February was $577,579.

BHGRE|WCG currently has 47 pending sales with a value of $35 million dollars. We have 48 active listings with a value of $47 million dollars. Our average listing price is $979,000.

Wine Country Real Estate Trends for February 2019:

Market Comparisons to February 2018

Note: The wildfires across Wine Country occurred in early October 2017.  A good number of homes were removed from the market in later October 2017 as folks tried to figure out the impact of the fires on home sales.  Thus, the inventory of available homes was unseasonably low for the months following the fires.  Comparing this year to last, some of the percentages are quite high and that is partly driven by the fires in late 2017.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of February stands at 680.  This is 31% ahead of the inventory in February 2018 (518) and it is down 3.5% from the inventory last month (705).  It’s interesting that the county’s inventory did not grow last month while the inventory in Napa and Marin Counties both grew.  New sales (320) in Sonoma County in February were essentially equal to the pace of February 2018 (316) and they were 15% ahead of the pace last month (279). There is a 2.1 months supply of inventory in Sonoma County based on the existing sales pace. The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 55 (Petaluma) to 198 (Coastal Sonoma) days. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The average Days on Market for the County as a whole is 77 days.  The median price of homes closed in February in Sonoma County was $590,000.  This is an 8.5% decrease from the median price in February 2018 ($645,000).

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,200,000).  There has been an 12% increase in the number of Luxury Homes closed (531) from 3/1/18 to 2/28/19 compared to 473 closings in the period 3/1/17 to 2/28/18.  The inventory of luxury homes (171) is slightly below the inventory in February 2018 (180 homes).  The pace of new sales (24) in February this year is 33% below the pace of a year ago (36) and it is essentially equal to the pace last month (22).  The high number of sales in this price range in February 2018 is partially due to the fires of late 2017.  The Days on Market for Luxury Home closings was 69 days this February compared to 82 days a year ago. This compares to 77 Days on Market for all closed properties in the County in February. There is a 7 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.1 months supply in the overall Sonoma County market.

Cloverdale:  The inventory of homes and condominiums for sale (26) in Cloverdale at the end of February is 62% ahead of the inventory in February of 2018 (16).  It is just below the inventory of last month (27).  There were 6 new sales in Cloverdale in February.  This compares to 14 sales in February 2018 and 11 new sales last month. There is a 4.3 months supply of inventory based on the current sales pace.  The Days on Market for the 9 homes that closed in February was 90 days.

Coastal Sonoma:  There are 17 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This is 55% ahead of the inventory (11) a year ago and it is equal to the inventory last month (17).  There were 3 new sales in February compared to 8 a year ago and 4 last month.  There is now a 5.7 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the two homes that closed in February was 198 days.

Healdsburg Trends:  There are 58 homes and condominiums available for sale in Healdsburg at the end of the month. This is 38% above the inventory in February 2018 (42) and it is 7% ahead of the inventory last month (54).  New sales in February (14) were 18% below the pace of sales in February 2018 (17) and they were equal to the sales pace last month (14). The months of available inventory is now 4.1 months based on the current sales pace.  The Days on Market for the 9 homes that closed in February was 116 days.

Oakmont: There are 31 homes available in Oakmont at the end of February.  This is 72% ahead of the inventory in February 2018 (18) and it is about equal to the inventory last month (32).  New sales (11) are 31% below the sales pace of a year ago (16) and are 10% ahead of the pace of last month (10).  There is a 2.8 months supply of inventory based on the current sales pace. The median price of the homes sold in Oakmont in the past year has ranged from the high-$500,000’s up to $800,000. The median price was $570,000 for the 8 homes that closed in February.  The Days on Market for the homes that closed in February was 115 days.

