Wine Country and NorthBay Real Estate Trends

Wine Country and Northbay Real Estate Trends 

Better Homes and Gardens Real Estate|Wine Country Group Results for April 2023

Better Homes and Gardens Real Estate|Wine Country Group and Better Homes and Gardens Real Estate|Ming Tree enjoyed 62 closings in April 2023 compared to 84 last April and 61 last month.  Since 2020, 2021 and 2022 were all unusual real estate markets, some observers are suggesting comparing current numbers to those of 2019.  In April 2019 we closed 32 homes.  This April we closed homes with a total value of $30 million compared to $38 million last year, $25 million last month and $23 million in 2/19.  The average selling price of the properties sold by BHGRE|WCG in April was $484,000. 

BHGRE|WCG-MT currently has 93 pending sales with a value of $27 million dollars.  In April 2019, we had 49 pending sales with a value of $31 million.  We are 32% behind our pending unit volume last year.  We have 117 active listings with a value of $38 million dollars compared to 82

 listings with a value of $68 million in 2019.  We are 26% behind of last year in our listing unit volume.  Our average listing price is $325,000.

Congratulations to the following BHGRE|Wine Country Group-Ming Tree agents who had one or more closings in the month of April.  Mari Giblin in Santa Rosa, Robert Davis in Clearlake, The Ramos Team in Ukiah and Rolin Treheame in Eureka led all agents with 4 closings each.

Jessica Spencer (2), Summer Dahlquist (2), Carina De Herrera (2), Mari Giblin (4), Larry Doss, Chris Brown, Brenda Lockhart, Team Ramos (4), Randy Coffman, Dorothy Cronquist (2), Annalise Von Borstel, Dave Hughes (2), Parmeeta Ghoman, Jessica Hooten (3), Elizabeth Uribe (2), Amy Wray (2), Paige Hotchkiss, Misty Platt (2), Isaac Raboy (2), Sandra Riggs (2), Stephen Miner, Jerry Moulton (2), Deborah Melancon, Taran Pitzer (2), Mak Ahmad, Freddie Diaz, Jana Adams, Kim Brown, Larry Salmon, Linda Alioto, Juancho Mitchell, Mari Johnson, Mara Kahn, Kathy McGuire, Liz Manfree, Maureen Linde, Melanie Tash, Rachel Iachella, Robert Davis (4), Randy Knight, Rollin Treheame, John Stopkow, Sheila Deignan, The Thurber Ross Team and Yvonne Berg.

National Trends

Across the nation, the inventory of homes for sale is low when compared to the pre-pandemic years.  Inventory is starting to grow, but slowly.  It grew much faster this time a year ago as sales started to slow as interest rates rose.  Last year inventory was rising at 4% per week.  This year it is flat or only slightly rising.  Buyers are now figuring out how to purchase homes in the current interest rate environment.  Many believe that they can refinance down the road as rates fall again.  Some real estate economists are calling this a “supply constrained market”.  In such a market, more supply will result in more sales.  There are a record low number of mortgage delinquencies across the nation so, barring a large change in economic vitality, such as a recession, there will be very few distressed sales on the market.  The expectation has been that the appreciation rate for homes will moderate and be essentially flat or slightly negative for the year on a nationwide basis.  The median price of all pending sales in the country is currently 1.3% below the figure from a year ago.  This indicates where we will be with closed sales in the months ahead.  Still – based on current trends – real estate values may have a slight uptick by yearend.  Year over year stats are going to be interesting to observe in the coming six months.

North Bay Real Estate Trends for April 2023

For all the areas covered by our Multiple Listing Service (BAREIS), which includes Marin, Mendocino, Napa, Solano and Sonoma Counties, there is an inventory of 1,810 homes and condominiums for sale at the end of April.  Inventory is 35% below that of a year ago (2,803) and it is 11% above the inventory last month (1,629).  Since 2020, 2021 and 2022 were all unusual real estate markets, some observers are suggesting comparing current numbers to those of 2019.  In May 2019 there were 4,838 homes in inventory in the North Bay.  That was near the peak for the last decade.  Current inventory is 63% below the 2/19 level.  There were 1,117 sales for the month of April.  This number is 25% below a year ago (1,485) and 7% above the pace of last month (1,048).  It is 30% below the number of sales in 5/19 (1,602).  One difference now is that this time last year, sales were starting to fall.  They were off one half of 1% from April to May last year.  This year they are up 7%.  The median price of homes sold across our North Bay region in April was $710,000 compared to $756,000 last April and $561,000 in April 2019. 

I have been following a data point I call the “Price Reduction Ratio” (PRR) for the past couple of years.  Across the country, approximately 29% of the homes have a selling price lower than the original asking price.  For April 2023, of all closed homes in our Wine Country markets, our ratios are lower than the national average.  In the region combined, 23% of the homes sold in April had a selling price lower than the original asking price.  This compares to 32% last month and 15% a year ago.  The numbers were 29% for Napa County, 22% for Sonoma County and 19% for Mendocino County.  Conversely, the ratio of homes selling for more than the original asking price was 32% across the region.  This compares to 24% last month and 57% a year ago.  The numbers were 32% in Napa County, 45% in Sonoma County and 19% in Mendocino County. 

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of April stands at 490 homes.  This is 46% below the inventory in April 2022 (902) and it is 16% above the inventory last month (422).  It compares to 1,445 listings in April 2019.  Fifty-nine percent of the available homes for sale in Sonoma County at this time (290) are priced at $1,000,000 or more.  New sales (337) in Sonoma County in April were 28% below the pace of April 2022 (470) and they were 5% above the pace last month (322).  There were 448 new sales in April 2019.  There is a 1.5-month supply of inventory based on the current sales pace.  The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 36 (Rohnert Park) to 146 (Coastal Sonoma) days.  For 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 all the County is 53 days.  The median price of the 277 homes closed in April in Sonoma County was $823,000. This is essentially equal to the median price in April 2022 ($825,000).  It is 35% above the median price of $610,000 in April 2019.  Over the past four months, Sonoma County homes are selling at 97% of their original list price.  In April, 45% of the homes in Sonoma County sold at a price more than the original asking price and 22% of the homes had a reduction in price before they sold.  We are currently experiencing more properties with multiple offers.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price more than ($2,500,000).  This is up from $2,200,000 last month.  There has been a 35% decrease in the number of Luxury Homes closed (141) from 5/1/22 to 4/30/23 compared to 216 closings in the period 5/1/21 to 4/30//22.  The inventory of luxury homes (124) is 14% below the inventory in April 2022 (144 homes) and it is 43% above the inventory last month (87).  The pace of new sales (12) in April this year is 54% below the pace of a year ago (26) and it is 8% above the pace last month (13).  The Days on Market for 16 Luxury Home closings was 133 days this April.  The Days on Market for all closed properties in the County in April was 53 days.  There is a 10-month supply of inventory of luxury properties based on the current sales pace compared to a 1.5-month supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 95% of original list price.

Cloverdale:  There are 13 homes and condominiums available in Cloverdale.  This compares to 31 homes in inventory in April 2022 and 13 homes last month.  There were 11 new sales in April compared to 20 a year ago and 7 last month.  There is now a 1.2-month supply of inventory in Cloverdale based on the current sales pace.  The Days on Market for the 7 homes that closed in April is 42 days.  

Coastal Sonoma:  There are 11 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 12 homes in inventory in April 2022 and 10 homes last month.  There were 3 new sales in April compared to 1 a year ago and four last month.  Now that the weather is clearing, more people will be visiting the coast.

Healdsburg Trends:  There are 55 homes and condominiums available for sale in Healdsburg at the end of the month.  It is 42% below the inventory in April 2022 (94) and it is 45% ahead of the inventory last month (36).  New sales in April (13) were 32% below the pace of sales in April 2022 (19) and they 28% below the pace of sales pace last month (18).  There are 4.2-months of available inventory based on the current sales pace.  The Days on Market for the 14 homes that closed in April is 81 days.  

Oakmont:  There are 10 homes and condominiums available in Oakmont at the end of April.  This is 62% below the inventory in April 2022 (26) and it is 41% below the inventory of last month (17).  New sales (24) were 26% above the sales pace of a year ago (19) and they were also 26% above the pace of last month (19).  There is a 0.4-month 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 $849,000.  The median price was $695,000 for the 19 homes that closed in April.  The Days on Market for the homes that closed in April is 43 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of April (48) is 54% below the inventory in April 2022 (105) and it is equal to the inventory last month (48).  There were 34 new sales for the month.  This is 38% below the sales in April 2022 (55) and it is 8% below the sales pace last month (37).  The Petaluma market currently has 1.4 months of available inventory based on the current sales pace. The median price of the 26 homes that closed in April was $1,006,000.  This equals the median price last April ($1,005,000).  The Days on Market for the homes that closed in April is 46 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of April (21) is 53% below the inventory in April 2022 (45) and it is 24% above the inventory last month (17).  There were 28 new sales in Rohnert Park in April.  This sales pace is 32% below the 41 sales in April 2022 and it is 12% above the sales last month (25).  We’ve returned to a market in Rohnert Park where the number of sales in the month exceed the number of listings at the beginning of the month.  This was a trend here during the pandemic years.  There is a 0.8-month supply of inventory based on the current sales pace.  The median price ($724,000) of the 24 homes and condominiums that closed in April is 24% above the median price in April a year ago ($583,000).  Days on Market for the homes that closed in April is 36 days.

Russian River:  The inventory of homes and condominiums for sale at the end of April in the Russian River area (Guerneville, Monte Rio and Rio Nido) (32) is 49% below the level of April 2022 (63) and it is 46% above the inventory last month (22).  There were 20 new sales for the month of April.  This is 59% below the pace in April 2022 (49) and it is 122% above the pace last month (9).  The clearing weather brought folks out to the Russian River last month.  There is a 1.6-month supply of inventory in the Russian River based on the current sales pace.  The median price in the Russian River has ranged from about $450,000 to $750,000 over the past year.  The median was $585,000 for the 13 homes that closed in April.  The homes that closed in the Russian River in April went from listing to pending in 44 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 April (173) is 41% below the inventory of a year ago (291) and it is 12% above the inventory last month (155).  New sales in April (139) are 25% below the pace of last April (185) and they are unchanged from the 139 sales last month.  There is a 1.2-month supply of available homes in Santa Rosa based on the current sales pace. The median price of the 113 homes closed in April in Santa Rosa was $750,000 which is equal to the $750,000 price a year ago.  The Days on Market for the homes that closed in April is 52 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of April in Sebastopol is 23 homes.  This is 70% below the inventory last April (76) and it is 15% below the inventory last month (27).  There were 24 new sales for the month of April. This is 14% above the pace in April 2022 (21) and it is 20% above the pace last month (20).  There is a 1-month supply of inventory in Sebastopol based on the current sales pace.  The 23 homes that closed in Sebastopol in April went from listing to pending in 58 days.

Sonoma Valley:  The number of available homes and condominiums for sale (76) at the end of April in the Sonoma Valley is 40% below the inventory last April (126) and it is 12% ahead of the inventory of last month (66).  Seventy-five percent of the available properties in the Sonoma Valley (57) are priced at $1,000,000, or more.  There were 34 new sales for the month. This is 21% below the 43 sales in April 2022 and it is 8% below the 37 sales last month.  There is a 2.2-month supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 29 properties that closed in the Sonoma Valley in April is 49 days.  The closings in the month had a selling price equal to 100% of the original listing price.  In April, 28% of the homes in the Sonoma Valley sold at a price in excess of the original list price and 17% of the homes showed a price less than the original asking price when they sold.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of April starts at $4,750,000, up from $4,000,000 last month.  Seven homes closed in the top quartile in the past twelve months compared to 12 in the twelve months prior to that.  In April, there was one new sale in this quartile.  There are 18 homes available in this quartile in April 2023 compared to 20 a year ago and 11 last month.  As the weather has improved, more high-end listings have come to market.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of April is 25 properties.  This is 36% below the inventory in April 2022 (39) and it is 67% ahead of the 15 homes in inventory last month.  There were 19 sales in the month.  This is 6% above the pace of sales in April 2022 (18) and it is 10% below the pace of last month (21).  There is a 1.3-month supply of inventory based on the current sales pace.  The days on market for the 17 homes that closed in April 2023 in Windsor is 68 days.  The median price ($759,000) of the homes closed in Windsor in April compares to a median price a year ago ($826,000) – an 8% decrease.

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of April is 71 homes.  This is 62% above the number of mobile homes available in April 2022 (39) and it is 8% above the number of available mobile homes last month (66).  There were 37 new mobile home sales in April.  This is 48% above the pace of sales in April 2022 (25) and it is 37% ahead of the pace of sales last month (27).  There is a 1.9-month supply of inventory based on the current sales pace.  The average days on market of the 24 mobile homes closed in April is 44 days and the median price was $207,000 compared to $184,000 a year ago and $215,000 last month. 

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of April is 273 properties. The current inventory is 7% below the number of lots in April 2022 (294) and it is 5% above the number of available lots last month (261). There were 27 new lot sales in April.  This is 10% below the pace of sales in April 2022 (30) and it is 17% ahead of the pace of lot sales last month (23).  There is a 10.1-month supply of inventory based on the current sales pace.  The average days on market of the 15 lots closed in April is 158 days and the median price is $285,000 compared to $412,000 a year ago.  

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of April (241) is 23% below the inventory in April 2022 (313) and it is 15% above the inventory last month (210).  It is 55% below the inventory in April 2019 (537).  Sixty-nine percent of the inventory in Napa County (166 properties) is priced at $1,000,000 or above.  New sales (90) are 29% below the pace of last year (126) and are slightly ahead of the 89 sales last month.  The sales pace is 28% below that of April 2019 (125).  There is a 2.7-month supply of inventory based on the current sales pace.  The Days on Market for the homes closing in Napa County is currently 56 days.  In 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 66 homes closed in April in Napa County ($813,000) is 16% below the median price of a year ago ($971,000) and it is 20% ahead of the price in April 2019 ($675,000).  Over the past four months, Napa County homes are selling at roughly 93% of original list price.  In April, 32% of the homes in Napa County sold at a price that was more than the original asking price and 29% of the homes sold at a price that was less than the original asking price.  

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market currently begins at $4,500,000 in Napa County.  This is up from $4,000,000 last month.  There has been a decrease of 36% for the number of closings (30) of Luxury Homes (sales price more than $4,500,000) in Napa County for the period 5/1/22 to 4/30/23 compared to 47 closings in the period 5/1/21 to 4/30//22.  This continues a trend where we see a decrease in this number of luxury home sales.  There are 60 luxury homes in inventory at the end of April 2023 compared to 60 homes in inventory at the end of April 2022 and 51 last month. There were 2 new Luxury Home sales in April compared to 7 last year and 4 last month.  This creates a 30- month supply of inventory.  Over the past four months, Napa County Luxury Homes are selling at roughly 87% of original asking price and the 3 homes that closed last month were on the market for just 19 days.

American Canyon:  There are 16 available homes and condominiums in inventory at the end of April in American Canyon. Last year there were just 16 homes in inventory and there were 18 homes in inventory last month.  There were 11 new sales in the month.  This compares to 9 new homes sales last April and 16 new sales last month.  There is a 1.2-month supply of inventory based on the current sales pace.  The Days on Market for 13 homes that closed in American Canyon last month was 47 days. The median price of the homes that closed in American Canyon in April ($675,000) compares to a median price of ($750,000) a year ago.  The median price in American Canyon can fluctuate quite a bit from month to month.  The average price per square foot of the homes sold in American Canyon was at $336 last month.  This is in line the $300 to $400 per square foot range where the sales have been over the past several years.

Napa:  Forty-eight percent of the inventory in Napa County is in the City of Napa.  There are 115 available homes and condominiums in inventory at the end of April in the City of Napa. This is 30% below the supply at the end of April 2022 (165) and it is 28% above the inventory at the end of last month (90).  It is 63% below the inventory in 2019 (310).  New sales (50) were 50% below the pace of April 2022 (99) and they were 11% below the pace of last month (56). They were 45% below the 91 sales in April 2019.  There is a 2.3-month supply of inventory based on the current sales pace. There was a 3.9-month supply in 2/19.  The Days on Market for the 41 closings last month is 44 days.  The median price of the homes that closed in the City of Napa in April was $810,000. This is 23% below the median price of the homes closed in April 2022 ($1,050,000) and it is 14% ahead of the price in April 2019 ($710,000).

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 (91) is 15% below the level of 107 in April 2022 and it is 12% above the inventory last month (81).  There were 21 new sales this month compared to 15 a year ago and 16 last month.  There is now a 4.3-month supply of inventory based on the current sales pace. The Days on Market for the 10 closings last month is 100 days.  Fifty percent of the Luxury Market inventory (price more than $4,500,000) in Napa County is in the Up Valley Market (30 homes). There were two luxury home (price more than $4,500,000) closings in the Up Valley Market last month and there were two new luxury home sales.

Angwin:  The inventory of homes and condominiums for sale in the Angwin at the end of April (9) compares to 12 in April 2022 and 8 last month.  There was one new sale this month compared to 2 a year ago and two last month.  The average asking price for the 9 homes on the market in Angwin is $3,603,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of April is 24 homes.  This is 34% above the number of mobile homes available in April 2022 (18) and it is slightly below the 25 available homes last month.  There were 16 new mobile home sales in April.  This compares to 14 home sales last April and 15 sales last month.  There is a 1.5-month supply of inventory based on the current sales pace.  The average days on market of the 14 mobile homes closed in April is 69 days and the median price was $201,000.  This compares to a median price of $207,000 in April 2022 and $270,000 last month.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of April stands at 250.  This is 21% below the inventory in April 2022 (315) and it is 13% above the inventory last month (221).  New sales (40) in Mendocino County in April were 44% below the pace of April 2022 (71) and they were 18% above the pace last month (34).  There now is a 6.3-month supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 26 homes sold in Mendocino County in April is 70 days.  For 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 homes closed in April in Mendocino County was $470,000.  Generally, the median price of sold homes in Mendocino has been between $475,000 and $600,000.  Over the past four months, Mendocino County homes are selling at roughly 90% of original asking price.  In April, 19% of the homes in Mendocino County sold at a price greater than the original asking price.  Nineteen percent of the homes showed a price reduction at the time they sold (compared to 41% last month).

Ukiah:  The inventory of homes and condominiums for sale at the end of April in Ukiah is 50 homes.  This is 30% below the level of April 2022 (71) and it is 11% above the inventory last month (45).  There were 11 new sales for the month of April.  This is 50% below the 22 sales in April 2022 and it is 15% below the 13 sales last month.  There are 4.5 months of inventory based on the current sales pace.  The Days on Market for the 8 closings last month is 53 days.  The median price of the homes sold in Ukiah in the past year has ranged from $450,000 to $640,000. The median price was $452,000 for the homes that closed in April.  

Redwood Valley and Calpella:  The inventory of homes for sale at the end of April in Redwood Valley and Calpella is 23 homes.  This compares to 31 homes in April 2022 and 21 homes last month.  There were 2 new sales for the month of April.  This compares to 9 sales in April 2022 and 2 new sales last month.  There is a 11.5-month supply of inventory based on the current sales pace.  The median price of the homes sold in Redwood Valley/Calpella in the past year has ranged from $400,000 to $725,000.  There were 3 new closings in Redwood Valley/Calpella in April at a median price of $629,000 and the homes sold in 65 days. 

Hopland and Talmage:  The inventory of homes for sale at the end of April in Hopland and Talmage is 8 homes.  This compares to 12 homes in inventory at the end of April 2022 and 9 homes in inventory last month.  There were 2 new sales in the month of April.  This compares to 3 sales in April 2022 and one new sale last month.  There were no closings in this area last month.

Lake County:  The inventory of homes and condominiums available in Lake County at the end of April stands at 464.  Approximately 29% of the inventory (136 homes) is in the communities of Clearlake and another 12% (54 homes) are in Lakeport.  The countywide inventory is 24% above the inventory in April 2022 (374) and it is 23% above the inventory last month (376).  It compares to an inventory of 540 homes in April 2019.  Closed sales (67) in Lake County in April were 41% below the pace of April 2022 (113) and they were 18% below the pace last month (82).  There now is a 6.4-month supply of inventory in Lake County based on the existing sales pace.  The median Days on Market for the homes sold in Lake County in April is 41 days.  Usually “Days on Market” are traced from listing date to pending date, so the closing date would be somewhat longer.  The median price of the homes closed in April in Lake County was $300,000. This is 2% below the median price in April 2022 ($307,000) and it is 9% below the median price last month ($331,000).  It is 30% above the median sales price of $231,500 in April 2019.  The homes sold in Lake County last month sold at 96% of original list price.

Marin County:  Marin County is often considered a “feeder” county to our North Bay Wine Country markets.  Marin County’s inventory (306 homes) is 35% below the 474 homes in April 2022 and it is 17% above the 261 homes in inventory last month.  It is 64% below the 853 homes available in April 2019.  New sales (210) were 26% below the number last April (283) and were 11% above the pace of last month (190).  They were 23% below the 272 sales in April 2019.  This creates a 1.5-month supply.  The median price of the 186 homes sold in Marin County in April is $1,600,000.  This is 9% below the median price a year ago ($1,750,000) and it is 39% above the median sales price in April 2019 ($1,150,000).

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Wine Country and NorthBay Real Estate Trends March, 2023

Wine Country and Northbay Real Estate Trends 

Better Homes and Gardens Real Estate|Wine Country Group Results for March 2023

Better Homes and Gardens Real Estate|Wine Country Group and Better Homes and Gardens Real Estate|Ming Tree enjoyed 61 closings in March 2023 compared to 108 last March and 43 last month.  Since 2020, 2021 and 2022 were all unusual real estate markets, some observers are suggesting comparing current numbers to those of 2019.  In March 2019 we closed 36 homes.  This March we closed homes with a total value of $25 million compared to $44 million last year, $20 million last month and $21 million in 2/19.  The average selling price of the properties sold by BHGRE|WCG in March was $416,000. 

BHGRE|WCG-MT currently has 96 pending sales with a value of $43 million dollars.  In March 2019, we had 40 pending sales with a value of $27 million.  We are 20% behind our pending unit volume last year.  We have 108 active listings with a value of $28 million dollars compared to 65 listings with a value of $57 million in 2019.  We are 27% behind of last year in our listing unit volume.  Our average listing price is $259,000.