Petaluma:   The inventory in Petaluma at the end of February (53) is 6% ahead of the inventory in February 2018 (50) and it is about equal to the inventory last month (51).  There were 37 new sales for the month. This is 12% ahead of the 33 sales in February 2018 and it is about equal to the 36 new sales last month. The Petaluma market currently has 1.4 months of available inventory based on the current sales pace.  Petaluma remains one of the tightest markets in Wine Country. The median price of the 27 homes that closed in February was $672,000. This is 5% below the median price last February ($707,000).  The Days on Market for the homes that closed in February was 55 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of February (52) is 333% ahead of the inventory in February 2018 (12) and it is 6% ahead of the inventory last month (49).   There were 31 new sales in Rohnert Park in February. This is 63% above the 19 sales in February 2018 and it is 24% ahead of the 25 sales last month.  There is 1.7 months supply of inventory based on the current sales pace.  The median price ($528,000) of the 20 homes and condominiums that closed in February is essentially equal to the median price a year ago ($526,000). Days on Market for the homes that closed in February was 69 days.

Russian River:  Obviously, the Russian River region will be affected by the recent floods throughout the area.  The real estate market there will not be functioning in a stable way for months to come.

The inventory of homes and condominiums for sale at the end of February (36) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is 16% ahead of the level of February 2018 (31) and it is essentially equal to the inventory last month (35).  There were 12 new sales for the month of February.  This sales pace is 20% ahead of the pace in February 2018 (10) and it is 20% below the pace last month (15).  There is a 3 months supply of inventory in the Russian River based on the current sales pace. The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year.  The median was $375,000 for the 13 homes that closed in February. The Days on Market for the homes that closed in February was 88 days.

Santa Rosa:  Thirty-five percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of February (236) is 42% ahead of the inventory of a year ago (166) and it is 14% below the inventory last month (274). New sales in February (146) are 3.5% ahead of the pace of last February (141) and they are 26% ahead of the pace last month (116). There is a 1.6 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 108 homes closed in February in Santa Rosa was $570,000 compared to $580,000 a year ago – a 1.7% decrease.  The Days on Market for the homes that closed in February was 73 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of February in Sebastopol (27) is 39% below the level of February 2018 (44) and it is 23% below the inventory last month (35).  There were 14 new sales for the month of February. This is slightly below the pace in February 2018 (15) and it is slightly ahead of the pace last month (12).  There is a 1.9 months supply of inventory in Sebastopol based on the current sales pace. The 14 homes that closed in Sebastopol in February went from listing to pending in 75 days.

Sonoma Valley: The number of available homes and condominiums for sale (91) at the end of February in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 18% above the inventory last February (77) and it is 22% ahead of the inventory of last month (74).  There were 19 new sales for the month. This is 39% below the 31 sales in February 2018 and it is about equal to the 18 last month. There is a 4.8 months supply of inventory in Sonoma based on the current pace of sales.  Fifty-four percent (49 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 37% of the new sales (7) in February were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of February starts at $2,700,000.  19 homes closed in the top quartile in the past twelve months compared to 24 in the twelve months prior to that. There are 22 homes available in this quartile in February 2019 compared to 18 a year ago. There were no new sales in the top quartile in February creating a 22 months supply of inventory in this quartile based on the current sales pace.  The closed “luxury” homes over the past year closed at a price of roughly $1,000 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of February equals 40 properties.  This is 21% ahead of the inventory in February 2018 (33) and it is essentially equal to the 41 homes last month.  There were 22 new sales for the month. This is 22% ahead of the pace of sales in February 2018 (18) and it is 47% ahead of the pace of last month (15).  There is a 1.8 months supply of inventory based on the current sales pace. The days on market for the 13 homes that closed in February in Windsor was 93 days. The median price ($587,000) of the homes closed in Windsor in February is10% lower than the median price a year ago ($650,000).  Both the number of sales and the high median price of a year ago were partially driven by the fires in October 2017.

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of February is 454 properties.  This is 19% ahead of the number of lots in February 2018 (383) and it is 4% ahead of the number of available lots last month (436).  There were 46 new lot sales in February.  This is 38% below the pace of sales in February 2018 (74) and it is 11% ahead of the pace of lot sales last month (41).  There is a 9.9 months supply of inventory based on the current sales pace.  The average days on market of the 38 lots closed in February was 135 days and the median price was $252,000 – 10% ahead of the median price a year ago ($230,000).

Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of February is 80 homes.  This is 78% ahead of the number of mobile homes available in February 2018 (45) and it is 11% ahead of the number of available homes last month (72).  There were 33 new mobile home sales in February.  This is 11% below the pace of sales in February 2018 (37) and it is 14% ahead of the pace of sales last month (29).  There is a 2.4 months supply of inventory based on the current sales pace.  The average days on market of the 20 mobile homes closed in February was 97 days and the median price was $143,000.  This median price is 2% ahead of the median price of $140,000 in February 2018.

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of February (311) is 54% ahead of the inventory in February 2018 (202) and it is 11% ahead of the inventory last month (280).  38% of the inventory in Napa County (118 properties) is priced at $1,000,000 or above.  New sales (76) are 18% below the pace of last year (93) and are 6% below the 81 sales last month.  There is a 4.1 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 74 days. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The median price of the 67 homes closed in February in Napa County ($625,000) was 12% lower than the median price of a year ago ($712,000).

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $1,400,000 in Napa County at this time (this is down from $1,900,000 over the past several months).  The number of closings (167) of Luxury Homes (sales price in excess of $1,400,000) in Napa County for the period 3/1/18 to 2/28/19 compared to 139 closings in the period 3/1/17 to 2/28/18 (an 20% increase).  There were 81 luxury homes in inventory at the end of February 2019 compared to 74 at the end of February 2018.  There were 14 new Luxury Home sales last month resulting in a 5.8 months supply of available Luxury Homes based on the current sales pace compared to 4.1 months supply for the County as a whole.

American Canyon:  There were 27 available homes and condominiums in inventory at the end of February in American Canyon. This is 59% ahead of the inventory a year ago (17) and it is 10% below the supply last month (30). New sales (9) were 31% below the 13 sales in February 2018 and they were equal to the 9 sales last month. There is a 3 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 83 days. The median price of the 8 homes that closed in American Canyon in February ($439,000) was 14% below the median price of a year ago ($513,000).

Napa:  Fifty-nine percent of the inventory in Napa County is in the City of Napa.  There were 183 available homes and condominiums in inventory at the end of February in the City of Napa. This is a 69% ahead of the supply at the end of February 2018 (108) and it is 12% ahead of the inventory at the end of last month (163).  New sales (59) were slightly below the pace of February 2018 (63) and they were 5% ahead of the pace of last month (56). There is a 3.1 months supply of inventory based on the current sales pace. The Days on Market for the 49 closings last month was 66 days.  The median price of the homes that closed in the City of Napa in February was $639,000. This is 11% below the median price of the homes closed in February 2018 ($720,000).

Up Valley Napa County:  The inventory of homes and condominiums for sale in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville) at the end of February (72) is 20% higher than the level of 60 in February 2018 and it is 15% above the level last month (63).  There were only 6 new sales in the month compared to 10 a year ago and 11 last month. There is now an 11.1 months supply of inventory based on the current sales pace.  The Days on Market for the 8 closings last month was 98 days.  Approximately 41% of the Luxury Market inventory (price in excess of $1,400,000) in Napa County is in the Up Valley Market (28 homes). There were six luxury home (price in excess of $1,400,000) closings in the Up Valley Market last month and three new luxury home sales.

Angwin: The inventory of homes and condominiums for sale at the end of February in Angwin is down to just seven homes. This is 36% below the level of February 2018 (11) and it is essentially equal to the inventory last month (6).  There were no new sales for the month of February compared to one last month and one in February of 2018.  There is a 7 months supply of inventory based on the current sales pace. The average asking price of the 7 homes in inventory in Angwin is $1,483,000.

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Wine Country Real Estate Trends in January 2019

Wine Country Real Estate Trends in January 2019

Better Homes and Gardens Real Estate|Wine Country Group Results for January 2019

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 29 closings in January 2019 compared to 26 last January and 44 last month.  In January, we closed homes with a total value of $15 million compared to $13 million last year and $32 million last month.  The average selling price of the properties sold by the Wine Country Group in January was $517,241.