Congratulations to the following BHGRE|Wine Country Group-Ming Tree agents who had one or more closings in the month of March.  Paige Hotchkiss in Lakeport led all agents with 6 closings and Lisa Ladanyl in Eureka had 5 closings.  Our two offices in Humboldt had 21 of our total 61 closings in March.

Jessica Spencer (2), Summer Dahlquist, Cheryl Marinaro, Natalie Hill (3), Larry Doss, Cheyenne Blue, Chris Brown (3), Brenda Lockhart (3), Team Ramos (2), Randy Coffman (2), Darla McKenzie, Carina de Herrera, Annalise Von Borstel, Bill McKinley, Parmeeta Ghoman (2), Jessica Hooten (3), Elizabeth Uribe, Erick Rothfeld, Mari Giblin (2), Paige Hotchkiss (6), Ray Hellgren, Dave Hughes (3), Rianne Pasquariello, Sarah Duschka (2), Stephen Miner, PJ Lange, Pam Atchison, Nicole Berg (2), Maria Flores, Lisa Ladanyl (5), Kendra Martin (2), Kim Brown (2), Larry Salmon, Linda Alioto, Brandt Peterson, Marsha Wedan and Yvonne Berg (3)

We are pleased that 46 of our agents received national recognition from Better Homes and Gardens Real Estate and will receive their Awards at a special presentation on Friday, March 24.

National Trends

Across the nation, the inventory of homes for sale is low when compared to the pre-pandemic years.  We expect more new listings to come on the market in the coming weeks but the increase is slow.  One factor in the low inventory is that most homeowners got new loans in the past few years and have 3 to 4% long term mortgages.  They ask: “Why trade this good mortgage for one at 7%” and decide not to sell.  Sales volume (pending sales) have picked up and “immediate sales” now represent 25% of the market.  This compares to 30% a year ago.  We’re seeing buyers competing for homes with multiple offers in some cases.  There are still more buyers than sellers, The appreciation rate for homes is expected to moderate this year and be essentially flat or slightly negative for the year on a nationwide basis.  The strong jobs market is one of the factors buoying the housing market.

North Bay Real Estate Trends for March 2023

For all the areas covered by our Multiple Listing Service (BAREIS), which includes Marin, Mendocino, Napa, Solano and Sonoma Counties, there is an inventory of 1,629 homes and condominiums for sale at the end of March.  Inventory is 37% below that of a year ago (2,599) and it is 5% above the inventory last month (1,556).  Since 2020, 2021 and 2022 were all unusual real estate markets, some observers are suggesting comparing current numbers to those of 2019.  In March 2019 there were 4,119 homes in inventory in the North Bay.  Current inventory is 60% below the 2/19 level.  There were 1,090 sales for the month of March.  This number is 28% below a year ago (1,516) and 24% above the pace of last month (878).  It is just 12% below the number of sales in 2/19 (1,233).  The median price of homes sold across our North Bay region in March was $699,000 compared to $730,000 last March and $535,000 in March 2019. 

I have been following a data point I call the “Price Reduction Ratio” (PRR) for the past couple of years.  Across the country, approximately 30% of the homes have a selling price lower than the original asking price.  For March 2023, of all closed homes in our Wine Country markets, our ratios are higher than the national average.  In the region combined, 32% of the homes sold in March had a selling price lower than the original asking price.  This compares to 37% last month and 16% a year ago.  The numbers were 32% for Napa County, 24% for Sonoma County and 41% for Mendocino County.  Conversely, the ratio of homes selling for more than the original asking price was 24% across the region.  This compares to 26% last month and 57% a year ago.  The numbers were 32% in Napa County, 37% in Sonoma County and 3% in Mendocino County.  Out of 37 sales in Mendocino County last month – only one sold at more than asking price.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of March stands at 422 homes.  This is 47% below the inventory in March 2022 (799) and it is slightly above the inventory last month (410).  It compares to 1,276 listings in March 2019.  Fifty-five percent of the available homes for sale in Sonoma County at this time (234) are priced at $1,000,000 or more.  New sales (330) in Sonoma County in March were 36% below the pace of March 2022 (515) and they were 25% above the pace last month (265).  There were 293 new sales in March 2019.  There is a 1.3-month supply of inventory based on the current sales pace.  The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 32 (Healdsburg) to 122 (Cloverdale) days.  For 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 all the County is 53 days.  The median price of the 293 homes closed in March in Sonoma County was $795,000. This is slightly above the median price in March 2022 ($790,000).  Over the past four months, Sonoma County homes are selling at 95% of their original list price.  In March, 37% of the homes in Sonoma County sold at a price more than the original asking price and 24% of the homes had a reduction in price before they sold.  We are currently experiencing more properties with multiple offers.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price more than ($2,200,000).  This is up from $1,800,000 last month.  There has been a 36% decrease in the number of Luxury Homes closed (194) from 4/1/22 to 3/31/23 compared to 301 closings in the period 4/1/21 to 3/31//22.  The inventory of luxury homes (101) is 42% below the inventory in March 2022 (174 homes) and it is 16% above the inventory last month (87).  The pace of new sales (17) in March this year is 49% below the pace of a year ago (33) and it is 42% above the pace last month (12).  The Days on Market for 16 Luxury Home closings was 62 days this March.  The Days on Market for all closed properties in the County in March was 53 days. There is a 5.9-month supply of inventory of luxury properties based on the current sales pace compared to a 1.3-month supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 93% of original list price.

Cloverdale:  There are 13 homes and condominiums available in Cloverdale.  This compares to 23 homes in inventory in March 2022 and 13 homes last month.  There were 7 new sales in March compared to 18 a year ago and 7 last month.  There is now a 1.9-month supply of inventory in Cloverdale based on the current sales pace.  The Days on Market for the 8 homes that closed in March is 122 days.  

Coastal Sonoma:  There are 10 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 9 homes in inventory in March 2022 and 10 homes last month.  There were 4 new sales in March compared to 4 a year ago and also none last month.  The rainy, wintery weather may be keeping folks from visiting the coast.

Healdsburg Trends:  There are 38 homes and condominiums available for sale in Healdsburg at the end of the month.  It is 52% below the inventory in March 2022 (79) and it is 65% ahead of the inventory last month (23).  New sales in March (16) were 33% below the pace of sales in March 2022 (24) and they slightly ahead of the pace of sales pace last month (15).  There are 2.4-months of available inventory based on the current sales pace.  The Days on Market for the 18 homes that closed in March is 32 days.  

Oakmont:  There are 17 homes and condominiums available in Oakmont at the end of March.  This is 11% below the inventory in March 2022 (19) and it is 55% above the inventory of last month (11).  New sales (19) were 13% below the sales pace of a year ago (22) and slightly above the pace of last month (18).  There is a 0.9-month 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 $849,000.  The median price was $745,000 for the 16 homes that closed in March.  The Days on Market for the homes that closed in March is 49 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of March (48) is 48% below the inventory in March 2022 (93) and it is essentially equal to the inventory last month (47).  There were 40 new sales for the month.  This is 43% below the sales in March 2022 (70) and it is 18% above the sales pace last month (34).  The Petaluma market currently has 1.2 months of available inventory based on the current sales pace. The median price of the 37 homes that closed in March was $838,000.  This is 7% below the median price last March ($900,000).  The Days on Market for the homes that closed in March is 49 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of March (17) is 59% below the inventory in March 2022 (41) and it is 11% below the inventory last month (19).  There were 27 new sales in Rohnert Park in March.  This sales pace is 25% below the 36 sales in March 2022 and it is 17% above the sales last month (23).  We’ve returned to a market in Rohnert Park where the number of sales in the month exceed the number of listings at the beginning of the month.  This was a trend here during the pandemic years.  There is a 0.6-month supply of inventory based on the current sales pace.  The median price ($720,000) of the 30 homes and condominiums that closed in March is 7% above the median price in March a year ago ($670,000).  Days on Market for the homes that closed in March is 51 days.

Russian River:  The inventory of homes and condominiums for sale at the end of March in the Russian River area (Guerneville, Monte Rio and Rio Nido) (22) is 69% below the level of March 2022 (71) and it is 8% below the inventory last month (24).  There were 11 new sales for the month of March.  This is 58% below the pace in March 2022 (26) and it is slightly above the pace last month (10).  There is a 2-month supply of inventory in the Russian River based on the current sales pace.  The median price in the Russian River has ranged from about $450,000 to $750,000 over the past year.  The median was $603,000 for the 8 homes that closed in March.  The homes that closed in the Russian River in April went from listing to pending in 79 days.

Santa Rosa:  Thirty-seven 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 (155) is 42% below the inventory of a year ago (266) and it is 3% below the inventory last month (159).  Despite the uptick in listings in adjacent markets, it is not happening yet in Santa Rosa.  New sales in March (143) are 33% below the pace of last March (266) and they are 31% ahead of the pace last month (109).  There is a 1.1-month supply of available homes in Santa Rosa based on the current sales pace. The median price of the 125 homes closed in March in Santa Rosa was $738,000 compared to $727,000 a year ago.  This is a 1.5% increase.  The Days on Market for the homes that closed in March is 51 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of March in Sebastopol is 27 homes.  This is 56% below the inventory last March (61) and slightly below the inventory last month (28).  There were 19 new sales for the month of March.  This is 37% below the pace in March 2022 (30) and it is equal to the pace last month (19).  There is a 1.4-month supply of inventory in Sebastopol based on the current sales pace.  The 13 homes that closed in Sebastopol in March went from listing to pending in 71 days.

Sonoma Valley:  The number of available homes and condominiums for sale (68) at the end of March in the Sonoma Valley is 38% below the inventory last March (110) and it is 12% ahead of the inventory of last month (61).  Seventy-nine percent of the available properties in the Sonoma Valley (54) are priced at $1,000,000, or more.  There were 36 new sales for the month. This is 38% below the 45 sales in March 2022 and it is 71% above the 21 sales last month.  There is a 1.9-month supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 26 properties that closed in the Sonoma Valley in March is 55 days.  The closings in the month had a selling price equal to 101% of the original listing price.  In March, 35% of the homes in the Sonoma Valley sold at a price and 31% of the homes showed a price less than the original asking price when they sold.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of March starts at $4,000,000.  Seventeen homes closed in the top quartile in the past twelve months compared to 27 in the twelve months prior to that.  In March, there were no new sales in this quartile.  There are 16 homes available in this quartile in March 2023 compared to 23 a year ago and 14 last month.  

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of March is 15 properties.  This is 42% below the inventory in March 2022 (26) and it is 29% below the 21 homes in inventory last month.  There were 22 sales in the month.  This is 35% below the pace of sales in March 2022 (34) and it is 29% ahead of the pace of last month (17).  There is a 0.7-month supply of inventory based on the current sales pace.  The days on market for the 16 homes that closed in March 2023 in Windsor is 49 days.  The median price ($815,000) of the homes closed in Windsor in April compares to a median price a year ago ($781,000) – a 4% increase.

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of March is 66 homes.  This is 65% above the number of mobile homes available in March 2022 (40) and it is 25% above the number of available mobile homes last month (53).  There were 30 new mobile home sales in March.  This is slightly above the pace of sales in March 2022 (29) and it is 7% ahead of the pace of sales last month (28).  There is a 2.2-month supply of inventory based on the current sales pace.  The average days on market of the 19 mobile homes closed in March is 55 days and the median price was $215,000 compared to $200,000 a year ago. 

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of March is 261 properties. The current inventory is 11% below the number of lots in March 2022 (292) and it is 5% above the number of available lots last month (249). There were 25 new lot sales in March.  This is 44% below the pace of sales in March 2022 (45) and it is 39% ahead of the pace of lot sales last month (18).  There is a 10.4-month supply of inventory based on the current sales pace.  The average days on market of the 20 lots closed in March is 111 days and the median price is $340,000 which is the same as a year ago.   

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of March (210) is 28% below the inventory in March 2022 (293) and it is 9% above the inventory last month (193).  It is 57% below the inventory in March 2019 (487).  Sixty percent of the inventory in Napa County (139 properties) is priced at $1,000,000 or above.  New sales (90) are 31% below the pace of last year (131) and are 34% ahead of the 67 sales last month.  The sales pace is 13% below that of March 2019 (103).  There is a 2.3-month supply of inventory based on the current sales pace.  The Days on Market for the homes closing in Napa County is currently 58 days.  In 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 79 homes closed in March in Napa County ($852,000) is 9% below the median price of a year ago ($933,000) and it is 24% ahead of the price in March 2019 ($689,000).  Over the past four months, Napa County homes are selling at roughly 93% of original list price.  In March, 32% of the homes in Napa County sold at a price that was more than the original asking price and 32% of the homes sold at a price that was less than the original asking price.  

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market currently begins at $4,000,000 in Napa County.  This is up from $3,500,000.  There has been a decrease of 22% for the number of closings (42) of Luxury Homes (sales price more than $4,000,000) in Napa County for the period 4/1/22 to 3/31/23 compared to 54 closings in the period 4/1/21 to 3/31//22.  This continues a trend where we see a decrease in this number of luxury home sales.  There are 53 luxury homes in inventory at the end of March 2023 compared to 58 homes in inventory at the end of March 2022 and 43 last month. There were 4 new Luxury Home sales in March compared to 4 last year and 2 last month.  This creates a 13-month supply of inventory.  Over the past five months, Napa County Luxury Homes are selling at roughly 91% of original asking price and the two homes that closed last month were on the market for 197 days.

American Canyon:  There are 18 available homes and condominiums in inventory at the end of March in American Canyon. Last year there were just 13 homes in inventory and there were 11 homes in inventory last month.  There were 16 new sales in the month.  This compares to 15 new homes sales last March and 8 new sales last month.  There is a 1.1-month supply of inventory based on the current sales pace.  The Days on Market for 7 homes that closed in American Canyon last month was 90 days. The median price of the homes that closed in American Canyon in March ($820,000) compares to a median price of ($840,000) a year ago.  The median price in American Canyon can fluctuate quite a bit from month to month.  The average price per square foot of the homes sold in American Canyon was at $281 last month.  This is below the $300 to $400 per square foot range where the sales have been over the past several years.

Napa:  Forty-three percent of the inventory in Napa County is in the City of Napa.  There are 90 available homes and condominiums in inventory at the end of March in the City of Napa. This is 42% below the supply at the end of March 2022 (156) and it is 7% above the inventory at the end of last month (84).  It is 69% below the inventory in 2019 (287).  New sales (57) were 36% below the pace of March 2022 (89) and they were 36% above the pace of last month (42). They were 23% below the 74 sales in March 2019.  There is a 1.6-month supply of inventory based on the current sales pace. There was a 3.9-month supply in 2/19.  The Days on Market for the 57 closings last month is 52 days.  The median price of the homes that closed in the City of Napa in March was $900,000. This is 5% below the median price of the homes closed in March 2022 ($950,000) and it is 17% ahead of the price in March 2019 ($768,000).

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 March (81) is 21% below the level of 102 in March 2022 and it is 3% above the inventory last month (79).  There were15 new sales this month compared to 18 a year ago and 11 last month.  There is now a 5.4-month supply of inventory based on the current sales pace. The Days on Market for the 10 closings last month is 66 days.  Fifty-five percent of the Luxury Market inventory (price more than $4,000,000) in Napa County is in the Up Valley Market (29 homes). There were no luxury home (price more than $4,000,000) closings in the Up Valley Market last month and there were two new luxury home sales.

Angwin:  The inventory of homes and condominiums for sale in the Angwin at the end of March (8) compares to 11 in March 2022 and 8 last month.  There was one new sale this month compared to 3 a year ago and one last month.  The average asking price for the 8 homes on the market in Angwin is $3,679,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of March is 25 homes.  This is 67% above the number of mobile homes available in March 2022 (15) and it is 25% above the 20 available homes last month.  There were 16 new mobile home sales in March.  This compares to 17 home sales last March and 11 sales last month.  There is a 1.6-month supply of inventory based on the current sales pace.  The average days on market of the 10 mobile homes closed in March is 70 days and the median price was $270,000.  This compares to a median price of $241,000 in March 2022 and $178,000 last month.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of March stands at 221.  This is 24% below the inventory in March 2022 (290) and it is 9% above the inventory last month (203).  New sales (36) in Mendocino County in March were 51% below the pace of March 2022 (73) and they were slightly above the pace last month (35).  There now is a 6.1-month supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 37 homes sold in Mendocino County in March is 105 days.  For 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 homes closed in March in Mendocino County was $489,000.  Generally, the median price of sold homes in Mendocino has been between $500,000 and $600,000.  Over the past four months, Mendocino County homes are selling at roughly 89% of original asking price.  In March, just one of the 36 homes in Mendocino County sold at a price greater than the original asking price.  Forty-one percent of the homes showed a price reduction at the time they sold (compared to 50% last month).

Ukiah:  The inventory of homes and condominiums for sale at the end of March in Ukiah is 45 homes.  This is 22% below the level of March 2022 (58) and it is 15% above the inventory last month (39).  There were 13 new sales for the month of March.  This is 57% below the 30 sales in March 2022 and it is slightly above the 12 sales last month.  There are 3.5 months of inventory based on the current sales pace.  The Days on Market for the 16 closings last month is 84 days.  The median price of the homes sold in Ukiah in the past year has ranged from $450,000 to $640,000. The median price was $486,000 for the homes that closed in March.  

Redwood Valley and Calpella:  The inventory of homes for sale at the end of March in Redwood Valley and Calpella is 21 homes.  This compares to 26 homes in March 2022 and 14 homes last month.  There were 2 new sales for the month of March.  This compares to 8 sales in March 2022 and 5 new sales last month.  There is a 10.5-month supply of inventory based on the current sales pace.  The median price of the homes sold in Redwood Valley/Calpella in the past year has ranged from $400,000 to $725,000.  There were four new closings in Redwood Valley/Calpella in March at a median price of $537,000 and the homes sold in 104 days. 

Hopland and Talmage:  The inventory of homes for sale at the end of March in Hopland and Talmage is 9 homes.  This compares to 11 homes in inventory at the end of March 2022 and 7 homes in inventory last month.  There was one new sales in the month of March.  This compares to 3 sales in March 2022 and no new sales last month.  There were no closings in this area last month.

Lake County:  The inventory of homes and condominiums available in Lake County at the end of March stands at 399.  Approximately 32% of the inventory (127 homes) is in the communities of Clearlake and another 11% (42 homes) are in Lakeport.  The countywide inventory is 17% above the inventory in March 2022 (342) and it is also 11% above the inventory last month (342).  It compares to an inventory of 480 homes in March 2019.  Closed sales (82) in Lake County in March were 32% below the pace of March 2022 (120) and they were 52% above the pace last month (54).  There now is a 5.3-month supply of inventory in Lake County based on the existing sales pace.  The median Days on Market for the homes sold in Lake County in March is 44 days.  Usually “Days on Market” are traced from listing date to pending date, so the closing date would be somewhat longer. The median price of the homes closed in March in Lake County was $331,000. This is 3% above the median price in March 2022 ($320,000) and it is 38% above the median price last month ($240,000).  It is 56% above the median sales price of $212,500 in March 2019.  The homes sold in Lake County last month sold at 94% of original list price.

Marin County:  Marin County is often considered a “feeder” county to our North Bay Wine Country markets.  Marin County’s inventory (261 homes) is 45% below the 478 homes in March 2022 and it is 27% above the 206 homes in inventory last month.  It is 35% below the 755 homes available in March 2019.  New sales (192) were 26% below the number last March (260) and were 41% above the pace of last month (136).  They were 23% below the 248 sales in March 2019.  This creates a 1.4-month supply.  The median price of the 152 homes sold in Marin County in March is $1,325,000.  This is 12% below the median price a year ago ($1,510,000) and it is 15% above the median sales price in March 2019 ($1,150,000).

Wine Country and NorthBay Real Estate Trends

Better Homes and Gardens Real Estate|Wine Country Group Results for February 2023

Better Homes and Gardens Real Estate|Wine Country Group and Better Homes and Gardens Real Estate|Ming Tree enjoyed 43 closings in February 2023 compared to 79 last February and 44 last month.  Since 2020, 2021 and 2022 were all unusual real estate markets, some observers are suggesting comparing current numbers to those of 2019.  In February 2019 we closed 36 homes.  This February we closed homes with a total value of $20 million compared to $33 million last year, $20 million last month and $21 million in 2/19.  The average selling price of the properties sold by BHGRE|WCG in February was $464,000. 

BHGRE|WCG-MT currently has 76 pending sales with a value of $31 million dollars.  In February 2019, we had 35 pending sales with a value of $26 million.  We are 33% behind our pending unit volume last year.  We have 150 active listings with a value of $71 million dollars compared to 45 listings with a value of $43 million in 2019.  We are 9% behind of last year in our listing unit volume.  Our average listing price is $473,000.

Congratulations to the following BHGRE|Wine Country Group-Ming Tree agents who had one or more closings in the month of February.  Jessica Spencer and Cheyl Marinaro in Clearlake, Ray Hellgren in Lakeport and Trice Wilwerding with BHGRE Ming Tree in Eureka led all agents with 3 closings each.

Jessica Spencer (3), Summer Dahlquist (2), Cheryl Marinaro (3), Sheila Deignan, Natalie Hill, Larry Doss, Chelsie Runnings, Carina de Herrera, Barbara Cronick, Cameron Ramos, Trudy Ramos, Chelsie Runnings, Chris Brown, Deborah Melancon, Denise Brown, Jerry Moulton, Heather Thurber, Rob Ross, Jana Adams (2), Parmeeta Ghoman, Jessica Valencia, Julio Soto, Liz Manfree (2), Mari Giblin (2), Paige Hotchkiss, Ray Hellgren (3), Rebecca Nichols, Rianne Pasquariello, Robert Davis, Shari Wild and Keziah Watt (2), Sarah Duschka (2) and Tricia Wilwerding (3)

We are pleased that 46 of our agents received national recognition from Better Homes and Gardens Real Estate and will receive their Awards at a special presentation on Friday, March 24.

National Trends

Across the nation, the inventory of homes for sale is low on a year over year basis and it is still declining.  We expect new listings to start coming on the market in the next few weeks to kick-start the Spring market but it’s not quite happening yet.   Sales volume (pending sales) have picked up and “immediate sales” now represent 29% of the market – up over the past few months.  We’re seeing buyers competing for homes with multiple offers in some cases.  There are still more buyers than sellers, The appreciation rate for homes is expected to moderate this year and be essentially flat or slightly negative for the year on a nationwide basis.  The strong jobs market is one of the factors buoying the housing market.

North Bay Real Estate Trends for February 2023

For all the areas covered by our Multiple Listing Service (BAREIS), which includes Marin, Mendocino, Napa, Solano and Sonoma Counties, there is an inventory of 1,556 homes and condominiums for sale at the end of February.  Inventory is 33% below that of a year ago (2,332) and it is 3% below the inventory last month (1,605).  Since 2020, 2021 and 2022 were all unusual real estate markets, some observers are suggesting comparing current numbers to those of 2019.  In February 2019 there were 3,821 homes in inventory in the North Bay.  Current inventory is 59% below the 2/19 level.  There were 915 sales for the month of February.  This number is 18% below a year ago (1,120) and 33% above the pace of last month (689).  It is just 5% below the number of sales in 2/19 (968).  The median price of homes sold across our North Bay region in February was $661,000 compared to $693,000 last February and $525,000 in February 2019. 

I have been following a data point I call the “Price Reduction Ratio” (PRR) for the past couple of years.  Across the country, approximately 31% of the homes have a selling price lower than the original asking price.  For February 2023, of all closed homes in our Wine Country markets, our ratios are higher than the national average.  In the region combined, 37% of the homes sold in February had a selling price lower than the original asking price.  This compares to 53% last month and 20% a year ago.  The numbers were 26% for Napa County, 35% for Sonoma County and 50% for Mendocino County.  Conversely, the ratio of homes selling for more than the original asking price was 26% across the region.  This compares to 10% last month and 52% a year ago.  The numbers were 35% in Napa County, 30% in Sonoma County and 14% in Mendocino County.  I expect that these numbers will move more towards the national average in the coming months.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of February stands at 410 homes.  This is 48% below the inventory in February 2022 (791) and it is slightly above the inventory last month (402).  It compares to 1,156 listings in February 2019.  Fifty-one percent of the available homes for sale in Sonoma County at this time (211) are priced at $1,000,000 or more.  New sales (275) in Sonoma County in February were 23% below the pace of February 2022 (358) and they were 40% above the pace last month (197).  There were 293 new sales in February 2019.  There is a 1.5-month supply of inventory based on the current sales pace.  The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 48 (Sonoma) to 139 (Healdsburg) days.  For 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 all of the County is 66 days.  The median price of the 207 homes closed in February in Sonoma County was $740,000. This is 4% below the median price in February 2022 ($773,000).  Over the past four months, Sonoma County homes are selling at 95% of their original list price.  In February, 30% of the homes in Sonoma County sold at a price more than the original asking price and 35% of the homes had a reduction in price before they sold.  We are currently experiencing more properties with multiple offers.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price more than $1,800,000).  There has been a 24% decrease in the number of Luxury Homes closed (339) from 3/1/22 to 2/28/23 compared to 457 closings in the period 3/1/21 to 2/28/22.  The inventory of luxury homes (105) is 48% below the inventory in February 2022 (203 homes) and it is 12% above the inventory last month (94).  The pace of new sales (20) in February this year is 5% below the pace of a year ago (21) and it is twice the pace last month (10).  The Days on Market for 13 Luxury Home closings was 81 days this February.  The Days on Market for all closed properties in the County in February was 66.  There is a 5.3-month supply of inventory of luxury properties based on the current sales pace compared to a 1.5-month supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 93% of original list price.

Cloverdale:  There are 13 homes and condominiums available in Cloverdale.  This compares to 31 homes in inventory in February 2022 and 11 homes last month.  There were 7 new sales in February compared to 10 a year ago and 4 last month.  There is now a 1.9-month supply of inventory in Cloverdale based on the current sales pace.  The Days on Market for the 4 homes that closed in February is 47 days.  

Coastal Sonoma:  There are 10 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 9 homes in inventory in February 2022 and 8 homes last month.  There were no new sales in February compared to 3 a year ago and also none last month.  The rainy, wintery weather may be keeping folks from visiting the coast.

Healdsburg Trends:  There are just 23 homes and condominiums available for sale in Healdsburg at the end of the month.  This is the lowest inventory in Healdsburg that we have experienced.  It is 69% below the inventory in February 2022 (73) and it is 28% below the inventory last month (32).  New sales in February (15) were 21% below the pace of sales in February 2022 (19) and they were nearly three times the pace of sales pace last month (4).  There are 1.5-months of available inventory based on the current sales pace.  The Days on Market for the 8 homes that closed in February is 139 days.  

Oakmont:  There are 11 homes and condominiums available in Oakmont at the end of February.  This is 31% below the inventory in February 2022 (16) and it is 35% below the inventory of last month (17).  New sales (18) were equal to the sales pace of a year ago (18) and 50% above the pace of last month (12).  There is a 0.6-month 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 $849,000.  The median price was $727,000 for the 18 homes that closed in February.  The Days on Market for the homes that closed in February is 72 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of February (47) is 48% below the inventory in February 2022 (91) and it is 9% above the inventory last month (43).  There were 34 new sales for the month.  This is 36% below the sales in February 2022 (53) and it is 36% above the sales pace last month (25).  The Petaluma market currently has 1.4 months of available inventory based on the current sales pace. The median price of the 25 homes that closed in February was $875,000.  This is 2% above the median price last February ($861,000).  The Days on Market for the homes that closed in February is 63 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of February (19) is 54% below the inventory in February 2022 (41) and it is 19% above the inventory last month (16).  There were 23 new sales in Rohnert Park in February.  This sales pace is 15% above the 27 sales in February 2022 and it is 15% above the sales last month (20).  There is a 0.8-month supply of inventory based on the current sales pace.  This remains a very tight market.  The median price ($675,000) of the 15 homes and condominiums that closed in February is 9% below the median price in February a year ago ($738,000).  Days on Market for the homes that closed in February is 51 days.

Russian River:  The inventory of homes and condominiums for sale at the end of February in the Russian River area (Guerneville, Monte Rio and Rio Nido) (24) is 57% below the level of February 2022 (56) and it is 15% below the inventory last month (28).  There were 12 new sales for the month of February.  This is equal to the pace in February 2022 (12) and it is twice the pace last month (6).  There is a 2-month supply of inventory in the Russian River based on the current sales pace.  The median price in the Russian River has ranged from about $450,000 to $750,000 over the past year.  The median was $500,000 for the 10 homes that closed in February.  The homes that closed in the Russian River in April went from listing to pending in 53 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 February (159) is 40% below the inventory of a year ago (265) and it is 5% below the inventory last month (167).  New sales in February (134) are 27% below the pace of last February (139) and they are 23% ahead of the pace last month (93).  There is a 1.4-month supply of available homes in Santa Rosa based on the current sales pace. The median price of the 94 homes closed in February in Santa Rosa was $682,000 compared to $705,000 a year ago.  This is a 3% decrease.  The Days on Market for the homes that closed in February is 64 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of February in Sebastopol is 28 homes.  This is 51% below the inventory last February 57) and 8% above the inventory last month (26).  There were 19 new sales for the month of February.  This is 19% above the pace in February 2022 (16) and it is 36% ahead of the pace last month (14).  There is a 1.5-month supply of inventory in Sebastopol based on the current sales pace.  The 19 homes that closed in Sebastopol in February went from listing to pending in 69 days.

Sonoma Valley:  The number of available homes and condominiums for sale (61) at the end of February in the Sonoma Valley is 46% below the inventory last February (113) and it is 25% ahead of the inventory of last month (49).  Seventy percent of the available properties in the Sonoma Valley (43) are priced at $1,000,000, or more.  There were 23 new sales for the month. This is 23% below the 30 sales in February 2022 and it is 35% above the 17 sales last month.  There is a 2.7-month supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 18 properties that closed in the Sonoma Valley in February is 48 days.  The closings in the month had a selling price equal to 95% of the original listing price.  In February, 21% of the homes in the Sonoma Valley sold at a price more than the original asking price (compared to 4% last month) and 37% of the homes showed a price less than the original asking price when they sold (compared to 50% last month).

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of February starts at $3,750,000.  Twenty-three homes closed in the top quartile in the past twelve months compared to 33 in the twelve months prior to that.  In February, there were 2 new sales in this quartile.  There are 15 homes available in this quartile in February 2023 compared to 26 a year ago and 14 last month.  

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of February is 21 properties.  This is 22% below the inventory in February 2022 (27) and it is 62% above the 13 homes in inventory last month.  There were 18 sales in the month.  This is 22% below the pace of sales in February 2022 (23) and it is three times the pace of last month (6).  There is a 1.2-month supply of inventory based on the current sales pace.  The days on market for the 8 homes that closed in February 2022 in Windsor is 59 days.  The median price ($762,000) of the homes closed in Windsor in April compares to a median price a year ago ($718,000).

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of February is 53 homes.  This is 13% above the number of mobile homes available in February 2022 (47) and it is 18% above the number of available mobile homes last month (45).  There were 31 new mobile home sales in February.  This is 6% below the pace of sales in February 2022 (33) and it is 19% ahead of the pace of sales last month (26).  There is a 1.7-month supply of inventory based on the current sales pace.  The average days on market of the 28 mobile homes closed in February is 61 days and the median price was $220,000 compared to $170,000 a year ago. 

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of February is 249 properties. The current inventory is 15% below the number of lots in February 2022 (249) and it is 11% above the number of available lots last month (225). There were 21 new lot sales in February.  This is 22% below the pace of sales in February 2022 (27) and it is 24% ahead of the pace of lot sales last month (17).  There is a 11.9-month supply of inventory based on the current sales pace.  The average days on market of the 17 lots closed in February is 155 days and the median price is $330,000 compared to $350,000 a year ago.   

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of February (193) is 28% below the inventory in February 2022 (269) and it is 8% above the inventory last month (178).  It is 56% below the inventory in February 2019 (442).  Sixty-eight percent of the inventory in Napa County (133 properties) is priced at $1,000,000 or above.  New sales (74) are 32% below the pace of last year (108) and are 25% ahead of the 59 sales last month.  The sales pace is 15% below that of February 2019 (74).  There is a 2.6-month supply of inventory based on the current sales pace.  The Days on Market for the homes closing in Napa County is currently 52 days – down from 79 days last month.  In 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 46 homes closed in February in Napa County ($817,000) is 9% below the median price of a year ago ($904,000) and it is 31% ahead of the price in February 2019 ($625,000).  Over the past four months, Napa County homes are selling at roughly 91% of original list price.  In February, 35% of the homes in Napa County sold at a price that was more than the original asking price and 26% of the homes sold at a price that was less than the original asking price.  

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market currently begins at $3,500,000 in Napa County.  This is up from $2,900,000 last month and the same that it was in December.  There has been a decrease of 33% for the number of closings (49) of Luxury Homes (sales price more than $3,500,000) in Napa County for the period 3/1/22 to 2/28/23 compared to 73 closings in the period 3/1/21 to 2/28/22.  This continues a trend where we see a decrease in this number of luxury home sales.  There are 49 luxury homes in inventory at the end of February 2023 compared to 64 homes in inventory at the end of February 2022 and 42 last month. There were 2 new Luxury Home sales in February compared to 5 last year and one last month.  This creates a 25-month supply of inventory.  Over the past five months, Napa County Luxury Homes are selling at roughly 89% of original asking price and the one home that closed last month was on the market for 175 days.

American Canyon:  There are 11 available homes and condominiums in inventory at the end of February in American Canyon. Last year there were just 14 homes in inventory and there were 16 homes in inventory last month.  There were 9 new sales in the month.  This compares to 7 new homes sales last February and 10 new sales last month.  There is a 1.2-month supply of inventory based on the current sales pace.  The Days on Market for 3 homes that closed in American Canyon last month was 31 days. The median price of the homes that closed in American Canyon in February ($625,000) compares to a median price of ($695,000) a year ago.  The median price in American Canyon can fluctuate quite a bit from month to month.  The average price per square foot of the homes sold in American Canyon was at $277 last month.  This is below the $300 to $400 per square foot range where the sales have been over the past several years.

Napa:  Forty-four percent of the inventory in Napa County is in the City of Napa.  There are 84 available homes and condominiums in inventory at the end of February in the City of Napa. This is 43% below the supply at the end of February 2022 (148) and it is 8% above the inventory at the end of last month (78).  It is 68% below the inventory in 2019 (260).  New sales (47) were 35% below the pace of February 2022 (72) and they were 12% above the pace of last month (42). They were roughly equal to the 46 sales in February 2019.  There is a 1.8-month supply of inventory based on the current sales pace. There was a 5.7-month supply in 2/19.  The Days on Market for the 33 closings last month is 42 days.  The median price of the homes that closed in the City of Napa in February was $850,000. This equals the median price of the homes closed in February 2022 ($850,000) and it is 34% ahead of the price in February 2019 ($632,000).

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 (79) is 8% below the level of 86 in February 2022 and it is 15% above the inventory last month (69).  There were11 new sales this month compared to 24 a year ago and 5 last month.  There is now a 7.6-month supply of inventory based on the current sales pace. The Days on Market for the 6 closings last month is 99 days.  Sixty-one percent of the Luxury Market inventory (price more than $3,500,000) in Napa County is in the Up Valley Market (30 homes). There was one luxury home (price more than $3,500,000) closings in the Up Valley Market last month and there were no new luxury home sales.

Angwin:  The inventory of homes and condominiums for sale in the Angwin at the end of February (8) compares to 10 in February 2022 and 6 last month.  There was one new sale this month compared to one a year ago and none last month.  The average asking price for the 8 homes on the market in Angwin is $2,919,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of February is 20 homes.  This is 18% above the number of mobile homes available in February 2022 (17) and it is 5% below the 21 available homes last month.  There were 12 new mobile home sales in February.  This compares to 18 home sales last February and 10 sales last month.  There is a 1.7-month supply of inventory based on the current sales pace.  The average days on market of the 11 mobile homes closed in February is 75 days and the median price was $178,000.  This compares to a median price of $227,000 in February 2022 and $210,000 last month.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of February stands at 203.  This is 19% below the inventory in February 2022 (249) and it is 3% below the inventory last month (210).  New sales (38) in Mendocino County in February were 5% below the pace of February 2022 (40) and they were 19% above the pace last month (32).  There now is a 5.3-month supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 28 homes sold in Mendocino County in February is 124 days.  For 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 homes closed in February in Mendocino County was $478,000.  Generally, the median price of sold homes in Mendocino has been between $500,000 and $600,000.  Over the past four months, Mendocino County homes are selling at roughly 90% of original asking price.  In February, 14% of the homes in Mendocino County sold at a price greater than the original asking price (compared to 4% last month) and 50% of the homes showed a price reduction at the time they sold (compared to 64% last month).

Ukiah:  The inventory of homes and condominiums for sale at the end of February in Ukiah is 39 homes.  This is 17% below the level of February 2022 (47) and it is 5% below the inventory last month (41).  There were 12 new sales for the month of February.  This is 37% below the 19 sales in February 2022 and it is 9% above the 11 sales last month.  There are 3.2 months of inventory based on the current sales pace.  The Days on Market for the 10 closings last month is 107 days.  The median price of the homes sold in Ukiah in the past year has ranged from $450,000 to $640,000. The median price was $508,000 for the homes that closed in February.  

Redwood Valley and Calpella:  The inventory of homes for sale at the end of February in Redwood Valley and Calpella is 14 homes.  This compares to 14 homes in February 2022 and 16 homes last month.  There were 5 new sales for the month of February.  This compares to 3 sales in February 2022 and 3 new sales last month.  There is a 2.8-month supply of inventory based on the current sales pace.  The median price of the homes sold in Redwood Valley/Calpella in the past year has ranged from $400,000 to $725,000.  There were two new closings in Redwood Valley/Calpella in February at a median price of $519,000 and the homes sold in 52 days. 

Hopland and Talmage:  The inventory of homes for sale at the end of February in Hopland and Talmage is 7 homes.  This compares to 10 homes in inventory at the end of February 2022 and 5 homes in inventory last month.  There were no new sales in the month of February.  This compares to two sales in February 2022 and one new sale last month.  There were no closings in this area last month.

Lake County:  The inventory of homes and condominiums available in Lake County at the end of February stands at 371.  Approximately 30% of the inventory (112 homes) is in the communities of Clearlake and another 11% (39 homes) are in Lakeport.  The countywide inventory is 15% above the inventory in February 2022 (322) and it is 8% above the inventory last month (345).  It compares to an inventory of 478 homes in February 2019.  Closed sales (54) in Lake County in February were 34% below the pace of February 2022 (82) and they were 6% above the pace last month (51).  There now is a 4.7-month supply of inventory in Lake County based on the existing sales pace.  The median Days on Market for the homes sold in Lake County in February is 83 days.  Usually “Days on Market” are traced from listing date to pending date, so the closing date would be somewhat longer. The median price of the homes closed in February in Lake County was $240,000. This is 25% below the median price in February 2022 ($319,000) and it is 19% below the median price last month ($295,000).  It is 7% below the median sales price in February 2019.  The homes sold in Lake County last month sold at 92% of original list price.

Marin County:  Marin County is often considered a “feeder” county to our North Bay Wine Country markets.  Marin County’s inventory (206 homes) is 50% below the 408 homes in February 2022 and it is 2% below the 211 homes in inventory last month.  It is 69% below the 656 homes available in February 2019.  New sales (139) were 33% below the number last February (208) and were 43% above the pace of last month (97).  They were 5% below the 147 sales in February 2019.  This creates a 1.5-month supply.  The median price of the 105 homes sold in Marin County in February is $1,200,000.  This is 8% below the median price a year ago ($1,306,000) and it is 6% above the median sales price in February 2019 ($1,135,000).

Wine Country and North Bay Real Estate Trends in January 2023

Wine Country and Northbay Real Estate Trends 

Better Homes and Gardens Real Estate|Wine Country Group Results for January 2023

Better Homes and Gardens Real Estate|Wine Country Group and Better Homes and Gardens Real Estate|Ming Tree enjoyed 44 closings in January 2023 compared to 75 last January and 63 last month.  In January, we closed homes with a total value of $20 million compared to $31 million last year and $32 million last month.  The average selling price of the properties sold by BHGRE|WCG in January was $446,000. 

BHGRE|WCG currently has 73 pending sales with a value of $29 million dollars.  We are 41% behind our pending unit volume last year at this time.  We have 153 active listings with a value of $72 million dollars.  We are 2% behind last year’s in our listing unit volume.  Our average listing price is $471,000.

Congratulations to the following BHGRE|Wine Country Group agents who had one or more closings in the month of January.  Jessica Spencer in Clearlake led all agents with 7 closings.

Jessica Spencer (7), Summer Dahlquist, Cheryl Marinaro (2), Sheila Deignan, Natalie Hill (2), Dave Hughes, Larry Salmon, Kim Brown (2), Carolyn Towon (2), Barbara Cronick (2), Analiese Von Borstel, Cameron Ramos (2), Trudy Ramos (2), Chelsie Runnings, Darla McKenzie, Deborah Melancon, Erick Rothfeld, Jay Hunter (2), Heather Thurber, Rob Ross, Jana Adams, Parmeeta Ghoman, Elizabeth Uribe, Lisa Ladanyl, Liz Manfree, Mara Kahn, Zebi Bojarski, Malachi Herrera (2), Amy Wray, Maria Flores, Natalie Hill (2), Rianne Pasquariello (2), Nancy Calderon, Melanie Zuniga and Taran Pitzer

National Trends

Across the nation, the inventory of homes for sale is low on a year over year basis and it is still declining.  We expect new listings to start coming on the market in the next few weeks to kick-start the Spring market.   Sales volume (pending sales) have picked up.  This keeps us in a “Seller’s Market” for most areas of the country. The appreciation rate for homes is expected to moderate this year and be essentially flat on a nationwide basis.  A decline in values is not expected.  

North Bay Real Estate Trends for January 2023

For all the areas covered by our Multiple Listing Service (BAREIS), which includes Marin, Mendocino, Napa, Solano and Sonoma Counties, there is an inventory of 1,605 homes and condominiums for sale at the end of January.  Inventory is 20% below that of a year ago (2,004) and it is 13% below the inventory last month (1,847).  It is typical for inventory to fall in this range between November and January.  Inventory remains low on a historical basis as, at times, the inventory has exceeded 11,000 homes in the BAREIS region.  There were 721 sales for the month of January.  This number is 23% below a year ago (940) and 8% above the pace of last month (693).  The median price of homes sold across our North Bay region in January was $625,000. 

I have been following a data point I call the “Price Reduction Ratio” (PRR) for the past year, or so.  Across the country, approximately one third of the homes have a selling price lower than the original asking price.  In some of the hottest markets during the pandemic this ratio is exceeding 60% as the markets cool off.  For January 2023, of all closed homes in our Wine Country markets, our ratios are higher than the national average.  In the region combined, 53% of the homes sold in January had a seling price lower than the asking price.  The numbers were 59% for Napa County, 37% for Sonoma County and 64% for Mendocino County.  Conversely, the ratio of homes selling for more than the original asking price was 10% across the region.  It was 5% in Napa County, 21% in Sonoma County and only 4% in Mendocino County.  I expect that these numbers will move more towards the national average in February.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of January stands at 402 homes.  This is 35% below the inventory in January 2022 (622) and it is 12% below the inventory last month (456).  Forty-five percent of the available homes for sale in Sonoma County at this time (182) are priced at $1,000,000 or more.  New sales (203) in Sonoma County in January were 31% below the pace of January 2022 (296) and they were 7% below the pace last month (219).  There is a 2-month supply of inventory based on the current sales pace.  The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 33 (Oakmont) to 84 (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 62 days.  The median price of the 178 homes closed in January in Sonoma County was $710,000. This is 5% below the median price in January 2022 ($750,000).  Over the past four months, Sonoma County homes are selling at 95% of their original list price.  In January, 21% of the homes in Sonoma County sold at a price more than the original asking price and 37% of the homes had a reduction in price before they sold.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price more than $1,700,000).  There has been a 26% decrease in the number of Luxury Homes closed (387) from 2/1/22 to 1/31/23 compared to 521 closings in the period 2/1/21 to 1/31/22.  The inventory of luxury homes (102) is 43% below the inventory in January 2022 (179 homes) and it is 14% below the inventory last month (119).  The pace of new sales (12) in January this year is 37% below the pace of a year ago (19) and it is also 37% below the pace last month (19).  There is a slowing of activity in this high quartile sector.  The Days on Market for 8 Luxury Home closings was 98 days this January.  The Days on Market for all closed properties in the County in January was 62.  There is a 8.5-month supply of inventory of luxury properties based on the current sales pace compared to a 2-month supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 92% of original list price. 