BHGRE|WCG currently has 47 pending sales with a value of $35 million dollars. We have 48 active listings with a value of $47 million dollars. Our average listing price is $979,000.

Wine Country Real Estate Trends for January 2019:

Market Comparisons to January 2018

Note: The wildfires across Wine Country occurred in early October 2017.  A good number of homes were removed from the market in later October 2017 as folks tried to figure out the impact of the fires on home sales.  Thus, the inventory of available homes was unseasonably low for the months following the fires.  Comparing this year to last, some of the percentages are quite high and that is partly driven by the fires in late 2017.

Spring Market:  It’s often said that our Wine Country real estate market slows down between Thanksgiving and Super Bowl Sunday. Super Bowl Sunday just passed – so we’re looking forward to the beginning of our “Spring Market” that usually runs until schools let out in late May, early June.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of January stands at 705.  This is 62% ahead of the inventory in January 2018 (434) and it is down 8% from the inventory last month (768).  This remains a relatively high inventory for recent years but not an unreasonably high number for historical purposes.  New sales (300) in Sonoma County in January were essentially equal to the pace of January 2018 (299) and they were 11% ahead of the pace last month (271).  There is a 2.4 months supply of inventory in Sonoma County based on the existing sales pace. The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 48 (Petaluma) to 154 (Coastal Sonoma) days. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The average Days on Market for the County as a whole is 84 days (the highest in the past twelve months).  The median price of homes closed in January in Sonoma County was $620,000.  This is a 3% decrease from the median price in January 2018 ($640,000).

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,100,000).  There has been an 8.5% increase in the number of Luxury Homes closed (638) from 2/1/18 to 1/31/19 compared to 588 closings in the period 2/1/17 to 1/31/18.  The inventory of luxury homes (169) is about equal to the inventory in January 2018 (167 homes).  The pace of new sales (28) in January this year is 39% below the pace of a year ago (46) and it is essentially equal to the pace last month (29).  The high number of sales in this price range in January 2018 is partially due to the fires of late 2017.  The Days on Market for Luxury Home closings was 104 days this January compared to 89 days a year ago. This compares to 84 Days on Market for all closed properties in the County in January. There is a 6 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.4 months supply in the overall Sonoma County market.

Cloverdale:  The inventory of homes and condominiums for sale (27) in Cloverdale at the end of January is 69% ahead of the inventory in January of 2018 (16). It is 10% below the inventory of last month (30).  There were 12 new sales in Cloverdale in January. This compares to 16 sales in January 2018 and 7 new sales last month. There is a 2.3 months supply of inventory based on the current sales pace.  The Days on Market for the 5 homes that closed in January was 89 days.

Coastal Sonoma:  There are 17 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This is 10.5% below the inventory (19) a year ago and it is 19% below the inventory last month (21).  There were 4 new sales in January compared to 5 a year ago and 2 last month.  There is now a 4.3 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the four homes that closed in January was 154 days.

Healdsburg Trends:  There are 54 homes and condominiums available for sale in Healdsburg at the end of the month. This is 15% above the inventory in January 2018 (47) and it is 14% below the inventory last month (63).  New sales in January (16) were 23% ahead of the pace of sales in January 2018 (13) and they were 45% ahead of the sales pace last month (11). The months of available inventory is now 3.4 months based on the current sales pace.  The Days on Market for the 16 homes that closed in January was 129 days.

Oakmont: There are 32 homes available in Oakmont at the end of January.  This is 146% ahead of the inventory in January 2018 (13) and it is 9% below the inventory last month (35).  New sales (11) are 175% ahead of the sales pace of a year ago (4) and are 15% below the pace of last month (13).  There is a 2.9 months supply of inventory based on the current sales pace. The median price of the homes sold in Oakmont in the past year has ranged from the high-$500,000’s up to $800,000. The median price was $603,000 for the 10 homes that closed in January.  The Days on Market for the homes that closed in January was 76 days.