Coastal Sonoma:  There are 8 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 6 homes in inventory in January 2022 and 10 homes last month.  There were no new sales in January compared to 6 a year ago and 5 last month.  The Days on Market for the 4 homes that closed in January is 53 days.  

Oakmont:  There are 17 homes and condominiums available in Oakmont at the end of January.  This is 42% above the inventory in January 2022 (12) and it is 11% below the inventory of last month (19).  New sales (14) were equal to the sales pace of a year ago (14) and three times the pace of last month (5).  There is a 1.2-month 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 $849,000.  The median price was $677,000 for the 7 homes that closed in January.  The Days on Market for the homes that closed in January is 54 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of January (43) is 43% below the inventory in January 2022 (75) and it is 17% below the inventory last month (52).  There were 25 new sales for the month.  This is 11% below the sales in January 2022 (28) and it is 9% above the sales pace last month (23).  The Petaluma market currently has 1.7 months of available inventory based on the current sales pace. The median price of the 19 homes that closed in January was $884,000.  This is 4% above the median price last January ($850,000).  The Days on Market for the homes that closed in January is 64 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of January (16) is 52% below the inventory in January 2022 (33) and it is 30% below the inventory last month (23).  There were 20 new sales in Rohnert Park in January.  This sales pace is 18% above the 17 sales in January 2022 and it is 17% below the sales last month (23).  There is a 0.8-month supply of inventory based on the current sales pace.  This remains a very tight market.  The median price ($640,000) of the 21 homes and condominiums that closed in January is 6% below the median price in January a year ago ($680,000).  Days on Market for the homes that closed in January is 36 days.

Russian River:  The inventory of homes and condominiums for sale at the end of January in the Russian River area (Guerneville, Monte Rio and Rio Nido) (28) is 32% below the level of January 2022 (41) and it is 10% below the inventory last month (31).  There were 6 new sales for the month of January.  This 50% below the pace in January 2022 (12) and it is 54% below the pace last month (13).  There is a 4.7-month supply of inventory in the Russian River based on the current sales pace.  The median price in the Russian River has ranged from about $450,000 to $750,000 over the past year.  The median was $575,000 for the 7 homes that closed in January.  The homes that closed in the Russian River in April went from listing to pending in 96 days.

Santa Rosa:  Forty-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 January (167) is 20% below the inventory of a year ago (208) and it is 7% below the inventory last month (180).  New sales in January (94) are 32% below the pace of last January (139) and they are 22% ahead of the pace last month (75).  There is a 1.8-month supply of available homes in Santa Rosa based on the current sales pace. The median price of the 64 homes closed in January in Santa Rosa was $612,000 compared to $705,000 a year ago.  This is a 13% decrease.  The Days on Market for the homes that closed in January is 61 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of January in Sebastopol is 26 homes.  This is 40% below the inventory last January (41) and 7% below the inventory last month (28).  There were 14 new sales for the month of January.  This is 13% below the pace in January 2022 (16) and it is 27% ahead of the pace last month (12).  There is a 1.9-month supply of inventory in Sebastopol based on the current sales pace.  The 10 homes that closed in Sebastopol in January went from listing to pending in 76 days.

Sonoma Valley:  The number of available homes and condominiums for sale (49) at the end of January in the Sonoma Valley is 37% below the inventory last January (78) and it is 8% below the inventory of last month (53).  Sixty-one percent of the available properties in the Sonoma Valley (30) are priced at $1,000,000, or more.  There were 17 new sales for the month. This is 19% below the 21 sales in January 2022 and it is 32% below the 25 sales last month.  There is a 2.9-month supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 24 properties that closed in the Sonoma Valley in January is 66 days.  The closings in the month had a selling price equal to 93% of the original listing price.  In January, 4% of the homes in the Sonoma Valley sold at a price more than the original asking price and 50% of the homes showed a price less than the original asking price when they sold.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of January starts at $3,500,000.  Twenty-five homes closed in the top quartile in the past twelve months compared to 29 in the twelve months prior to that.  In January, there was one new sale in this quartile.  There are 12 homes available in this quartile in January 2023 compared to 17 a year ago and 12 last month.  

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of January is 13 properties.  This is 24% below the inventory in January 2022 (17) and it is 28% below the 18 homes in inventory last month.  There were 9 sales in the month.  This is 31% below the pace of sales in January 2022 (11) and it is 36% below the pace of last month (14).  There is a 1.4-month supply of inventory based on the current sales pace.  The days on market for the 11 homes that closed in January 2022 in Windsor is 60 days.  The median price ($799,000) of the homes closed in Windsor in April is essentially equal to the median price a year ago ($794,000).

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of January is 45 homes.  This is 6% below the number of mobile homes available in January 2022 (48) and it is one less than the number of available mobile homes last month (46).  There were 30 new mobile home sales in January.  This is 20% ahead of the pace of sales in January 2022 (25) and it is 173% ahead of the pace of sales last month (11).  There is a 1.5-month supply of inventory based on the current sales pace.  The average days on market of the 11 mobile homes closed in January is 59 days and the median price was $175,000 compared to $187,000 a year ago. 

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of January (178) is 29% below the inventory in January 2022 (250) and it is 10% below the inventory last month (198).  Sixty-one percent of the inventory in Napa County (108 properties) is priced at $1,000,000 or above.  New sales (63) are 13% below the pace of last year (72) and are 58% ahead of the 43 sales last month.  There is a 2.8-month supply of inventory based on the current sales pace.  The Days on Market for the homes closing in Napa County is currently 82 days.  In 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 64 homes closed in January in Napa County ($785,000) is 5% below the median price of a year ago ($825,000).  Over the past four months, Napa County homes are selling at roughly 93% of original list price.  In January, 5% of the homes in Napa County sold at a price that was more than the original asking price and 59% of the homes sold at a price that was less than the original asking price.  

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market currently begins at $2,900,000 in Napa County.  This is down from $3,500,000 last month.  There has been a decrease of 32% for the number of closings (50) of Luxury Homes (sales price more than $2,900,000) in Napa County for the period 2/1/22 to 1/31/23 compared to 73 closings in the period 2/1/21 to 1/31/22.  This continues a trend where we see a decrease in this number of luxury sales.  There are 45 luxury homes in inventory at the end of January 2023 compared to 69 homes in inventory at the end of January 2022 and 59 last month. There were 3 new Luxury Home sales in January compared to 2 last year and 3 last month.  This creates a 15-month supply of inventory.  Over the past four months, Napa County Luxury Homes are selling at roughly 94% of original asking price and the one home that closed last month was on the market for 239 days.

American Canyon:  There are 16 available homes and condominiums in inventory at the end of January in American Canyon. Last year there were just 7 homes in inventory and there were 24 homes in inventory last month.  There were 12 new sales in the month.  This compares to 5 new homes sales last January and 8 new sales last month.  There is a 1.3-month supply of inventory based on the current sales pace.  The Days on Market for 4 homes that closed in American Canyon last month was 103 days. The median price of the homes that closed in American Canyon in January ($690,000) compares to a median price of ($673,000) a year ago.  The median price in American Canyon can fluctuate quite a bit from month to month.  The average price per square foot of the homes sold in American Canyon was at $310 last month.  This is consistent with the $300 to $400 per square foot range where the sales have been over the past several years.

Napa:  Forty-four percent of the inventory in Napa County is in the City of Napa.  There are 78 available homes and condominiums in inventory at the end of January in the City of Napa. This is 43% below the supply at the end of January 2022 (137) and it is 3% above the inventory at the end of last month (76).  New sales (43) were 9% below the pace of January 2022 (47) and they were 54% above the pace of last month (30). There is a 1.8-month supply of inventory based on the current sales pace. The Days on Market for the 31 closings last month is 76 days.  The median price of the homes that closed in the City of Napa in January was $785,000. This is 11% below the median price of the homes closed in January 2022 ($884,000).

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 (69) is 18% below the level of 84 in January 2022 and it is 12% below the inventory last month (78).  There were 6 new sales this month compared to 17 a year ago and 6 last month.  There is now a 5.8-month supply of inventory based on the current sales pace. The Days on Market for the 4 closings last month is 108 days.  Forty-one percent of the Luxury Market inventory (price more than $2,900,000) in Napa County is in the Up Valley Market (28 homes). There were no luxury home (price more than $2,900,000) closings in the Up Valley Market last month and there were 2 new luxury home sales.

Angwin:  The inventory of homes and condominiums for sale in the Angwin at the end of January (6) compares to 8 in January 2022 and 9 last month.  There were no new sales this month compared to 2 a year ago and one last month.  The average asking price for the 6 homes on the market in Angwin is $2,174,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of January is 21 homes.  This is 22% below the number of mobile homes available in January 2022 (27) and it is also 22% below the 27 available homes last month.  There were 13 new mobile home sales in January.  This compares to 12 home sales last January and 9 sales last month.  There is a 1.6-month supply of inventory based on the current sales pace.  The average days on market of the 9 mobile homes closed in January is 88 days and the median price was $210,000.  This compares to a median price of $210,000 in January 2022 and $208,000 last month.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of January stands at 210.  This is 8% below the inventory in January 2022 (227) and it is 13% below the inventory last month (241).  New sales (36) in Mendocino County in January were slightly above the pace of January 2022 (35) and they were slightly below the pace last month (37).  There now is a 5.8-month supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 28 homes sold in Mendocino County in January is 130 days.  For 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 homes closed in January in Mendocino County was $392,000. This is the lowest median price for any month in the past year.  Generally, the median price of sold homes in Mendocino has been around $$500,000 to $600,000.  Over the past four months, Mendocino County homes are selling at roughly 89% of original asking price.  In January, 4% of the homes in Mendocino County sold at a price greater than the original asking price and 64% of the homes showed a price reduction at the time they sold.

Ukiah:  The inventory of homes and condominiums for sale at the end of January in Ukiah is 48 homes.  This is 12% above the level of January 2022 (42) and it is 8% below the inventory last month (52).  There were 15 new sales for the month of January.  This is 6% below the 16 sales in January 2022 and it is 12% below the 17 sales last month.  There are 3.2 months of inventory based on the current sales pace.  The Days on Market for the 11 closings last month is 104 days.  The median price of the homes sold in Ukiah in the past year has ranged from $450,000 to $640,000. The median price was $379,000 for the homes that closed in January.  

Redwood Valley and Calpella:  The inventory of homes for sale at the end of January in Redwood Valley and Calpella is 19 homes.  This compares to 10 homes in January 2022 and 25 homes last month.  There were 6 new sales for the month of January.  This compares to 5 sales in January 2022 and 2 new sales last month.  There is a 3.2-month supply of inventory based on the current sales pace.  The median price of the homes sold in Redwood Valley/Calpella in the past year has ranged from $400,000 to $725,000.  There was one new closing in Redwood Valley/Calpella in January at a median price of $640,000 and the homes sold in 154 days. 

Hopland and Talmage:  The inventory of homes for sale at the end of January in Hopland and Talmage is 5 homes.  This compares to 10 homes in inventory at the end of January 2022 and 9 homes in inventory last month.  There was one new sale in the month of January.  This compares to one sale in January 2022 and one new sale last month.  There were two closings in this area last month.

Lake County:  The inventory of homes and condominiums available in Lake County at the end of January stands at 351.  Approximately 32% of the inventory (114 homes) is in the communities of Clearlake and another 12% (42 homes) are in Lakeport.  The countywide inventory is 13% above the inventory in January 2022 (310) and it is 2% below the inventory last month (357). Closed sales (51) in Lake County in January were 39% below the pace of January 2022 (83) and they were 32% below the pace last month (75).  There now is a 4.3-month supply of inventory in Lake County based on the existing sales pace.  The median Days on Market for the homes sold in Lake County in January is 43 days. Usually “Days on Market” are traced from listing date to pending date, so the closing date would be somewhat longer.  The median price of the homes closed in January in Lake County was $295,000. This is 11% below the median price in January 2022 ($330,000) and it is equal to the median price last month ($295,000).  The homes sold in Lake County last month sold at 95% of original list price.

Marin County:  Marin County is often considered a “feeder” county to our North Bay Wine Country markets.  Marin County’s inventory (211 homes) is 46% below the 391 homes in January 2022 and it is 4% below the 220 homes in inventory last month.  New sales (99) were 21% below the number last January (125) and were 29% above the pace of last month (77).  This creates a 2.1-month supply.  The median price of the 63 homes sold in Marin County in January is $1,025,000.  This is 21% below the median price a year ago ($1,300,000) and the lowest median price in the past twelve months.

Wine Country and Northbay Real Estate Trends

Wine Country Market Value Shifts and Sales Trends for 2022 

I’ve done a chart of Wine Country Market Value Shifts dating back to 1998.  I’ve just added the latest data for 2022 so if you’d like a copy, drop me an email.  According to the Bay Area Real Estate Services MLS figures, the average price of residential real estate sales in Wine Country (Sonoma and Napa Counties) increased by 8.8%% in 2022.  This compares to an increase of 10.4% in 2021. The average price of all closings in Sonoma County was $982,057 (up 7% from one year ago), the average in Napa County was $1,381,590 (up 13% from a year ago) and the average in Mendocino County was $634,688 (down 12% from one year ago).  I’m expecting prices to moderately increase in 2023 and average, perhaps, below 3% to 4% for the year.  It will vary from market to market and in different price ranges.

There were 5,688 closings of single-family homes and condominiums across Wine Country (Sonoma and Napa Counties) in 2022 compared to 8,243 closings in 2021.   This is a 31% decrease in closings.  There was a 27% decrease in Sonoma County (4,524 in 2022 compared to 6,651 in 2021) while Napa Country decreased 17% year over year at 1,164 units compared to 1,592 units in 2021 and Mendocino County was down 12% in closings – 621 sales compared to 705 in 2021. I expect the 2023 volume will again be flat or slightly down from the volume in 2022 due to our low inventory and higher interest rates at the start of this year.  The total sales dollar volume was over $6.4 billion dollars – $4.4 billion in Sonoma County, $1.6 billion in Napa County and $394 million in Mendocino County.  This compares to $8.6 billion dollars last year.

Better Homes and Gardens Real Estate|Wine Country Group Results for December 2022

Better Homes and Gardens Real Estate|Wine Country Group and Better Homes and Gardens Real Estate|Ming Tree enjoyed 63 closings in December 2022 compared to 77 last December and 79 last month.  In December, we closed homes with a total value of $32 million compared to $31 million last year and $38 million last month.  The average selling price of the properties sold by BHGRE|WCG in December was $514,020. 

BHGRE|WCG currently has 76 pending sales with a value of $31 million dollars.  We are 33% behind our pending unit volume last year at this time.  We have 150 active listings with a value of $71 million dollars.  We are 9% behind our listing unit volume of last year.  Our average listing price is $473,000.

For the entire year of 2022, Better Homes and Gardens Real Estate Wine Country Group closed 953 transactions (up 40% from 2021) with dollar volume of $425 million (up 5% from 2021).

Congratulations to the following BHGRE|Wine Country Group agents who had one or more closings in the month of December.  Jessica Spencer in Clearlake led all agents with 9 closings.

Jessica Spencer (9), Sarah Duschka (5), Summer Dahlquist (2), Cheryl Marinaro (6), Sheila Deignan (6), Paige Hotchkiss (3), Natalie Hill, Julie Lee (2), Dave Hughes, Larry Doss, Kim Brown, Cassey Alanis (2), Carina De Herrera, Brenda Lockhart, Dottie Nelson, Mari Giblin, Jose Mendoza (3), John Stopkowica, Josh Mohland, Kendra Martin (2), Darla McKenzie, Julio Soto (3), Linda Alioto (2), Rachel Iachella, Hayley Pastori (2), Jana Adams (2), Parmeeta Ghoman, Ray Hellgren (2), Shari Wilde, Keziah Watt and Amy Wray (2).

National Trends

Across the nation, the inventory of homes for sale is low on a year over year basis – but sales volume is even lower.  Inventory has declined as it typically does at this time of year through the beginning of the following year.  I’ve always believed that it is the week after Super Bowl Weekend when the Spring Market begins and inventory begins to climb, others say about the third week of January.  Buyer demand has dropped since rates passed 5.5% in mid-September.  There are 35% fewer pending sales (sales under contract) this week this year compared to a year ago.  The national median price is expected to settle around $400,000 for the year end which reflects a 7% increase for the year.  This appreciation rate is expected to moderate next year to be in the 2% to 4% range on a nationwide basis.  In California, the Chief Economist expects a 7% decline in year to year closings and a 9% decrease in YtoY median price. This follows a two year period where closings increased over 20% and median prices increased over 15% – so the market is “catching it’s breath” after a very strong period of sales.

North Bay Real Estate Trends for December 2022

For all the areas covered by our Multiple Listing Service (BAREIS), which includes Marin, Mendocino, Napa, Solano and Sonoma Counties, there is an inventory of 1,847 homes and condominiums for sale at the end of December.  Inventory is 3% above that of a year ago (1,793) and it is 24% below the inventory last month (2,426).  It is typical for inventory to fall in this range between November and December and inventory, in general, remains low on a historical basis.  At times, the inventory has exceeded 11,000 homes in the BAREIS region.  There were 693 sales for the month of December.  This number is 23% below a year ago (895) and 20% below the pace of last month (861).  The median price of homes sold across our North Bay region in December was $671,000. 

I have been following a data point I call the “Price Reduction Ratio” (PRR) for the past year, or so.  Across the country approximately 40% of the homes currently put into the MLS are having price reductions before they sell.  In some of the hottest markets during the pandemic this ratio is exceeding 60% and those markets cool off.  In much of our region, the ratios are lower.  For December 2022, of all closed homes in our Wine Country markets, the ratio is 45% for Napa County, 41% for Sonoma County and 50% for Mendocino County.  Conversely, the ratio of homes selling in excess of Original List Price is 20% in Napa County, 27% in Sonoma County and only 7% in Mendocino County.  Though our ratios are lower locally, the trend is consistent as we are seeing an increase in homes selling with price reductions up to 45% from 28% a year ago for our entire region.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of December stands at 456 homes.  This is 15% below the inventory in December 2021 (558) and it is 26% below the inventory last month (617).  New sales (219) in Sonoma County in December were 20% below the pace of December 2021 (274) and they were 22% below the pace last month (280).  There is a 2.1 month supply of inventory based on the current sales pace.  The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 33 (Oakmont) to 84 (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 55 days.  The median price of the 256 homes closed in December in Sonoma County was $750,000. This is equal to the median price in December 2021 ($750,000).  Forty-three percent of the available homes for sale in Sonoma County at this time (196) are priced at $1,000,000 or more.  Over the past four months, Sonoma County homes are selling at 95% of their original list price.  In December, 27% of the homes in Sonoma County sold at a price in excess of the original list price and 41% of the homes had a reduction in price before they sold.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,750,000).  There has been a 21% decrease in the number of Luxury Homes closed (406) from 1/1/22 to 12/31/22 compared to 515 closings in the period 1/1/21 to 12/31/21.  The inventory of luxury homes (159) is 23% below the inventory in December 2021 (154 homes) and it is 26% below the inventory last month (160).  The pace of new sales (19) in December this year is 21% below the pace of a year ago (24) and it is 14% below the pace last month (22).  There is a slowing of activity in this high quartile sector.  The Days on Market for 22 Luxury Home closings was 187 days this December.  The Days on Market for all closed properties in the County in December was 55.  There is a 6.3 months supply of inventory of luxury properties based on the current sales pace compared to a 2.1 months supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 93% of original list price.

Cloverdale:  There are 14 homes and condominiums available in Cloverdale.  This compares to 20 homes in inventory in December 2021 and 24 homes last month.  There were 9 new sales in December compared to 10 a year ago and 2 last month.  There is now a 1.5 month supply of inventory in Cloverdale based on the current sales pace.  The Days on Market for the 6 homes that closed in December is 60 days.  

Coastal Sonoma:  There are 10 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 8 homes in inventory in December 2021 and 12 homes last month.  There were 5 new sales in December compared to 2 a year ago and 5 last month.  There is now a 2 month supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 7 homes that closed in December is 35 days.  

Healdsburg Trends:  There are 34 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 51% below the inventory in December 2021 (69) and it is 24% below the inventory last month (45).  New sales in December (10) were 41% below the pace of sales in December 2021 (17) and they were 41% below the sales pace last month (17).  The months of available inventory is 3.4 months at the end of December based on the current sales pace.  The Days on Market for the 13 homes that closed in December is 84 days.  

Oakmont:  There are 19 homes and condominiums available in Oakmont at the end of December.  This is 19% above the inventory in December 2021 (16) and it is 17% below the inventory of last month (23).  New sales (5) were 69% below the sales pace of a year ago (16) and 64% below the pace of last month (14).  There is a 3.8 month 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 $849,000.  The median price was $780,000 for the 7 homes that closed in December.  The Days on Market for the homes that closed in December is 33 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of December (52) is 4% below the inventory in December 2021 (54) and it is 25% below the inventory last month (69).  There were 23 new sales for the month.  This is 37% equal to the sales in December 2021and it is 30% below the sales pace last month (33).  The Petaluma market currently has 2.3 months of available inventory based on the current sales pace. The median price of the 34 homes that closed in December was $834,000. This is essentially equal to the median price last December ($840,000).  The Days on Market for the homes that closed in December is 48 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of December (23) is 28% above the inventory in December 2021 (18) and it is 26% below the inventory last month (31).  There were 23 new sales in Rohnert Park in December.  This sales pace is 10% ahead of the 21sales in December 2021 and it is 8% below the sales last month (25).  There is a 1 month supply of inventory based on the current sales pace.  This remains a very tight market.  The median price ($720,000) of the 29 homes and condominiums that closed in December is 8% above the median price in December a year ago ($665,000).  Days on Market for the homes that closed in December is 38 days.

Russian River:  The inventory of homes and condominiums for sale at the end of December in the Russian River area (Guerneville, Monte Rio and Rio Nido) (31) is 18% below the level of December 2021 (38) and it is 24% below the inventory last month (41).  There were 13 new sales for the month of December.  This is 30% above the pace in December 2021 (10) and it is 18% above the pace last month (11).  There is a 2.4 month 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 $783,000 over the past year.  The median was $594,000 for the 10 homes that closed in December.  The homes that closed in the Russian River in April went from listing to pending in 57 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 December (180) is 6% below the inventory of a year ago (191) and it is 16% below the inventory last month (214).  New sales in December (75) are 42% below the pace of last December (130) and they are 40% below the pace last month (125).  There is a 2.4 month supply of available homes in Santa Rosa based on the current sales pace. The median price of the 105 homes closed in December in Santa Rosa was $702,000 compared to $679,000 a year ago.  This is a 3% increase.  The Days on Market for the homes that closed in December is 55 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of December in Sebastopol is 28 homes.  This is 18% below the inventory last December (34) and 35% below the inventory last month (43).  There were 12 new sales for the month of December.  This is 20% below the pace in December 2021 (15) and it is 33% below the pace last month (18).  There is a 2.3 month supply of inventory in Sebastopol based on the current sales pace.  The 12 homes that closed in Sebastopol in December went from listing to pending in 53 days.