Petaluma:   The inventory in Petaluma at the end of January (51) is 82% ahead of the inventory in January 2018 (28) and it is about equal to the inventory last month (53).  There were 36 new sales for the month. This is 20% ahead of the 30 sales in January 2018 and it is 71% ahead of the 21 new sales last month. The Petaluma market currently has 1.4 months of available inventory based on the current sales pace.  Petaluma remains one of the tightest markets in Wine Country. The median price of the 23 homes that closed in January was $670,000. This is 7% below the median price last January ($721,000).  The Days on Market for the homes that closed in January was 48 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of January (49) is 206% ahead of the inventory in January 2018 (16) and it is 11% ahead of the inventory last month (44).   There were 27 new sales in Rohnert Park in January. This is 23% above the 22 sales in January 2018 and it is 42% ahead of the 19 sales last month.  There is 1.8 months supply of inventory based on the current sales pace.  The median price ($490,000) of the 15 homes and condominiums that closed in January is 12.5% below the median price a year ago ($560,000).  In January 2010, the median price was $210,000.  The Days on Market for the homes that closed in January was 80 days.

Russian River:  The inventory of homes and condominiums for sale at the end of January (35) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is 46% ahead of the level of January 2018 (24) and it is 29% below the inventory last month (49).  There were 15 new sales for the month of January.  This sales pace is 35% below the pace in January 2018 (23) and it is 87% ahead of the pace last month (8).  There is a 2.3 months supply of inventory in the Russian River based on the current sales pace. The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year.  The median was $510,000 for the 7 homes that closed in January. The Days on Market for the homes that closed in January was 61 days.

Santa Rosa:  Thirty-nine percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of January (274) is 114% ahead of the inventory of a year ago (128) and it is 7% below the inventory last month (293). New sales in January (126) are 11.5% ahead of the pace of last January (113) and they are 3% below the pace last month (130). There is a 2.2 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 123 homes closed in January in Santa Rosa was $575,000 compared to $589,000 a year ago – a 2.4% decrease.  The Days on Market for the homes that closed in January was 81 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of January in Sebastopol (35) is 10% below the level of January 2018 (39) and it is also 10% below the inventory last month (39).  There were 14 new sales for the month of January. This is 40% ahead of the pace in January 2018 (10) and it is 26% below the pace last month (19).  There is a 2.5 months supply of inventory in Sebastopol based on the current sales pace.  The 15 homes that closed in Sebastopol in January went from listing to pending in 101 days.

Sonoma Valley: The number of available homes and condominiums for sale (74) at the end of January in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 7% above the inventory last January (69) and it is slightly below the inventory of last month (77).  There were 21 new sales for the month. This is 30% below the 30 sales in January 2018 and it is 17% ahead of the 18 last month. There is a 4.1 months supply of inventory in Sonoma based on the current pace of sales.  Fifty-three percent (39 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 24% of the new sales (5) in January were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of January starts at $3,000,000.  20 homes closed in the top quartile in the past twelve months compared to 18 in the twelve months prior to that. There are 18 homes available in this quartile in January 2019 compared to 13 a year ago. There were no new sales in the top quartile in January creating an 18 months supply of inventory in this quartile based on the current sales pace.  The closed “luxury” homes over the past year closed at a price of roughly $1,000 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of January equals 41 properties.  This is 215% ahead of the inventory in January 2018 (13) and it is essentially equal to the 40 homes last month.  There were 15 new sales for the month. This is 21% below the pace of sales in January 2018 (19) and it is slightly below the pace of last month (17).  There is a 2.7 months supply of inventory based on the current sales pace. The days on market for the 18 homes that closed in January in Windsor was 80 days. The median price ($594,000) of the homes closed in Windsor in January is 21% lower than the median price a year ago ($750,000).  Both the number of sales and the high median price of a year ago were partially driven by the fires in October 2017.