Sonoma Valley:  For all of the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) in 2022, there were 385 sales compared to 622 sales in 2021 (-38%).  Total sales volume in 2022 was $574 million compared to $901 million in 2021 (-36%).  The average price for all sales over the 12 months of 2022 was $1,491,405 compared to $1,448,264 for 2021 (an increase of 3%).

The number of available homes and condominiums for sale (53) at the end of December in the Sonoma Valley is 21% below the inventory last December (67) and it is 40% below the inventory of last month (88).  Sixty-six percent of the available properties in the Sonoma Valley (35) are priced at $1,000,000, or more.  There were 24 new sales for the month. This is equal to the 24 sales in December 2021 and it is 9% above the 22 sales last month.  There is a 2.2 month supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 21 properties that closed in the Sonoma Valley in December is 68 days.  The closings in the month had a selling price equal to 91% of the original listing price.  In December, 27% of the homes in the Sonoma Valley sold at a price in excess of the original list price and 40% of the homes had a reduction in price before they sold.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of December starts at $3,750,000.  Twenty-three homes closed in the top quartile in the past twelve months compared to 32 in the twelve months prior to that.  In December, there were two new sales in this quartile.  There are 12 homes available in this quartile in December 2022 compared to 13 a year ago and 22 last month.  Clearly, a lot (45%) of these high-end homes were taken off the market or expired as listings over the holidays.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of December is 18 properties.  This is slightly above the inventory in December 2021 (17) and it is 25% below the 24 homes in inventory last month.  There were 14 sales in the month.  This is 17% above the pace of sales in December 2021 (12) and it is 7% above the pace of last month (13).  There is a 1.3 month supply of inventory based on the current sales pace.  The days on market for the 14 homes that closed in December 2021 in Windsor is 73 days.  The median price ($723,000) of the homes closed in Windsor in April is 2% below the median price a year ago ($737,000).

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of December is 46 homes.  This is 7% above the number of mobile homes available in December 2021 (43) and it is 10% above the number of available mobile homes last month (42).  There were 16 new mobile home sales in December.  This is 43% below the pace of sales in December 2021 (28) and it is 45% below the pace of sales last month (29).  There is a 2.9 month supply of inventory based on the current sales pace.  The average days on market of the 21 mobile homes closed in December is 56 days and the median price was $175,000 compared to $193,000 a year ago. 

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of December is 249 properties. The current inventory is 11% below the number of lots in December 2021 (279) and it is 10% below the number of available lots last month (275). There were 28 new lot sales in December.  This is 12% above the pace of sales in December 2021 (25) and it is 133% ahead of the pace of lot sales last month (12).  There is a 8.9 months supply of inventory based on the current sales pace.  The average days on market of the 16 lots closed in December is 117 days and the median price is $285,000 compared to $315,000 a year ago.   

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of December (198) is 10% below the inventory in December 2021 (219) and it is 25% below the inventory last month (264).  Sixty-two percent of the inventory in Napa County (123 properties) is priced at $1,000,000 or above.   New sales (43) are 41% below the pace of last year (73) and are 39% below the 70 sales last month.  There is a 4.6 months supply of inventory based on the current sales pace.  This is the highest “months supply” that we have had in Napa County since May 2020. The Days on Market for the homes closing in Napa County is currently 71 days.  This is also the highest “days on market” for the past year.  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 64 homes closed in December in Napa County ($787,000) is 13.5% below the median price of a year ago ($910,000).  Over the past four months, Napa County homes are selling at roughly 95% of original list price.  In December, 20% of the homes in Napa County sold at a price in excess of the original list price and 45% of the homes had a reduction in price before they sold.  

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $3,500,000 in Napa County at this time.  There has been a decrease of 31% for the number of closings (51) of Luxury Homes (sales price in excess of $3,500,000) in Napa County for the period 1/1/22 to 12/31/22 compared to 74 closings in the period 1/1/21 to 12/31/21.  This continues a trend where we see a decrease in this number of luxury sales.  There are 52 luxury homes in inventory at the end of December 2022 compared to 53 homes in inventory at the end of December 2021 and 73 last month. There were 2 new Luxury Home sales in December compared to 2 last year and 3 last month.  This creates a 26 months supply of inventory.  Over the past four months, Napa County Luxury Homes are selling at roughly 95% of original list price and the 4 homes that closed last month were on the market for 162 days.

American Canyon:  There are 24 available homes and condominiums in inventory at the end of December in American Canyon. Last year at this time there were just 5 homes in inventory and there were 29 homes in inventory last month.  There were 8 new sales in the month.  This compares to 7 new homes sales last December and 6 new sales last month.  There is a 2.5 months supply of inventory based on the current sales pace.  The Days on Market for 10 homes that closed in American Canyon last month was 60 days. The median price of the homes that closed in American Canyon in December ($503,000) compares to a median price of ($545,000) a year ago.  The median price in American Canyon can fluctuate quite a bit.  The average price per square foot of the homes sold in American Canyon was at $383 last month.  This is consistent with the $300 to $400 per square foot range where the sales have been over the past several years.

Napa:  Thirty-eight percent of the inventory in Napa County is in the City of Napa.  There are 76 available homes and condominiums in inventory at the end of December in the City of Napa. This is 36% below the supply at the end of December 2021 (118) and it is 36% below the inventory at the end of last month (119).  New sales (30) were 38% below the pace of December 2021 (48) and they were 44% below the pace of last month (54). There is a 2.5 months supply of inventory based on the current sales pace. The Days on Market for the 44 closings last month is 65 days.  The median price of the homes that closed in the City of Napa in December was $824,000. This is 12% below the median price of the homes closed in December 2021 ($932,000).

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 December (78) is 4% above the level of 75 in December 2021 and it is 21% below the inventory last month (99).  There were 6 new sales this month compared to 15 a year ago and 10 last month.  There is now a 13 months supply of inventory based on the current sales pace. The Days on Market for the 9 closings last month is 99 days.  Forty-one percent of the Luxury Market inventory (price in excess of $3,500,000) in Napa County is in the Up Valley Market (32 homes). There were 3 luxury home (price in excess of $3,500,000) closings in the Up Valley Market last month and there were 2 new luxury home sales.

Angwin:  The inventory of homes and condominiums for sale in the Angwin at the end of December (9) compares to 7 in December 2021 and 10 last month.  There were two new sales this month compared to 3 a year ago and none last month.  The median asking price for the 9 homes on the market in Angwin is $1,930,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of December is 27 homes.  This is 4% below the number of mobile homes available in December 2021 (28) and it is 23% above the 22 available homes last month.  There were 9 new mobile home sales in December.  This compares to 11 home sales last December and 9 sales last month.  There is a 3 months supply of inventory based on the current sales pace.  The average days on market of the 8 mobile homes closed in December is 66 days and the median price was $208,000.  This compares to a median price of $283,000 in December 2021 and $270,000 last month.  The median price of sold mobile homes in Napa varies quite a bit from month to month  depending on where they are taking place.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of December stands at 241.  This is 20% above the inventory in December 2021 (201) and it is 14% below the inventory last month (279).  New sales (43) in Mendocino County in December were 14% below the pace of December 2021 (50) and they were 59% above the pace last month (27).  There now is a 5.6 month supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 30 homes sold in Mendocino County in December is 99 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 homes closed in December in Mendocino County was $580,000. This is equal to the median price in December 2021 ($500,000).  Over the past four months, Mendocino County homes are selling at roughly 90% of original list price.  In December, 7% of the homes in Mendocino County sold at a price in excess of the original list price and 50% of the homes had a reduction in price before they sold.

Ukiah:  The inventory of homes and condominiums for sale at the end of December in Ukiah is 45 homes.  This is 22% above the level of December 2021 (37) and it is 20% below the inventory last month (56).  There were 13 new sales for the month of December.  This is 52% below the 27 sales in December 2021 and it is 63% above the 8 sales last month.  There is 3.5 months of inventory based on the current sales pace.  The Days on Market for the 8 closings last month is 97 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $625,000. The median price was $640,000 for the homes that closed in December.  

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of December in Redwood Valley and Calpella is 21 homes.  This compares to 16 homes in December 2021 and 26 homes last month.  There were 2 new sales for the month of December.  This compares to 2 sales in December 2021 and 3 new sales last month.  There is a 10.5 months supply of inventory based on the current sales pace.  The median price of the homes sold in Redwood Valley/Calpella in the past year has ranged from $400,000 to $725,000.  There were 5 closings in Redwood Valley/Calpella in December at a median price of $640,000 and the homes sold in 118 days. 

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of December in Hopland and Talmage is 9 homes.  This compares to 7 homes in inventory at the end of December 2021 and 9 homes in inventory last month.  There was one new sale in the month of December.  This compares to two sales in December 2021 and one new sale last month.  There was one closing in this area last month.

Lake County:  The inventory of homes and condominiums available in Lake County at the end of December stands at 370.  Approximately 33% of the inventory (124 homes) is in the communities of Clearlake and another 12% (46 homes) are in Lakeport.  The countywide inventory is 9.5% above the inventory in December 2021 (338) and it is 17% below the inventory last month (446). Closed sales (75) in Lake County in December were 24% below the pace of December 2021 (99) and they were 6% ahead of the pace last month (71).  There now is a 4.3 months supply of inventory in Lake County based on the existing sales pace.  The median Days on Market for the homes sold in Lake County in December is 56 days – the highest in the past year.  Usually “Days on Market” are traced from listing date to pending date, so the closing date would be somewhat longer.  The median price of the homes closed in December in Lake County was $295,000. This is 12% below the median price in December 2021 ($335,000) and 2% below the median price last month ($300,000).  The homes sold in Lake County last month sold at 89% of original list price.

Marin County:  Marin County is often considered a “feeder” county to our North Bay Wine Country markets.  Marin County’s inventory (220 homes) is 26% below the 297 homes in December 2021 and it is 34% below the 335 homes in inventory last month.  New sales (79) were 34% below the number last December (119) and were 50% below the pace of last month (157).  This creates a 2.8 month supply.  The median price of the 132 homes sold in Marin County in December is $1,278,000.  This is 4% below the median price a year ago ($1,328,000).

Wine Country and Northbay Real Estate Trends

Wine Country and Northbay Real Estate Trends 

Better Homes and Gardens Real Estate|Wine Country Group Results for November 2022

Better Homes and Gardens Real Estate|Wine Country Group and Better Homes and Gardens Real Estate|Ming Tree enjoyed 79 closings in November 2022 compared to 53 last November and 71 last month.  In November, we closed homes with a total value of $38 million compared to $32 million last year and $33 million last month.  The average selling price of the properties sold by BHGRE|WCG in November was $475454. 

BHGRE|WCG currently has 91 pending sales with a value of $31 million dollars.  We are 19% behind our pending unit volume last year at this time.  We have 161 active listings with a value of $54 million dollars.  We are 30% ahead of last year in our listing unit volume.  Our average listing price is $335,000.

Congratulations to the following BHGRE|Wine Country Group agents who had one or more closings in the month of November.  David Hughes in Clearlake led all agents with 6 closings.

Jessica Spencer (5), Sarah Duschka, Jessica Hooten (2), Summer Dahlquist, Cheryl Marinaro, Sheila Deignan (4), Paige Hotchkiss, Lisa Ladanyl, J. Hunter; Dave Hughes (6), Annalise Von Borstel (2), Larry Salmon, Taran Pitzer (2), Cassey Alanis (4), Carina De Herrera (2), Darla McKenzie, Mari Giblin, Dave Smith (2), Kathy McGuire, Team Ramos (2), Kim Brown, Keziah Watt, Julio Soto (3), Linda Alioto, Malachi Herrera, Mara Kahn, Zebi Bojarski, Maria Flores, Melanie Tash, Melanie Zuniga (3), Denise Ridley (2), Daryush Wertime, Liz Uribe, Hayley Pastori, Jana Adams (3), Jeff Ragan, Jerry Moulton (2), Josh Mohland, Natalie Hill, Nichole Berg (2), Parmeeta Ghoman (2), Patricia Vance, Rianne Pasquariello, Robert Ross, Heather Thurber, Rollin Trehearne (4), Ryan Gourd and Amy Wray (2).

National Trends

Across the nation, the inventory of homes for sale is low on a year over year basis – but sales volume is even lower.  Inventory has declined as it typically does at this time of year through the beginning of the following year.  I’ve always believed that it is the week after Super Bowl Weekend when the Spring Market begins and inventory begins to climb.  Buyer demand has dropped since rates passed 5.5% in mid-September.  There are 33% fewer pending sales (sales under contract) this week this year compared to a year ago.  The national median price is expected to settle around $400,000 for the year end which reflects a 7% increase for the year.  This appreciation rate is expected to moderate next year to be in the 2% to 4% range on a nationwide basis.  In California, the Chief Economist expects a 7% decline in year to year closings and a 9% decrease in YtoY median price. This follows a two year period where closings increased over 20% and median prices increased over 15% – so the market is “catching it’s breath” after a very strong period of sales.

North Bay Real Estate Trends for November 2022

For all of the areas covered by our Multiple Listing Service (BAREIS), which includes Marin, Mendocino, Napa, Solano and Sonoma Counties, there is an inventory of 2,426 homes and condominiums for sale at the end of November.  Inventory is 8% above that of a year ago (2,253) and it is 14% below the inventory last month (2,825). Inventory remains low on a historical basis.  At times, the inventory has exceeded 10,000 homes in the BAREIS region.  There were 904 sales for the month of November.  This number is 32% below a year ago (1,334) and 9% below the pace of last month (997).  The median price of homes sold across the our North Bay region in November was $735,000. 

I have been following a data point I call the “Price Reduction Ratio” (PRR) for the past year, or so.  Across the country approximately 43% of the homes currently put into the MLS are having price reductions before they sell.  In some of the hottest markets during the pandemic this ratio is exceeding 60% and those markets cool off.  In much of our region, the ratios are lower.  For November 2022, of all closed homes in our Wine Country markets, the ratio is 33% for Napa County, 40% for Sonoma County and 38% for Mendocino County.  Conversely, the ratio of homes selling in excess of Original List Price is 28% in Napa County, 27% in Sonoma County and only 11% in Mendocino County.  Though our ratios are lower locally, the trend is consistent as we are seeing an increase in homes selling with price reductions up to 37% from 29% a year ago for our entire region.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of November stands at 617 homes.  This is 9% below the inventory in November 2021 (680) and it is 14% below the inventory last month (717).  New sales (285) in Sonoma County in November were 35% below the pace of November 2021 (435) and they were 10% below the pace last month (318).  There is a 2.2 months supply of inventory based on the current sales pace.  The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 39 (Rohnert Park) to 133 (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 56 days.  The median price of the 286 homes closed in November in Sonoma County was $803,000. This is 7% above the median price in November 2021 ($750,000).  Forty-six percent of the available homes for sale in Sonoma County at this time (283) are priced at $1,000,000 or more.  Over the past four months, Sonoma County homes are selling at 96% of their original list price.  In November, 27% of the homes in Sonoma County sold at a price in excess of the original list price and 40% of the homes had a reduction in price before they sold.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,800,000).  There has been a 16% decrease in the number of Luxury Homes closed (370) from 12/1/21 to 11/30/22 compared to 439 closings in the period 12/1/20 to 11/30/21.  The inventory of luxury homes (151) is 18% below the inventory in November 2021 (184 homes) and it is 14% below the inventory last month (176).  The pace of new sales (20) in November this year is 31% below the pace of a year ago (29) and it is 13% below the pace last month (23).  There is a slowing of activity in this high quartile sector.  The Days on Market for 25 Luxury Home closings was 103 days this November compared to 84 days a year ago and 85 days last month.  The Days on Market for all closed properties in the County in November was 56.  There is a 7.6 months supply of inventory of luxury properties based on the current sales pace compared to a 2.2 months supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 94% of original list price.

Cloverdale:  There are 24 homes and condominiums available in Cloverdale.  This compares to 33 homes in inventory in November 2021 and 26 homes last month.  There were 2 new sales in November compared to 10 a year ago and 5 last month.  There is now a 12 months supply of inventory in Cloverdale based on the current sales pace.  The Days on Market for the 5 homes that closed in November is 48 days.  

Coastal Sonoma:  There are 12 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 7 homes in inventory in November 2021 and 11 homes last month.  There were 5 new sales in November compared to 3 a year ago and 8 last month.  There is now a 2.4 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 5 homes that closed in November is 78 days.  

Healdsburg Trends:  There are 45 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 48% below the inventory in November 2021 (87) and it is 26% below the inventory last month (61).  New sales in November (18) were 10% below the pace of sales in November 2021 (20) and they were 125% above the sales pace last month (8).  The months of available inventory is 2.5 months at the end of November based on the current sales pace.  The Days on Market for the 13 homes that closed in November is 133 days.  

Oakmont:  There are 23 homes and condominiums available in Oakmont at the end of November.  This is equal to the inventory in November 2021 (23) and it is 21% above the inventory of last month (19).  New sales (14) were 56% below the sales pace of a year ago (32) and 17% ahead of the pace of last month (12).  There is a 1.6 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 $849,000.  The median price was $715,000 for the 14 homes that closed in November.  The Days on Market for the homes that closed in November is 41 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of November (69) is 17% above the inventory in November 2021 (59) and it is 14% below the inventory last month (80).  There were 33 new sales for the month.  This is 37% below the sales in November 2021 (54) and it is 28% below the sales pace last month (46).  The Petaluma market currently has 2.1 months supply of available inventory based on the current sales pace. The median price of the 33 homes that closed in November was $870,000.  This is 2% above the median price last November ($850,000).  The Days on Market for the homes that closed in November is 52 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of November (31) is 29% above the inventory in November 2021 (24) and it is slightly above the inventory last month (29).  There were 25 new sales in Rohnert Park in November.  This sales pace is 19% below the 31 sales in November 2021 and it is slightly above the sales last month (24).  There is a 1.2 months supply of inventory based on the current sales pace.  This remains a very tight market.  The median price ($717,000) of the 15 homes and condominiums that closed in November is 6% above the median price in November a year ago ($675,000).  Days on Market for the homes that closed in November is 39 days.

Russian River:  The inventory of homes and condominiums for sale at the end of November in the Russian River area (Guerneville, Monte Rio and Rio Nido) (41) is slightly above the level of November 2021 (40) and it is 13% below the inventory last month (47).  There were 12 new sales for the month of November.  This is 55% below the pace in November 2021 (27) and it is 48% below the pace last month (23).  There is a 3.4 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 $783,000 over the past year.  The median was $592,000 for the 24 homes that closed in November.  The homes that closed in the Russian River in April went from listing to pending in 56 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 November (214) is 14% below the inventory of a year ago (248) and it is 15% below the inventory last month (253).  New sales in November (127) are 32% below the pace of last November (186) and they are 2% above the pace last month (124).  There is a 1.7 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 113 homes closed in November in Santa Rosa was $757,000 compared to $698,000 a year ago.  This is a 8% increase.  The Days on Market for the homes that closed in November is 53 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of November in Sebastopol is 43 homes.  This is 10% below the inventory last November (48) and 12% below the inventory last month (49).  There were 18 new sales for the month of November.  This is 14% below the pace in November 2021 (21) and it is 18% below the pace last month (22).  There is a 2.4 months supply of inventory in Sebastopol based on the current sales pace.  The 20 homes that closed in Sebastopol in November went from listing to pending in 62 days.

Sonoma Valley:  The number of available homes and condominiums for sale (88) at the end of November in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 4% above the inventory last November (85) and it is 12% below the inventory of last month (100).  Seventy-three percent of the available properties in the Sonoma Valley (64) are priced at $1,000,000, or more.  There were 22 new sales for the month. This is 41% below the 37 sales in November 2021 and it is equal to the 22 sales last month.  There is a 4 months supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 25 properties that closed in the Sonoma Valley in November is 49 days.  The closings in the month had a selling price equal to 96% of the original listing price.  In November, 37% of the homes in the Sonoma Valley sold at a price in excess of the original list price and 34% of the homes had a reduction in price before they sold.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of November starts at $3,750,000.  Twenty-eight homes closed in the top quartile in the past twelve months compared to 28 in the twelve months prior to that.  In November, there was one new sale in this quartile.  There are 22 homes available in this quartile in November 2022 compared to 19 a year ago and 25 last month.  

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of November is 24 properties.  This is 11% below the inventory in November 2021 (27) and it is 23% below the 31 homes in inventory last month.  There were 14 sales in the month.  This is 52% below the pace of sales in November 2021 (29) and it is 30% below the pace of last month (20).  There is a 1.7 months supply of inventory based on the current sales pace.  The days on market for the 19 homes that closed in November 2021 in Windsor is 61 days.  The median price ($835,000) of the homes closed in Windsor in April is 10% above the median price a year ago ($759,000).

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of November is 42 homes.  This is 28% below the number of mobile homes available in November 2021 (58) and it is 24% below the number of available mobile homes last month (55).  There were 31 new mobile home sales in November.  This is 11% ahead of the pace of sales in November 2021 (28) and it is 9% below the pace of sales last month (34).  There is a 1.4 months supply of inventory based on the current sales pace.  The average days on market of the 32 mobile homes closed in November is 52 days and the median price was $175,000 compared to $157,000 a year ago. 

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of November is 275 properties. The current inventory is 19% below the number of lots in November 2021 (338) and it is 5% below the number of available lots last month (288). There were 15 new lot sales in November.  This is 52% below the pace of sales in November 2021 (31) and it is 17% below the pace of lot sales last month (18).  There is a 18.3 months supply of inventory based on the current sales pace.  The average days on market of the 12 lots closed in November is 171 days and the median price is $508,000 compared to $370,000 a year ago.   

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of November (264) is 6% below the inventory in November 2021 (281) and it is 9% below the inventory last month (291).  Sixty-three percent of the inventory in Napa County (167 properties) is priced at $1,000,000 or above.   New sales (75) are 32% below the pace of last year (110) and are 11% below the 84 sales last month.  There is a 3.5 months supply of inventory based on the current sales pace.  The Days on Market for the homes closing in Napa County is currently 58 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 66 homes closed in November in Napa County ($925,000) is 19% above the median price of a year ago ($775,000).  Over the past four months, Napa County homes are selling at roughly 95% of original list price.  In November, 28% of the homes in Napa County sold at a price in excess of the original list price and 33% of the homes had a reduction in price before they sold.  

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $3,750,000 in Napa County at this time.  There has been a decrease of 20% for the number of closings (52) of Luxury Homes (sales price in excess of $3,750,000) in Napa County for the period 12/1/21 to 11/30/22 compared to 65 closings in the period 12/1/20 to 11/30/21.  This continues a trend where we see a decrease in this number of luxury sales.  There are 67 luxury homes in inventory at the end of November 2022 compared to 62 homes in inventory at the end of November 2021 and 76 last month. There were 3 new Luxury Home sales in November compared to 3 last year and 5 last month.  This creates a 22.3 months of supply of inventory.  Over the past four months, Napa County Luxury Homes are selling at roughly 91% of original list price and the 4 homes that closed last month were on the market for 82 days.

American Canyon:  There are 29 available homes and condominiums in inventory at the end of November in American Canyon. Last year at this time there were 13 homes in inventory and there were 19 homes in inventory last month.  There were 7 new sales in the month.  This compares to 13 new homes sales last November and 8 new sales last month.  There is a 4.1 months supply of inventory based on the current sales pace.  The Days on Market for 8 homes that closed in American Canyon last month was 48 days. The median price of the homes that closed in American Canyon in November ($503,000) compares to a median price of ($765,000) a year ago.  The median price in American Canyon can fluctuate quite a bit.  The average price per square foot of the homes sold in American Canyon was at $317 last month.  This is consistent with the $300 to $400 per square foot range where the sales have been over the past several years.

Napa:  Forty-five percent of the inventory in Napa County is in the City of Napa.  There are 119 available homes and condominiums in inventory at the end of November in the City of Napa. This is 22% below the supply at the end of November 2021 (153) and it is 20% below the inventory at the end of last month (148).  New sales (56) were 25% below the pace of November 2021 (75) and they were slightly below the pace of last month (57). There is a 2.1 months supply of inventory based on the current sales pace. The Days on Market for the 58 closings last month is 54 days.  The median price of the homes that closed in the City of Napa in November was $914,000. This is 19% above the median price of the homes closed in November 2021 ($768,000).

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 November (99) is 9% above the level of 91 in November 2021 and it is 5% below the inventory last month (104).  There were 11 new sales this month compared to 17 a year ago and 17 last month.  There is now a 9 months supply of inventory based on the current sales pace. The Days on Market for the 19 closings last month is 64 days.  Fifty-eight percent of the Luxury Market inventory (price in excess of $3,750,000) in Napa County is in the Up Valley Market (39 homes). There were 4 luxury home (price in excess of $3,750,000) closings in the Up Valley Market last month and there were 2 new luxury home sales.

Angwin:  The inventory of homes and condominiums for sale in the Angwin at the end of November (10) is equal to the level of 10 in November 2021 and it is also equal to the inventory last month (10).  There were no new sales this month compared to 2 a year ago and 2 last month.  The median asking price for the 10 homes on the market in Angwin is $2,500,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of November is 22 homes.  This is 44% below the number of mobile homes available in November 2021 (39) and it is 27% below the 30 available homes last month.  There were 10 new mobile home sales in November.  This compares to 12 home sales last November and 7 sales last month.  There is a 2.2 months supply of inventory based on the current sales pace.  The average days on market of the 6 mobile homes closed in November is 93 days and the median price was $280,000.  This compares to a median price of $260,000 in November 2021 and $245,000 last month.  The median price of sold mobile homes in Napa varies quite a bit from month to month based depending on where they are taking place.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of November stands at 279.  This is 20% above the inventory in November 2021 (232) and it is 6% below the inventory last month (296).  New sales (30) in Mendocino County in November were 40% below the pace of November 2021 (50) and they were 41% below the pace last month (51).  There now is a 9.3 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 53 homes sold in Mendocino County in November is 76 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 homes closed in November in Mendocino County was $530,000. This is 6% above the median price in November 2021 ($500,000).  Over the past four months, Mendocino County homes are selling at roughly 90% of original list price.  In November, 11% of the homes in Mendocino County sold at a price in excess of the original list price and 38% of the homes had a reduction in price before they sold.

Ukiah:  The inventory of homes and condominiums for sale at the end of November in Ukiah is 56 homes.  This is equal to the level of November 2021 (56) and it is 10% below the inventory last month (62).  There were 10 new sales for the month of November.  This is 60% below the 25 sales in November 2021 and it is 44% below the 18 sales last month.  There is 5.6 months of inventory based on the current sales pace.  The Days on Market for the 25 closings last month is 69 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $625,000. The median price was $511,000 for the homes that closed in November.  

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of November in Redwood Valley and Calpella is 26 homes.  This compares to 14 homes in November 2021 and 25 homes last month.  There were 3 new sales for the month of November.  This compares to 8 sales in November 2021 and 4 new sales last month.  There is a 8.7 months supply of inventory based on the current sales pace.  The median price of the homes sold in Redwood Valley/Calpella in the past year has ranged from $400,000 to $725,000.  There were 5 closings in Redwood Valley/Calpella in November at a median price of $580,000 and the homes sold in 72 days. 

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of November in Hopland and Talmage is 9 homes.  This compares to 11 homes in inventory at the end of November 2021 and 10 homes in inventory last month.  There was one new sale in the month of November.  This compares to no sales in November 2021 and one new sale last month.  There were two closings of homes in this area last month.

Lake County:  The inventory of homes and condominiums available in Lake County at the end of November stands at 475.  Approximately 32% of the inventory (153 homes) is in the communities of Clearlake and another 12% (59 homes) are in Lakeport.  The countywide inventory is 41% above the inventory in November 2021 (338) and it is 3% above the inventory last month (461). Closed sales (71) in Lake County in November were 28% below the pace of November 2021 (99) and they were 13% below the pace last month (82).  There now is a 5.8 months supply of inventory in Lake County based on the existing sales pace.  The median Days on Market for the homes sold in Lake County in November is 35 days.  Usually “Days on Market” are traced from listing date to pending date, so the closing date would be somewhat longer.  The median price of the homes closed in November in Lake County was $300,000. This is 10% below the median price in November 2021 ($335,000) and 9% below the median price last month ($328,000).  The homes sold in Lake County last month sold at 93% of original list price.

Marin County:  Marin County is often considered a “feeder” county to our North Bay Wine Country markets.  Marin County’s inventory (335 homes) is 4% below the 347 homes in November 2021 and it is 24% below the 443 homes in inventory last month.  New sales (165) were 24% below the number last November (218) and were 10% below the pace of last month (184).  This creates a 2 months supply.  The median price of the 161 homes sold in Marin County in November is $1,466,000.  This is 11% above the median price a year ago ($1,323,000).

Real Estate Trends in Wine Country and the North Bay

Wine Country and Northbay Real Estate Trends 

Better Homes and Gardens Real Estate|Wine Country Group Results for October 2022

Better Homes and Gardens Real Estate|Wine Country Group and Better Homes and Gardens Real Estate|Ming Tree enjoyed 71 closings in October 2022 compared to 60 last October and 73 last month.  In October, we closed homes with a total value of $33 million compared to $24 million last year and $27 million last month.  The average selling price of the properties sold by BHGRE|WCG in October was $467,571. 

BHGRE|WCG currently has 113 pending sales with a value of $42 million dollars.  We are 7% ahead of our pending unit volume last year.  We have 185 active listings with a value of $91 million dollars.  We are 11% ahead of last year in our listing unit volume.  Our average listing price is $492,000.

Congratulations to the following BHGRE|Wine Country Group agents who had one or more closings in the month of October.  Larry Salmon in Fortuna and Cassey Alanis in Lakeport led all agents with 5 closings each.

Jessica Spencer, Sarah Duschka, Deborah Melancon, Jessica Hooten, Marsha Wedan, Brandt Peterson, Ray Hellgren, Summer Dahlquist, Cheryl Marinaro, Karen Mann, Paige Hotchkiss, Lisa Ladanyl, Dave Hughes, Annalise Von Borstel, Larry Salmon, Shannon Kerr, Taran Pitzer, Cassey Alanis, Theresa Kessenich, Darla McKenzie, Stephen Miner, Kamala Abbott, J Hunter, Mari Giblin, Del Nordby, Monica Kangas, Chris Brown, Lannie Jones, Liz Uribe, Martha Saly, Randy Knight, Kathleen Rogers, Mari Johnson, Brian Shea, Chelsie Runnings, Kendra Martin, Liz Manfree, Team Ramos, Kim Brown, Patricia Vance, Melissa Emami-Rice and Amy Wray

National Trends

Across the nation, the inventory of homes for sale is low on a year over year basis – but sales volume is even lower.  Inventory has started to decline as it typically does at this time of year through the beginning of the following year.  I’ve always believed that it is the week after Super Bowl Weekend when the Spring Market begins and inventory begins to climb.  Buyer demand has dropped since rates passed 5.5% in mid-September.  Many sellers don’t need to sell so prices are relatively stable.  We still received multiple offers on one new listing and a full price, all cash, 10 close offer on another new listing this week. In some markets that were very hot during the COVID spike (Austin, Boise, Phoenix, Charlotte, etc.) prices have fallen a bit.  Failed escrows, as evidenced by properties being sold and then coming back on the market, and price reductions are higher than they were a year ago.

North Bay Real Estate Trends for October 2022

For all of the areas covered by our Multiple Listing Service (BAREIS), which includes Marin, Mendocino, Napa, Solano and Sonoma Counties, there is an inventory of 2,825 homes and condominiums for sale at the end of October.  Inventory is 2% above that of a year ago (2,772) and it is 2% below the inventory last month (2,884). Inventory remains low on a historical basis.  At times, the inventory has exceeded 10,000 homes in the BAREIS region.  There were 1,044 sales for the month of October.  This number is 32% below a year ago (1,535) and 3% above the pace of last month (1,015).  The median price of homes sold across the nation in October was approximately $435,000.  The median price in our North Bay region was $690,000. 

I have been following a data point I call the “Price Reduction Ratio” (PRR) for the past year, or so.  Across the country approximately 43% of the homes currently put into the MLS are having price reductions before they sell.  In some of those “hot” markets described above, this ratio is exceeding 60%.  In much of our region, the ratios are lower.  For October 2022, of all closed homes in our Wine Country markets, the ratio is 34% for Napa County, 34% for Sonoma County and 30% for Mendocino County.  Conversely, the ratio of homes selling in excess of Original List Price is 31% in Napa County, 37% in Sonoma County and only 13% in Mendocino County.  Though our ratios are lower locally, the trend is consistent as we are seeing an increase in homes selling with price reductions up to 33% from 22% a year ago for our entire region.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of October stands at 717 homes.  This is 20% below the inventory in October 2021 (892) and it is 4% below the inventory last month (747).  New sales (334) in Sonoma County in October were 35% below the pace of October 2021 (512) and they were 7% above the pace last month (312).  There is a 2.1 months supply of inventory based on the current sales pace.  The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 38 (Petaluma) to 88 (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 45 days.  The median price of the 333 homes closed in October in Sonoma County was $760,000. This is 5% above the median price in October 2021 ($722,000).  Forty-six percent of the available homes for sale in Sonoma County at this time (331) are priced at $1,000,000 or more.  Over the past four months, Sonoma County homes are selling at 98% of their original list price.  In October, 37% of the homes in Sonoma County sold at a price in excess of the original list price and 34% of the homes had a reduction in price before they sold.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,800,000).  There has been a 10% decrease in the number of Luxury Homes closed (387) from 11/1/21 to 10/31/22 compared to 428 closings in the period 11/1/20 to 10/31/21.  The inventory of luxury homes (176) is 16% below the inventory in October 2021 (209 homes) and it is 10% below the inventory last month (196).  The pace of new sales (24) in October this year is 39% below the pace of a year ago (39) and it is 20% above the pace last month (20).  There is a slowing of activity in this high quartile sector.  The Days on Market for 22 Luxury Home closings was 85 days this October compared to 60 days a year ago and 111 days last month.  The Days on Market for all closed properties in the County in October was 45.  There is a 7.3 months supply of inventory of luxury properties based on the current sales pace compared to a 2.1 months supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 95% of original list price.

Cloverdale:  There are 26 homes and condominiums available in Cloverdale.  This compares to 36 homes in inventory in October 2021 and 24 homes last month.  There were 6 new sales in October compared to 12 a year ago and 8 last month.  There is now a 4.3 months supply of inventory in Cloverdale based on the current sales pace.  The Days on Market for the 6 homes that closed in October is 46 days.  

Coastal Sonoma:  There are 11 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 8 homes in inventory in October 2021 and 14 homes last month.  There were 10 new sales in October compared to 8 a year ago and 6 last month.  There is now a 1.1 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 4 homes that closed in October is 47 days.  The Sonoma Coast remains one of the hottest (pun intended) markets in the North Bay.

Healdsburg Trends:  There are 61 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 41% below the inventory in October 2021 (104) and it is slightly below the inventory last month (62).  New sales in October (9) were 73% below the pace of sales in October 2021 (33) and they were 36% below the sales pace last month (14).  The months of available inventory is 6.8 months at the end of October based on the current sales pace.  This may be the highest months of inventory in the region.  The Days on Market for the 15 homes that closed in October is 64 days.  

Oakmont:  There are 19 homes and condominiums available in Oakmont at the end of October.  This is 56% below the inventory in October 2021 (43) and it is slightly below the inventory of last month (20).  New sales (14) were 50% below the sales pace of a year ago (28) and 180% ahead of the pace of last month (5).  There is a 1.4 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 $849,000.  The median price was $643,000 for the 15 homes that closed in October.  The Days on Market for the homes that closed in October is 62 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of October (80) is 8% below the inventory in October 2021 (87) and it is 11% below the inventory last month (90).  There were 47 new sales for the month.  This is 16% below the sales in October 2021 (56) and it is essentially equal to the sales pace last month (48).  The Petaluma market currently has 1.7 months supply of available inventory based on the current sales pace. The median price of the 53 homes that closed in October was $870,000.  This is 2% below the median price last October ($890,000).  The Days on Market for the homes that closed in October is 38 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of October (29) is 26% below the inventory in October 2021 (39) and it is essentially equal to the inventory last month (28).  There were 25 new sales in Rohnert Park in October.  This sales pace is 32% below the 37 sales in October 2021 and it is 29% below the sales last month (35).  There is a 1.2 months supply of inventory based on the current sales pace.  This remains a very tight market.  The median price ($725,000) of the 43 homes and condominiums that closed in October is 14% above the median price in October a year ago ($635,000).  Days on Market for the homes that closed in October is 44 days.

Russian River:  The inventory of homes and condominiums for sale at the end of October in the Russian River area (Guerneville, Monte Rio and Rio Nido) (47) is 22% below the level of October 2021 (60) and it is 20% below the inventory last month (59).  There were 25 new sales for the month of October.  This is slightly above the pace in October 2021 (24) and it is 56% above the pace last month (16).  There is a 1.9 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 $783,000 over the past year.  The median was $492,000 for the 15 homes that closed in October.  The homes that closed in the Russian River in April went from listing to pending in 42 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 October (253) is 23% below the inventory of a year ago (329) and it is 2% above the inventory last month (248).  New sales in October (129) are 44% below the pace of last October (252) and they are19% above the pace last month (108).  There is a 2 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 120 homes closed in October in Santa Rosa was $682,000 compared to $665,000 a year ago.  This is a 3% increase.  The Days on Market for the homes that closed in October is 39 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of October in Sebastopol is 49 homes.  This is 16% below the inventory last October (58) and 6% above the inventory last month (46).  There were 23 new sales for the month of October.  This is 5% above the pace in October 2021 (22) and it is 5% above the pace last month (22).  There is a 2.1 months supply of inventory in Sebastopol based on the current sales pace.  The 26 homes that closed in Sebastopol in October went from listing to pending in 48 days.

Sonoma Valley:  The number of available homes and condominiums for sale (100) at the end of October in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 8% below the inventory last October (109) and it is 4% below the inventory of last month (104).  Seventy-seven percent of the available properties in the Sonoma Valley (77) are priced at $1,000,000, or more.  There were 22 new sales for the month. This is 46% below the 41 sales in October 2021 and it is 12% below the 25 sales last month.  There is a 4.5 months supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 18 properties that closed in the Sonoma Valley in October is 88 days.  The closings in the month had a selling price equal to 91% of the original listing price.  In October, 22% of the homes in the Sonoma Valley sold at a price in excess of the original list price and 61% of the homes had a reduction in price before they sold.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of October starts at $3,750,000.  Twenty-nine homes closed in the top quartile in the past twelve months compared to 29 in the twelve months prior to that.  In October, there was one new sale in this quartile.  There are 25 homes available in this quartile in October 2022 compared to 23 a year ago and 27 last month.  The two homes that closed in excess of $3,750,000 in the month sold in 119 days.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of October is 31 properties.  This is 21% below the inventory in October 2021 (39) and it is 16% below the 37 homes in inventory last month.  There were 21 sales in the month.  This is 28% below the pace of sales in October 2021 (29) and it is 50% above the pace of last month (14).  There is a 1.5 months supply of inventory based on the current sales pace.  The days on market for the 34 homes that closed in October 2021 in Windsor is 45 days.  The median price ($698,000) of the homes closed in Windsor in April is 8% below the median price a year ago ($755,000).

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of October is 55 homes.  This is 25% below the number of mobile homes available in October 2021 (73) and it is 6% above the number of available mobile homes last month (52).  There were 37 new mobile home sales in October.  This is 19% ahead of the pace of sales in October 2021 (31) and it is 23% above the pace of sales last month (30).  There is a 1.5 months supply of inventory based on the current sales pace.  The average days on market of the 29 mobile homes closed in October is 57 days and the median price was $185,000 compared to $165,000 a year ago. 

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of October is 288 properties. The current inventory is 19% below the number of lots in October 2021 (357) and it is equal to the number of available lots last month (288). There were 19 new lot sales in October.  This is 32% below the pace of sales in October 2021 (28) and it is 39% below the pace of lot sales last month (31).  There is a 15.3 months supply of inventory based on the current sales pace.  The average days on market of the 26 lots closed in October is 89 days and the median price is $274,000 compared to $336,000 a year ago.   

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of October (291) is 16% below the inventory in October 2021 (347) and it is 2% below the inventory last month (296).  Sixty-two percent of the inventory in Napa County (181 properties) is priced at $1,000,000 or above.   New sales (88) are 36% below the pace of last year (138) and are 13% above the 78 sales last month.  There is a 3.3 months supply of inventory based on the current sales pace.  The Days on Market for the homes closing in Napa County is currently 48 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 61 homes closed in October in Napa County ($935,000) is 13% above the median price of a year ago ($825,000).  Over the past four months, Napa County homes are selling at roughly 95% of original list price.  In October, 31% of the homes in Napa County sold at a price in excess of the original list price and 34% of the homes had a reduction in price before they sold.  

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $4,000,000 in Napa County at this time.  There has been a decrease of 24% for the number of closings (45) of Luxury Homes (sales price in excess of $4,000,000) in Napa County for the period 11/1/21 to 10/31/22 compared to 59 closings in the period 11/1/20 to 10/31/21.  This continues last month’s trend where we see a decrease in this number.  The decrease in stock values and layoffs in the Bay Area tech companies and the passing of the COVID “city escape” may be factors in this cooling.  There are 71 luxury homes in inventory at the end of October 2022 compared to 68 homes in inventory at the end of October 2021 and 74 last month. There were 4 new Luxury Home sales in October compared to 9 last year and 4 last month.  Over the past four months, Napa County Luxury Homes are selling at roughly 91% of original list price.

American Canyon:  There are 19 available homes and condominiums in inventory at the end of October in American Canyon. Last year at this time there were 21 homes in inventory and there were 20 homes in inventory last month.  There were 10 new sales in the month.  This compares to 12 new homes sales last October and 7 new sales last month.  There is a 1.9 months supply of inventory based on the current sales pace.  The Days on Market for 9 homes that closed in American Canyon last month was 67 days. The median price of the homes that closed in American Canyon in October ($739,000) is 25% above the median price of a year ago ($590,000).  Last October had one of the lowest median prices for sold homes in American Canyon for the past 15 months.  The average price per square foot of the homes sold in American Canyon was at $326 last month.  This is consistent with the $300 to $400 per square foot range where the sales have been over the past several years.

Napa:  Fifty-one percent of the inventory in Napa County is in the City of Napa.  There are 148 available homes and condominiums in inventory at the end of October in the City of Napa. This is 23% below the supply at the end of October 2021 (192) and it is 2% below the inventory at the end of last month (151).  New sales (59) were 40% below the pace of October 2021 (98) and they were 5% above the pace of last month (56). There is a 2.5 months supply of inventory based on the current sales pace. The Days on Market for the 47 closings last month is 36 days.  The median price of the homes that closed in the City of Napa in October was $930,000. This is 12% above the median price of the homes closed in October 2021 ($829,000).

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 October (104) is 6% below the level of 111 in October 2021 and it is essentially equal to the inventory last month (105).  There were 17 new sales this month compared to 23 a year ago and 13 last month.  There is now a 6.1 months supply of inventory based on the current sales pace. The Days on Market for the 7 closings last month is 108 days.  Fifty-eight percent of the Luxury Market inventory (price in excess of $4,000,000) in Napa County is in the Up Valley Market (41 homes). There was one luxury home (price in excess of $4,000,000) closing in the Up Valley Market last month and there were 3 new luxury home sales.

Angwin:  The inventory of homes and condominiums for sale in the Angwin at the end of October (10) is 17% below the level of 12 in October 2021 and it is 25% above the inventory last month (8).  There were two new sales this month compared to 2 a year ago and 1 last month.  There is now a 5 months supply of inventory based on the current sales pace. The median asking price for the 10 homes on the market in Angwin is $2,125,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of October is 30 homes.  This is 32% below the number of mobile homes available in October 2021 (44) and it is 25% above the 24 available homes last month. There were 7 new mobile home sales in October.  This compares to 11 home sales last October and 9 sales last month.  There is a 4.3 months supply of inventory based on the current sales pace.  The average days on market of the 4 mobile homes closed in October is 76 days and the median price was $358,000.  This compares to a median price of $168,000 in October 2021 and $203,000 last month.  The median price of sold mobile homes in Napa varies quite a bit from month to month based depending on where they are taking place.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of October stands at 296.  This is 20% above the inventory in October 2021 (247) and it is 3% below the inventory last month (305).  New sales (53) in Mendocino County in October were 4% ahead of the pace of October 2021 (51) and they were 8% above the pace last month (49).  There now is a 5.6 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 48 homes sold in Mendocino County in October is 81 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 homes closed in October in Mendocino County was $495,000. This is 6% below the median price in October 2021 ($526,000).  Over the past four months, Mendocino County homes are selling at roughly 89% of original list price.  In October, 13% of the homes in Mendocino County sold at a price in excess of the original list price and 30% of the homes had a reduction in price before they sold.