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of January is 436 properties.  This is 37% ahead of the number of lots in January 2018 (318) and it is 9% below the number of available lots last month (478). There were 45 new lot sales in January. This is 26% below the pace of sales in January 2018 (61) and it is 73% ahead of the pace of lot sales last month (26). There is a 9.7 months supply of inventory based on the current sales pace.  The average days on market of the 26 lots closed in January was 161 days and the median price was $250,000 – close to the median price a year ago.

Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of January is 72 homes.  This is 31% ahead of the number of mobile homes available in January 2018 (55) and it is 10% below the number of available homes last month (80).  There were 32 new mobile home sales in January.  This is 10% ahead of the pace of sales in January 2018 (29) and it is 23% ahead of the pace of sales last month (26).  There is a 2.3 months supply of inventory based on the current sales pace. The average days on market of the 31 mobile homes closed in January was 77 days and the median price was $173,000. This median price is 18% ahead of the median price of $147,000 in January 2018.

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of January (280) is 44% ahead of the inventory in January 2018 (195) and it is 4% below the inventory last month (292).  39% of the inventory in Napa County (109 properties) is priced at $1,000,000 or above.  New sales (85) are equal to the pace of last year (86) and are 35% ahead of the 63 sales last month.  There is a 3.3 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 120 days. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The median price of the 58 homes closed in January in Napa County ($635,000) was 3% lower than the median price of a year ago ($655,000).

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $1,600,000 in Napa County at this time (this is down from $1,900,000 over the past several months).  The number of closings (139) of Luxury Homes (sales price in excess of $1,600,000) in Napa County for the period 2/1/18 to 1/31/19 compared to 118 closings in the period 2/1/17 to 1/31/18 (an 18% increase).  There were 68 luxury homes in inventory at the end of January 2019 compared to 71 at the end of January 2018.  There were 4 new Luxury Home sales last month resulting in a 17 months supply of available Luxury Homes based on the current sales pace compared to 3.3 months supply for the County as a whole.

American Canyon:  There were 30 available homes and condominiums in inventory at the end of January in American Canyon. This is 87% ahead of the inventory a year ago (16) and it is 20% ahead of the supply last month (25). New sales (10) were 11% ahead of the 9 sales in January 2018 and they were 67% ahead of the 6 sales last month.  There is a 3 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 76 days. The median price of the 8 homes that closed in American Canyon in January ($428,000) was 26% below the median price of a year ago ($580,000).  The median price in January 2011 was $240,000.

Napa:  Fifty-eight percent of the inventory in Napa County is in the City of Napa.  There were 163 available homes and condominiums in inventory at the end of January in the City of Napa. This is a 63% ahead of the supply at the end of January 2018 (100) and it is equal to the inventory at the end of last month (163).  New sales (60) were equal to the pace of January 2018 (61) and they were 43% ahead of the pace of last month (42). There is a 2.7 months supply of inventory based on the current sales pace. The Days on Market for the 36 closings last month was 110 days. The median price of the homes that closed in the City of Napa in January was $635,000. This is 4% below the median price of the homes closed in January 2018 ($660,000).

Up Valley Napa County:  The inventory of homes and condominiums for sale in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville) at the end of January (63) is 11% higher than the level of 57 in January 2018 and it is 17% below the level last month (76).  There were 10 new sales in the month compared to 12 a year ago and 14 last month.  There is now a 6.3 months supply of inventory based on the current sales pace.  The Days on Market for the 12 closings last month was 186 days.  Approximately 41% of the Luxury Market inventory (price in excess of $1,600,000) in Napa County is in the Up Valley Market (28 homes). There were two luxury home (price in excess of $1,600,000) closings in the Up Valley Market last month and three new luxury home sales.

Angwin: The inventory of homes and condominiums for sale at the end of January in Angwin is down to just six homes. This is 46% below the level of January 2018 (11) and it is 25% below the inventory last month (8).  It is the lowest inventory in Angwin in recent memory.  There was just one new sale for the month of January compared to one last month and three in January of 2018.  There is a 6 months supply of inventory based on the current sales pace. The average asking price of the 6 homes in inventory in Angwin is $1,602,000.

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