Ukiah:  The inventory of homes and condominiums for sale at the end of October in Ukiah is 62 homes.  This is 3% below the level of October 2021 (64) and it is 6% below the inventory last month (66).  There were 18 new sales for the month of October.  This is equal to the 18 sales in October 2021 and it is 6% ahead of the 17 sales last month.  There is 3.4 months of inventory based on the current sales pace.  The Days on Market for the 12 closings last month is 96 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $625,000. The median price was $447,000 for the homes that closed in October.  

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of October in Redwood Valley and Calpella is 25 homes.  This compares to 22 homes in October 2021 and 27 homes last month.  There were 5 new sales for the month of October.  This compares to 5 sales in October 2021 and 9 new sales last month.  There is a 5 months supply of inventory based on the current sales pace.  The median price of the homes sold in Redwood Valley/Calpella in the past year has ranged from $400,000 to $725,000.  There were 9 closings in Redwood Valley/Calpella in October at a median price of $610,000 and the homes sold in 83 days. 

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of October in Hopland and Talmage is 10 homes.  This compares to 11 homes in inventory at the end of October 2021 and 9 homes in inventory last month.  There was one new sale in the month of October.  This compares to two sales in October 2021 and one new sale last month.  There were no closings of homes in this area last month.

Lake County:  The inventory of homes and condominiums available in Lake County at the end of October stands at 495.  Approximately 31% of the inventory (152 homes) is in the communities of Clearlake.  The countywide inventory is 14% above the inventory in October 2021 (433) and it is slightly above the inventory last month (491). Closed sales (82) in Lake County in October were 23% below the pace of October 2021 (107) and they were 9% below the pace last month (90).  There now is a 5.7 months supply of inventory in Lake County based on the existing sales pace.  The median Days on Market for the homes sold in Lake County in October is 35 days.  Usually “Days on Market” are traced from listing date to pending date, so the closing date would be somewhat longer.  The median price of the homes closed in October in Lake County was $327,500. This is 5% above the median price in October 2021 ($312,000) and 18% above the median price last month ($278,000). The homes sold in Lake County last month sold at 96% of original list price.

Marin County:  Marin County is often considered a “feeder” county to our North Bay Wine Country markets.  Marin County’s inventory (443 homes) is equal to the 443 homes in October 2021 and it is slightly below the 449 homes in inventory last month.  New sales (186) were 28% below the number last October (258) and were 2% above the pace of last month (182).  This creates a 2.4 months supply.  The median price of the 186 homes sold in Marin County in October is $1,500,000.  This is 4% above the median price a year ago ($1,443,000).

Wine Country and NorthBay Real Estate Trends in September 2022

Better Homes and Gardens Real Estate|Wine Country Group Results for September 2022

Better Homes and Gardens Real Estate|Wine Country Group and Better Homes and Gardens Real Estate|Ming Tree enjoyed 73 closings in September 2022 compared to 66 last September and 80 last month.  In September, we closed homes with a total value of $27 million compared to $32 million last year and $28 million last month.  The average selling price of the properties sold by BHGRE|WCG in September was $380,319. 

BHGRE|WCG currently has 120 pending sales with a value of $58 million dollars.  We are 21% ahead of our pending unit volume last year.  We have 190 active listings with a value of $95 million dollars.  We are 157% ahead of last year in our listing unit volume.  Our average listing price is $500,000.

Congratulations to the following BHGRE|Wine Country Group agents who had one or more closings in the month of September.  Jesicca Spencer led all agents with 4 closings.

Jessica Spencer, Sarah Duschka, Maria Flores, Jessica Hooten, Robert Davis, Summer Dahlquist, Cheryl Marinaro, Denise Ridley, Dave Hughes, Carina De Herrera, Paige Hotchkiss, Ray Hellgren, Jana Adams, Mari Giblin, Sheila Deignan, Randy Coffman, Dave Hughes, Annalise Von Borstel, Brandt Peterson, Marsha Wedan, Carina De Herrera, Cassey Alanis, Darla McKenzie, Daryush Wertime, Dave Smith, Denise Ridley, J Hunter, Jeff Ragan, Joe Hebel, Karen Mann, Kim Brown, Mara Kahn, Zebi Bojarsky, Melanie Zuniga, Michelle Baker, Patricia Vance, Rollin Trehearne, Sandra Rigss, Silvia Schagerer, Taran Pitzer, and Theresa Kessenich.

And Congratulations to our 3^rd Quarter Top Producers:

Clearlake:  Jessica Spencer;  Eureka:  Annalise Von Borstel, Melanie Zuniga and Malachi Herrera;  Fortuna:  Taran Pitzer and Shannon Kerr;  Lakeport:  Carina DeHerrera and Paige Hotchkiss;  Petaluma:  Parmeeta Ghoman;  Santa Rosa:  Jana Adams and Mari Giblin; Sebastopol:  Martha Saly, Ann Conger and Liz Uribe;  Sonoma:  Sheila Deignan;  St. Helena:  Linda Alioto and Rianne Pasquariello;  Ukiah:  Team Ramos and Amy Wray;  

National Trends

In Fannie Mae’s (Federal National Mortgage Association) updated forecast this week, interest rates are projected to crest near 7% and then settle in the low 6% range by the end of 2023.  National home sales are projected to be approximately 21% lower in 2023 than in 2022.  National home prices are expected to fall by 1.5% during 2023.  These numbers will certainly vary in local markets.

Inventory is low on a national basis (40% lower than in a normal year at this time) but sales volume is even lower – so inventory is growing.  Buyer demand has dropped since rates passed 5.5%, but sellers’ need to sell  is not present – so prices are relatively stable.  Failed escrows, as evidenced by properties being sold and then coming back on the market, are at 17% of all sales compared to 5% of all sales at the beginning of the year.

North Bay Real Estate Trends for September 2022

For all of the areas covered by our Multiple Listing Service (BAREIS), which includes Marin, Mendocino, Napa, Solano and Sonoma Counties, there is an inventory of 2,884 homes and condominiums for sale at the end of September.  Inventory is 7% below that of a year ago (3,085) and it is 5% above the inventory last month (2,747). Inventory remains low on a historical basis.  At times, the inventory has exceeded 10,000 homes in the BAREIS region.  There were 1,071 sales for the month of September.  This number is 35% below a year ago (1,646) and 19% below the pace of last month (1,313).  The median price of homes sold across the nation in September was approximately $435,000.  The median price in our North Bay region was $709,000. 

Some national prognosticators believe that buyer enthusiasm cooled when mortgage rates exceeded 5.5% in early September.  We are seeing more mortgage activity in variable rate loans with lower start rates and in buyers requesting seller credits for rate buy downs.  The level of interest rates will be a key going into 2023.

I have been following a data point I call the “Price Reduction Ratio” (PRR) for the past year, or so.  Across the country approximately 42% of the homes currently put into the MLS are having price reductions before they sell.  In much of our region, the ratios are lower.  For September 2022, of all closed homes in our Wine Country markets, the ratio is 30% for Sonoma County, 27% for Napa County and 51% for Mendocino County.  Conversely, the ratio of homes selling in excess of Original List Price is 37% in Sonoma County, 40% in Napa County and only 15% in Mendocino County.  Though our ratios are lower locally, the trend is consistent as we are seeing an increase in homes selling with price reductions up to 36% from 17% a year ago for our entire region.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of September stands at 747 homes.  This is 28% below the inventory in September 2021 (1,044) and it is 7% above the inventory last month (698).  New sales (330) in Sonoma County in September were 45% below the pace of September 2021 (603) and they were 19% below the pace last month (409).  There is a 2.3 months supply of inventory based on the current sales pace.  The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 14 (Coastal Sonoma) to 153 (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 47 days.  The median price of the 340 homes closed in September in Sonoma County was $763,000. This is 7% above the median price in September 2021 ($712,000).  Nearly 50% of the available homes for sale in Sonoma County at this time (348) are priced at $1,000,000 or more.  Over the past four months, Sonoma County homes are selling at 99% of their original list price.  In September, 37% of the homes in Sonoma County sold at a price in excess of the original list price and 30% of the homes had a reduction in price before they sold.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,900,000).  There has been a 4% decrease in the number of Luxury Homes closed (347) from 10/1/21 to 9/30/22 compared to 360 closings in the period 10/1/20 to 9/30/21.  The inventory of luxury homes (182) is 17% below the inventory in September 2021 (220 homes) and it is 10% above the inventory last month (165).  The pace of new sales (19) in September this year is 47% below the pace of a year ago (36) and it is 27% below the pace last month (26).  There is a slowing of activity in this high quartile sector.  The Days on Market for 19 Luxury Home closings was 121 days this September compared to 54 days a year ago. and 47 Days on market for all closed properties in the County in September.  There is a 9.6 months supply of inventory of luxury properties based on the current sales pace compared to a 2.3 months supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 97% of original list price.

Cloverdale:  There are 24 homes and condominiums available in Cloverdale.  This compares to 42 homes in inventory in September 2021 and 24 homes last month.  There were 9 new sales in September compared to 13 a year ago and 8 last month.  There is now a 2.7 months supply of inventory in Cloverdale based on the current sales pace.  The Days on Market for the 8 homes that closed in September is 70 days.  

Coastal Sonoma:  There are 14 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 9 homes in inventory in September 2021 and 15 homes last month.  There were 6 new sales in September compared to 7 a year ago and 2 last month.  There is now a 2.3 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 2 homes that closed in September is 14 days. 

Healdsburg Trends:  There are 62 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 50% below the inventory in September 2021 (123) and it is 9% above the inventory last month (57).  New sales in September (14) were 56% below the pace of sales in September 2021 (32) and they were 18% above the sales pace last month (17).  The months of available inventory is 4.4 months at the end of September based on the current sales pace.  The Days on Market for the 11 homes that closed in September is a whopping 153 days. 

Oakmont:  There are 20 homes and condominiums available in Oakmont at the end of September.  This is 62% below the inventory in September 2021 (53) and it is 18% above the inventory of last month (17).  New sales (6) were 82% below the sales pace of a year ago (34) and 73% below the pace of last month (22).  There is a 3.3 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 $849,000.  The median price was $750,000 for the 15 homes that closed in September.  The Days on Market for the homes that closed in September is 56 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of September (90) is 9% below the inventory in September 2021 (99) and it is 18% above the inventory last month (75).  There were 48 new sales for the month.  This is 32% below the sales in September 2021 (71) and it is 13% below the sales pace last month (55).  The Petaluma market currently has 1.9 months supply of available inventory based on the current sales pace. The median price of the 42 homes that closed in September was $885,000.  This is 2% above the median price last September ($868,000).  The Days on Market for the homes that closed in September is 33 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of September (28) is 35% below the inventory in September 2021 (43) and it is 7% below the inventory last month (30).  There were 36 new sales in Rohnert Park in September.  This sales pace is 5% below the 38 sales in September 2021 and it is slightly above the sales last month (35).  There is a 0.8 months supply of inventory based on the current sales pace.  This remains a very tight market.  The median price ($680,000) of the 30 homes and condominiums that closed in September is 7% above the median price in September a year ago ($635,000).  Days on Market for the homes that closed in September is 34 days.

Russian River:  The inventory of homes and condominiums for sale at the end of September in the Russian River area (Guerneville, Monte Rio and Rio Nido) (59) is 3% below the level of September 2021 (61) and it is 16% above the inventory last month (51).  There were 18 new sales for the month of September.  This is 53% below the pace in September 2021 (38) and it is 25% below the pace last month (24).  There is a 3.3 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 $783,000 over the past year.  The median was $684,000 for the 24 homes that closed in September.  The homes that closed in the Russian River in April went from listing to pending in 42 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 September (248) is 40% below the inventory of a year ago (410) and it is 12% above the inventory last month (222).  New sales in September (116) are 54% below the pace of last September (256) and they are 27% below the pace last month (161).  There is a 2.1 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 143 homes closed in September in Santa Rosa was $686,000 compared to $661,000 a year ago.  This is a 4% increase.  The Days on Market for the homes that closed in September is 46 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of September in Sebastopol is 46 homes.  This is 22% below the inventory last September (59) and 6% below the inventory last month (49).  There were 24 new sales for the month of September.  This is 29% below the pace in September 2021 (34) and it is 23% below the pace last month (31).  There is a 1.9 months supply of inventory in Sebastopol based on the current sales pace.  The 18 homes that closed in Sebastopol in September went from listing to pending in 37 days.

Sonoma Valley:  The number of available homes and condominiums for sale (104) at the end of September in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 19% below the inventory last September (128) and it is 8% above the inventory of last month (96).  Seventy-four percent of the available properties in the Sonoma Valley (74) are priced at $1,000,000, or more.  This percentage is up from 69% last month.  There were 26 new sales for the month. This is 19% below the 57 sales in September 2021 and it is 8% below the 30 sales last month.  There is a 4 months supply of inventory in Sonoma based on the current pace of sales.  This is the first time that inventory has reached a four month supply in many years.  The average Days on Market for the 28 properties that closed in the Sonoma Valley in September is 39 days.  The closings in the month had a selling price equal to 98% of the original listing price.  In September, 27% of the homes in the Sonoma Valley sold at a price in excess of the original list price and 37% of the homes had a reduction in price before they sold.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of September starts at $3,750,000.  Twenty-nine homes closed in the top quartile in the past twelve months compared to 27 in the twelve months prior to that.  In September, there were three new sales in this quartile.  There are 27 homes available in this quartile in September 2022 compared to 31 a year ago and 27 last month.  The one home that closed in excess of $3,750,000 in the month sold in one day and had a selling price equal to 104% of the original listing price.  

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of September is 37 properties.  This is 21% below the inventory in September 2021 (47) and it is equal to the 37 homes in inventory last month.  There were 15 sales in the month.  This is 65% below the pace of sales in September 2021 (43) and it is 56% below the pace of last month (34).  There is a 2.5 months supply of inventory based on the current sales pace.  The days on market for the 28 homes that closed in September 2021 in Windsor is 47 days.  The median price ($813,000) of the homes closed in Windsor in April is 5% above the median price a year ago ($772,000).

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of September is 52 homes.  This is 33% below the number of mobile homes available in September 2021 (78) and it is essentially equal to the number of available mobile homes last month (51).  There were 32 new mobile home sales in September.  This is 16% below the pace of sales in September 2021 (38) and it is 19% above the pace of sales last month (27).  There is a 1.6 months supply of inventory based on the current sales pace.  The average days on market of the 18 mobile homes closed in September is 53 days and the median price was $193,000.  This median price is 3% below the median price of $199,000 in September 2021.

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of September is 288 properties. The current inventory is 23% below the number of lots in September 2021 (371) and it is equal to the number of available lots last month (288). There were 33 new lot sales in September.  This is 13% below the pace of sales in September 2021 (38) and it is 7% above the pace of lot sales last month (31).  There is a 7.3 months supply of inventory based on the current sales pace.  The average days on market of the 21 lots closed in September is 162 days and the median price is $335,000 compared to $320,000 a year ago.   

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of September (296) is 24% below the inventory in September 2021 (389) and it is 5% above the inventory last month (281).  Sixty-three percent of the inventory in Napa County (185 properties) is priced at $1,000,000 or above.   New sales (84) are 33% below the pace of last year (125) and are 16% below the 100 sales last month.  There is a 3.5 months supply of inventory based on the current sales pace.  The Days on Market for the homes closing in Napa County is currently 39 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 84 homes closed in September in Napa County ($895,000) is 9% above the median price of a year ago ($818,000).  Over the past four months, Napa County homes are selling at roughly 95% of original list price.  In September, 40% of the homes in Napa County sold at a price in excess of the original list price and 27% of the homes had a reduction in price before they sold.  

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $4,000,000 in Napa County at this time.  There has been a decrease of 39% for the number of closings (44) of Luxury Homes (sales price in excess of $4,000,000) in Napa County for the period 10/1/21 to 9/30/22 compared to 61 closings in the period 10/1/20 to 9/30/21.  This continues last month’s trend where we see a decrease in this number.  The decrease in stock values in the Bay Area tech companies and the passing of the COVID “city escape” may be factors in this cooling.  There are 74 luxury homes in inventory at the end of September 2022 compared to 79 homes in inventory at the end of September 2021 and 69 last month. There were 5 new Luxury Home sales in September compared to 1 last year and 3 last month.  Over the past four months, Napa County Luxury Homes are selling at roughly 86% of original list price.

American Canyon:  There are 20 available homes and condominiums in inventory at the end of September in American Canyon. Last year at this time there were also 20 homes in inventory and there were 17 homes in inventory last month.  There were 10 new sales in the month.  This compares to 14 new homes sales last September and 8 new sales last month.  There is a 2 months supply of inventory based on the current sales pace.  The Days on Market for 9 homes that closed in American Canyon last month was 53 days. The median price of the homes that closed in American Canyon in September ($740,000) is 1.3% below the median price of a year ago ($750,000).  The average price per square foot of the homes sold in American Canyon was at $334 last month.  This is consistent with the $300 to $400 per square foot range where the sales have been over the past several years.

Napa:  Fifty-one percent of the inventory in Napa County is in the City of Napa.  There are 151 available homes and condominiums in inventory at the end of September in the City of Napa. This is 30% below the supply at the end of September 2021 (216) and it is 7% above the inventory at the end of last month (141).  New sales (58) were 30% below the pace of September 2021 (83) and they were 16% below the pace of last month (69). There is a 2 months supply of inventory based on the current sales pace. The Days on Market for the 73 closings last month is 42 days.  The median price of the homes that closed in the City of Napa in September was $940,000. This is 15% above the median price of the homes closed in September 2021 ($820,000).

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 September (105) is 18% below the level of 128 in September 2021 and it is essentially equal to the inventory last month (104).  There were 13 new sales this month compared to 24 a year ago and 21 last month.  There is now a 8.1 months supply of inventory based on the current sales pace. The Days on Market for the 18 closings last month is 40 days.  Fifty-eight percent of the Luxury Market inventory (price in excess of $4,000,000) in Napa County is in the Up Valley Market (43 homes). There were no luxury home (price in excess of $4,000,000) closings in the Up Valley Market last month and there were four new luxury home sales.

Angwin:  The inventory of homes and condominiums for sale in the Angwin at the end of September (8) is 50% below the level of 16 in September 2021 and it is 33% below the inventory last month (12).  There was one new sale this month compared to 6 a year ago and 2 last month.  There is now a 8 months supply of inventory based on the current sales pace. The median asking price for the 8 homes on the market in Angwin is $2,200,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of September is 24 homes.  This is 42% below the number of mobile homes available in September 2021 (41) and it is 14% above the 21 available homes last month.  There were 9 new mobile home sales in September.  This compares to 10 home sales last September and 11 sales last month.  There is a 2.7 months supply of inventory based on the current sales pace.  The average days on market of the 14 mobile homes closed in September is 50 days and the median price was $209,000.  This compares to a median price of $205,000 in September 2021 and $257,000 last month.  The median price of sold mobile homes in Napa varies quite a bit from month to month based on where they are taking place.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of September stands at 305.  This is 34% above the inventory in September 2021 (228) and it is essentially equal to the inventory last month (303).  New sales (55) in Mendocino County in September were 7% below the pace of September 2021 (57) and they were 20% below the pace last month (66).  There now is a 5.8 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 49 homes sold in Mendocino County in September is 77 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 homes closed in September in Mendocino County was $490,000. This is 2% below the median price in September 2021 ($500,000).  Over the past four months, Mendocino County homes are selling at roughly 90% of original list price.  In September, 15% of the homes in Mendocino County sold at a price in excess of the original list price and 51% of the homes had a reduction in price before they sold.

Ukiah:  The inventory of homes and condominiums for sale at the end of September in Ukiah is 66 homes.  This is 20% above the level of September 2021 (55) and it is 3% above the inventory last month (64).  There were 19 new sales for the month of September.  This is 12% ahead of the number of sales in September 2021 (17) and it is 24% below the sales last month (25).  There is 3.5 months of inventory based on the current sales pace.  The Days on Market for the 17 closings last month is 91 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $625,000. The median price was $520,000 for the homes that closed in September.  

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of September in Redwood Valley and Calpella is 27 homes.  This compares to 23 homes in September 2021 and 34 homes last month.  There were 9 new sales for the month of September.  This compares to 4 sales in September 2021 and 8 new sales last month.  There is a 3 months supply of inventory based on the current sales pace.  The median price of the homes sold in Redwood Valley/Calpella in the past year has ranged from $400,000 to $725,000.  There were 8 closings in Redwood Valley/Calpella in September at a median price of $601,000 and the homes sold in 64 days. 

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of September in Hopland and Talmage is 9 homes.  This compares to 9 homes in inventory at the end of September 2021 and 12 homes in inventory last month.  There were 2 new sales in the month of September.  This compares to no sales in September 2021 and one new sale last month.  There was one closing of in this area last month.

Lake County:  The inventory of homes and condominiums available in Lake County at the end of September stands at 524.  Approximately 29% of the inventory (154 homes) is in the communities of Clearlake.  The countywide inventory is 23% above the inventory in September 2021 (427) and it is 5% above the inventory last month (499). Closed sales (91) in Lake County in September were 4% below the pace of September 2021 (95) and they were 11% above the pace last month (82).  There now is a 5.9 months supply of inventory in Lake County based on the existing sales pace.  The median Days on Market for the homes sold in Lake County in September is 32 days.  Usually “Days on Market” are traced from listing date to pending date, so the closing date would be somewhat longer.  The median price of the homes closed in September in Lake County was $280,000. This is 18% below the median price in September 2021 ($340,000) and 9% below the median price last month ($309,000).  The homes sold in Lake County last month sold at 94% of original list price compared to 97% a year ago.

Marin County:  Marin County is often considered a “feeder” county to our North Bay Wine Country markets.  Marin County’s inventory (449 homes) is 12% below the 508 homes in September 2021 and it is 30% above the 346 homes in inventory last month.  New sales (186) were 39% below the number last September (305) and were 14% below the pace of last month (215).  This creates a 2.4 months supply.  The median price of the 177 homes sold in Marin County in September is $1,435,000.  This is 3% above the median price a year ago ($1,400,000).

Wine Country Real Estate Trends in August 2022

Wine Country and Northbay Real Estate Trends 

Better Homes and Gardens Real Estate|Wine Country Group Results for August 2022

Better Homes and Gardens Real Estate|Wine Country Group and Better Homes and Gardens Real Estate|Ming Tree enjoyed 60 closings in August 2022 compared to 68 last August and 71 last month.  In August, we closed homes with a total value of $28 million compared to $49 million last year and $35 million last month.  The average selling price of the properties sold by BHGRE|WCG in August was $467,000. 

BHGRE|WCG currently has 107 pending sales with a value of $61 million dollars.  We are 70% ahead of our pending unit volume last year.  We have 195 active listings with a value of $110 million dollars.  We are 400% ahead of last year in our listing unit volume.  Our average listing price is $564,000.

Congratulations to the following BHGRE|Wine Country Group agents who had one or more closings in the month of August.  Dave Hughes led all agents with 6 closings.

Jessica Spencer, Sarah Duschka, Maria Flores, Jessica Hooten, Robert Davis, Cheryl Marinaro, Denise Ridley, Dave Hughes, Carina De Herrera, Jana Adams, Mari Giblin, Melinda Scalese, Heather Thurber, Rob Ross, Laurie Parris, Herb Heil, Sheila Deignan, Rianne Pasquariello, Linda Alioto, Amy Wray, Annalise Von Borstel, Daria McKenzie, Daryush Wertime, Dave Smith, J Hunter, Nancy Calderon, Jeff Ragan, Jill Rake, Josh Mohland, Karen Mann, Kathy McGuire, Kim Brown, Lisa Ladanyl, Larry Doss, Malachi Herrera, Melanie Scalese, Matt Vegvary, Misty Platt, Natalie Hill, Nicole Moktan, Paige Hotchkiss, Patricia Vance, Patty Marken, Rollin Trehearne, Shannon Kerr, Taran Pitzer, Team Ramos, Tricia Wilwerding, Mara Kahn and Zebi Borjarsky.

National Trends

Mortgage rates in the 6% range are the highest that they have been since 2008. In Fannie Mae’s (Federal National Mortgage Association) updated forecast this week, interest rates are projected to remain in the 5.5% range now through the end of 2023.  Home sales are projected to be approximately 17.2% lower in 2023 than in 2022.  New home sales are projected to fall at a higher rate than existing home sales. Home price appreciation is expected to be flat for 2023.

North Bay Real Estate Trends for August 2022

For all of the areas covered by our Multiple Listing Service (BAREIS), which includes Marin, Mendocino, Napa, Solano and Sonoma Counties, there is an inventory of 2,747 homes and condominiums for sale at the end of August.  Inventory is 14% below that of a year ago (3,180) and it is 13% below the inventory last month (3,163).  This is the second month in a row where inventory has dropped on a month to month basis.  Inventory remains low on a historical basis.  At times, the inventory has exceeded 10,000 homes in the BAREIS region.  There were 1,176 sales for the month of August.  This number is 18% below a year ago (1,680) and 21% ahead of the pace of last month (1,144).  The median price of homes sold across the nation in August was approximately $440,000.  The median price in our North Bay region was $738,000. 

I have been following a data point I call the “Price Reduction Ratio” (PRR) for the past year, or so.  Across the country approximately 40% of the homes currently put into the MLS are having price reductions before they eventually sell.  In much of our region, the ratios are lower.  For August 2022, of all closed homes in our Wine Country markets, the ratio range from 27% for Sonoma County, 34% for Napa County and 49% for Mendocino County.  Conversely, the ratio of homes selling in excess of Original List Price are 42% in Sonoma County, 34% in Napa County and only 5% in Mendocino County.  Though our ratios are lower locally, the trend is consistent as we are seeing an increase in homes selling with price reductions up to 37% from 22% a year ago for our entire region.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of August stands at 698 homes.  This is 41% below the inventory in August 2021 (1,181) and it is 17% below the inventory last month (842).  New sales (424) in Sonoma County in August were 32% below the pace of August 2021 (627) and they were 15% above the pace last month (368).  There is a 1.6 months supply of inventory based on the current sales pace.  The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 26 (Coastal Sonoma) to 70 (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 38 days.  The median price of the 374 homes closed in August in Sonoma County was $793,000. This is 7% above the median price in August 2021 ($744,000).  Nearly 50% of the available homes for sale in Sonoma County at this time (341) are priced at $1,000,000 or more.  Over the past four months, Sonoma County homes are selling at 101% of their original list price.  In August, 42% of the homes in Sonoma County sold at a price in excess of the original list price and 27% of the homes had a reduction in price before they sold.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1.800,000).  There has been a 1% decrease in the number of Luxury Homes closed (411) from 9/1/21 to 8/31/22 compared to 414 closings in the period 9/1/20 to 8/31/21.  The inventory of luxury homes (173) is 30% below the inventory in August 2021 (247 homes) and it is 7% below the inventory last month (185).  The pace of new sales (34) in August this year is 8% below the pace of a year ago (37) and it is 3% above the pace last month (33).  There is a slowing of activity in this high quartile sector.  The Days on Market for 31 Luxury Home closings was 55 days this August compared to 58 days a year ago. and 38 Days on market for all closed properties in the County in August.  There is a 5.1 months supply of inventory of luxury properties based on the current sales pace compared to a 1.6 months supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 99% of original list price.

Cloverdale:  There are 24 homes and condominiums available in Cloverdale.  This compares to 46 homes in inventory in August 2021 and 25 homes last month.  There were 7 new sales in August compared to 20 a year ago and 9 last month.  There is now a 3.4 months supply of inventory in Cloverdale based on the current sales pace.  The Days on Market for the 9 homes that closed in August is 66 days.  

Coastal Sonoma:  There are 15 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 10 homes in inventory in August 2021 and 10 homes last month.  There were 2 new sales in August compared to 12 a year ago and 2 last month.  There is now a 7.5 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the one home that closed in August is 26 days. 

Healdsburg Trends:  There are 57 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 58% below the inventory in August 2021 (136) and it is 11% below the inventory last month (64).  It is the lowest inventory in Healdsburg since February 2015.  New sales in August (17) were 43% below the pace of sales in August 2021 (30) and they were equal to the sales pace last month (17).  The months of available inventory is 3.4 months at the end of August based on the current sales pace.  The Days on Market for the 22 homes that closed in August is 70 days.  

Oakmont:  There are 17 homes and condominiums available in Oakmont at the end of August.  This is 75% below the inventory in August 2021 (67) and it is 39% below the inventory of last month (28).  New sales (23) were 28% below the sales pace of a year ago (32) and 130% above the pace of last month (10).  There is a 0.7 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 $849,000.  The median price was $630,000 for the 11 homes that closed in August.  The Days on Market for the homes that closed in August is 40 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of August (76) is 30% below the inventory in August 2021 (108) and it is 25% below the inventory last month (101).  There were 58 new sales for the month.  This is 17% below the sales in August 2021 (70) and it is 32% above the sales pace last month (44).  The Petaluma market currently has 1.3 months supply of available inventory based on the current sales pace. The median price of the 55 homes that closed in August was $910,000.  This is 12% above the median price last August ($815,000).  The Days on Market for the homes that closed in August is 27 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of August (30) is 46% below the inventory in August 2021 (55) and it is 27% below the inventory last month (41).  There were 38 new sales in Rohnert Park in August.  This sales pace is 22% below the 49 sales in August 2021 and it is 12% above the sales last month (34).  There is a 0.8 months supply of inventory based on the current sales pace.  This remains a very tight market.  The median price ($770,000) of the 31 homes and condominiums that closed in August is 21% above the median price in August a year ago ($634,000).  Days on Market for the homes that closed in August is 34 days.

Russian River:  The inventory of homes and condominiums for sale at the end of August in the Russian River area (Guerneville, Monte Rio and Rio Nido) (51) is 33% below the level of August 2021 (76) and it is 14% below the inventory last month (59).  There were 24 new sales for the month of August.  This is 25% below the pace in August 2021 (32) and it is 33% above the pace last month (18).  There is a 2.1 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 $783,000 over the past year.  The median was $630,000 for the 18 homes that closed in August.  The homes that closed in the Russian River in April went from listing to pending in 44 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 August (222) is 50% below the inventory of a year ago (448) and it is 20% below the inventory last month (279).  New sales in August (171) are 36% below the pace of last August (276) and they are 15% above the pace last month (149).  There is a 1.3 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 143 homes closed in August in Santa Rosa was $735,000 compared to $675,000 a year ago.  This is a 9% increase.  The Days on Market for the homes that closed in August is 39 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of August in Sebastopol is 49 homes.  This is 35% below the inventory last August (75) and 25% below the inventory last month (65).  There were 32 new sales for the month of August.  This is 3% below the pace in August 2021 (33) and it is 46% above the pace last month (22).  There is a 1.5 months supply of inventory in Sebastopol based on the current sales pace.  The 23 homes that closed in Sebastopol in August went from listing to pending in 27 days.

Sonoma Valley:  The number of available homes and condominiums for sale (96) at the end of August in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 34% below the inventory last August (146) and it is 17% below the inventory of last month (115).  Sixty-nine percent of the available properties in the Sonoma Valley (66) are priced at $1,000,000, or more. There were 30 new sales for the month. This is 44% below the 54 sales in August 2021 and it is 21% below the 38 sales last month.  There is a 3.2 months supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 30 properties that closed in the Sonoma Valley in August is 39 days.  The closings in the month had a selling price equal to 95% of the original listing price.  In August, 32% of the homes in the Sonoma Valley sold at a price in excess of the original list price and 29% of the homes had a reduction in price before they sold.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of August starts at $4,000,000.  Twenty-one homes closed in the top quartile in the past twelve months compared to 26 in the twelve months prior to that.  In August, there was no new sales in this quartile.  There are 24 homes available in this quartile in August 2022 compared to 23 a year ago and 23 last month.  The one home that closed in excess of $4,000,000 in the month had a selling price equal to 101% of the original listing price.  

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of August is 37 properties.  This is 36% below the inventory in August 2021 (58) and it is 16% below the 44 homes in inventory last month.  There were 33 sales in the month.  This is 27% above the pace of sales in August 2021 (26) and it is 83% above the pace of last month (18).  There is a 1.1 months supply of inventory based on the current sales pace.  The days on market for the 20 homes that closed in August 2021 in Windsor is 39 days.  The median price ($733,000) of the homes closed in Windsor in April is 4% below the median price a year ago ($760,000).

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of August is 51 homes.  This is 44% below the number of mobile homes available in August 2021 (91) and it is equal to the number of available mobile homes last month (51).  There were 29 new mobile home sales in August.  This is 19% below the pace of sales in August 2021 (36) and it is 12% below the pace of sales last month (33).  There is a 1.8 months supply of inventory based on the current sales pace.  The average days on market of the 35 mobile homes closed in August is 37 days and the median price was $209,000.  This median price is 23% ahead of the median price of $170,000 in August 2021.

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of August is 288 properties. The current inventory is 24% below the number of lots in August 2021 (381) and it is 4% below the number of available lots last month (299). There were 33 new lot sales in August.  This is 3% below the pace of sales in August 2021 (34) and it is 120% above the pace of lot sales last month (15).  There is a 7.3 months supply of inventory based on the current sales pace.  The average days on market of the 21 lots closed in August is 125 days and the median price is $348,000.   

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of August (281) is 27% below the inventory in August 2021 (387) and it is 7% below the inventory last month (301).  Sixty-five percent of the inventory in Napa County (184 properties) is priced at $1,000,000 or above.   New sales (106) are 21% below the pace of last year (131) and are 14% ahead of the 93 sales last month.  There is a 2.7 months supply of inventory based on the current sales pace.  The Days on Market for the homes closing in Napa County is currently 52 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 102 homes closed in August in Napa County ($1,013,000) is 19% above the median price of a year ago ($850,000).  Over the past four months, Napa County homes are selling at roughly 93% of original list price.  In August, 34% of the homes in Napa County sold at a price in excess of the original list price and 34% of the homes had a reduction in price before they sold.  This latter percentage, homes with a price reduction, increased from 15% last month.  As is true across the country, more homes are seeing price reductions before selling.

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $4,000,000 in Napa County at this time.  There has been a decrease of 27% for the number of closings (47) of Luxury Homes (sales price in excess of $4,000,000) in Napa County for the period 9/1/21 to 8/31/22 compared to 64 closings in the period 9/1/20 to 8/31/21.  This continues last month’s trend where we see a decrease in this number.  There are 69 luxury homes in inventory at the end of August 2022 compared to 79 homes in inventory at the end of August 2021 and 66 last month. There were 3 new Luxury Home sales in August compared to 8 last year and 2 last month.  Over the past four months, Napa County Luxury Homes are selling at roughly 86% of original list price.

American Canyon:  There are 17 available homes and condominiums in inventory at the end of August in American Canyon. Last year at this time there were 29 homes in inventory and there were 25 homes in inventory last month.  There were 9 new sales in the month.  This compares to 13 new homes sales last August and 5 new sales last month.  There is a 1.9 months supply of inventory based on the current sales pace.  The Days on Market for 5 homes that closed in American Canyon last month was 38 days. The median price of the homes that closed in American Canyon in August ($725,000) is equal to the median price of a year ago ($725,000).  The average price per square foot of the homes sold in American Canyon was at $362 last month.  This is consistent with the $300 to $400 per square foot range where the sales have been over the past several years.

Napa:  Fifty percent of the inventory in Napa County is in the City of Napa.  There are 141 available homes and condominiums in inventory at the end of August in the City of Napa. This is 34% below the supply at the end of August 2021 (212) and it is 10% below the inventory at the end of last month (157).  New sales (72) were 20% below the pace of August 2021 (90) and they were 13% ahead of the pace of last month (64). There is a 2 months supply of inventory based on the current sales pace. The Days on Market for the 73 closings last month is 42 days.  The median price of the homes that closed in the City of Napa in August was $940,000. This is 15% above the median price of the homes closed in August 2021 ($820,000).

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 August (104) is 15% below the level of 122 in August 2021 and it is slightly above the inventory last month (102).  There were 23 new sales this month compared to 28 a year ago and 23 last month.  There is now a 4.5 months supply of inventory based on the current sales pace. The Days on Market for the 23 closings last month is 65 days.  Fifty-nine percent of the Luxury Market inventory (price in excess of $4,000,000) in Napa County is in the Up Valley Market (41 homes). There were two luxury home (price in excess of $4,000,000) closings in the Up Valley Market last month and there were two new luxury home sales.

Angwin:  The inventory of homes and condominiums for sale in the Angwin at the end of August (12) is 29% below the level of 17 in August 2021 and it is 14% below the inventory last month (14).  There were 2 new sales this month compared to 3 a year ago and 3 last month.  There is now a 6 months supply of inventory based on the current sales pace. The median asking price for the 12 homes on the market in Angwin is $1,300,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of August is 21 homes.  This is 38% below the number of mobile homes available in August 2021 (34) and it is 13% below the 24 available homes last month.  There were 13 new mobile home sales in August.  This compares to 15 home sales last August and 8 sales last month.  There is a 1.6 months supply of inventory based on the current sales pace.  The average days on market of the 5 mobile homes closed in August is 64 days and the median price was $180,000.  This compares to a median price of $257,000 in August 2021 and $187,000 last month.  The median price of sold mobile homes in Napa varies quite a bit from month to month.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of August stands at 303.  This is 46% above the inventory in August 2021 (208) and it is 11% below the inventory last month (340).  New sales (72) in Mendocino County in August were 9% above the pace of August 2021 (66) and they were 57% above the pace last month (46).  There now is a 4.2 months supply of inventory in Mendocino County based on the existing sales pace down from 6.5 months last month.  The average Days on Market for the 53 homes sold in Mendocino County in August is 86 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 homes closed in August in Mendocino County was $505,000. This is essentially equal to the median price in August 2021 ($503,000).  Over the past four months, Mendocino County homes are selling at roughly 91% of original list price.  In August, 5% of the homes in Mendocino County sold at a price in excess of the original list price and 49% of the homes had a reduction in price before they sold.

Ukiah:  The inventory of homes and condominiums for sale at the end of August in Ukiah is 64 homes.  This is 36% above the level of August 2021 (47) and it is 19% below the inventory last month (79).  There were 26 new sales for the month of August.  This is 30% ahead of the number of sales in August 2021 (20) and it is 100% ahead of the sales last month (13).  There is 2.5 months of inventory based on the current sales pace (down from 5 months last month). The Days on Market for the 15 closings last month is 58 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $625,000. The median price was $485,000 for the homes that closed in August.  

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of August in Redwood Valley and Calpella is 34 homes.  This compares to 20 homes in August 2021 and 38 homes last month.  There were 9 new sales for the month of August.  This compares to 5 sales in August 2021 and 6 new sales last month.  There is a 3.8 months supply of inventory based on the current sales pace.  The median price of the homes sold in Redwood Valley/Calpella in the past year has ranged from $400,000 to $725,000.  There were 3 closings in Redwood Valley/Calpella in August at a median price of $535,000 and the homes sold in 80 days. 

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of August in Hopland and Talmage is 12 homes.  This compares to 7 homes in inventory at the end of August 2021 and 14 homes in inventory last month.  There was one new sale for the month of August.  This compares to no sales in August 2021 and no new sales last month.  There was one closing of  in this area last month.

Lake County:  The inventory of homes and condominiums available in Lake County at the end of August stands at 525.  Approximately 28% of the inventory (148 homes) is in the communities of Clearlake.  The countywide inventory is 27% above the inventory in August 2021 (413) and it is 5% above the inventory last month (499). Closed sales (81) in Lake County in August were 30% below the pace of August 2021 (116) and they were 20% below the pace last month (101).  There now is a 5.8 months supply of inventory in Lake County based on the existing sales pace.  The median Days on Market for the homes sold in Lake County in August is 36 days.  Usually “Days on Market” are traced from listing date to pending date, so the closing date would be somewhat longer.  The median price of the homes closed in August in Lake County was $304,000. This is 6% below the median price in August 2021 ($323,000) and slightly above the median price last month ($300,000).  The homes sold in Lake County last month sold at 94% of original list price compared to 100% a year ago.

Marin County:  Marin County is often considered a “feeder” county to our North Bay Wine Country markets.  Marin County’s inventory (346 homes) is 36% below the 538 homes in August 2021 and it is 22% below the 444 homes in inventory last month.  New sales (219) were 17% below the number last August (263) and were very close to the pace of last month (215).  This creates a 1.6 months supply.  The median price of the 216 homes sold in Marin County in August is $1,355,000.  This is 3% below the median price a year ago ($1,403,000).

Wine Country and NorthBay Real Estate Trends in July 2022

Wine Country and Northbay Real Estate Trends 

Better Homes and Gardens Real Estate|Wine Country Group Results for July 2022

Better Homes and Gardens Real Estate|Wine Country Group and Better Homes and Gardens Real Estate|Ming Tree enjoyed 60 closings in July 2022 compared to 68 last July and 71 last month.  In July, we closed homes with a total value of $28 million compared to $49 million last year and $35 million last month.  The average selling price of the properties sold by BHGRE|WCG in July was $467,000. 

BHGRE|WCG currently has 107 pending sales with a value of $61 million dollars.  We are 70% ahead of our pending unit volume last year.  We have 195 active listings with a value of $110 million dollars.  We are 400% ahead of last year in our listing unit volume.  Our average listing price is $564,000.

Congratulations to the following BHGRE|Wine Country Group agents who had one or more closings in the month of July.  Jesicca Spencer led all agents with 4 closings.

Jessica Spencer, Sarah Duschka, Maria Flores, Jessica Hooten, Robert Davis, Summer Dahlquist, Cheryl Marinaro, Denise Ridley, Dave Hughes, Carina De Herrera, Paige Hotchkiss, Ray Hellgren, Parmeeta Ghoman, Jana Adams, Mari Giblin, Melinda Scalese, Pam Atchison, Julie Etchell, Heather Thurber, Rob Ross, Ann Conger, Martha Saly, Randy Coffman, Laurie Parris, Herb Heil, Pippa Whelan, Tish Thames, Sheila Deignan, Kendra Martin, Rianne Pasquariello, Linda Alioto, Liz Manfree.

North Bay Real Estate Trends for July 2022

For all of the areas covered by our Multiple Listing Service (BAREIS), which includes Marin, Mendocino, Napa, Solano and Sonoma Counties, there is an inventory of 2,697 homes and condominiums for sale at the end of July.  Inventory is 34% above that of a year ago (2,007) and it is 11% above the inventory last month (2,429).  This continues the trend over the past three months where inventory in a current month has exceeded inventory one year prior.  It is also consistent with national data where listings are 32% ahead of a year ago.  Both nationally and locally, the rate of increase in inventory is declining in what we describe as a typical seasonal trend. Despite the pick-up in July, inventory remains low on a historical basis.  At times, the inventory has exceeded 10,000 homes in the BAREIS region.  There were 1,169 sales for the month of July.  This number is 32% below a year ago (1,715) and 7% below the pace of last month (1,258). 

Nationally, Interest rates for 30 year fixed rate mortgages have retreated to near 5% or just below from a high of 6.5%, or so, a month ago.  This is not far off from the average of 4% over the past 13 years.  Inflation also seems to, perhaps, reached its peak and is retreating at present.

I have been following a data point I call the “Price Reduction Ratio” (PRR) for the past year, or so.  Across the country, on average, one might expect that 30 to 35% of the homes put into the MLS will have a price reduction before they eventually sell.  Currently, for the entire country, the ratio is currently 38% and heading up.  It is expected to reach 40% before cresting in the lead up to the winter market.  In much of our region, the ratios are lower.  For July 2022, of all closed homes in our Wine Country markets, the ratio range from 15% for Napa County, 22% for Sonoma County and 45% for Mendocino County.  Conversely, the ratio of homes selling in excess of Original List Price are 48% in Sonoma County, 33% in Napa County and 25% in Mendocino County, and.  Though our ratios are lower, the trend is consistent as we are seeing an increase in homes selling with price reductions.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of July stands at 692 homes.  This is 9% below the inventory in July 2021 (761) and it is 6% above the inventory last month (653).  New sales (379) in Sonoma County in July were 42% below the pace of July 2021 (651) and they were 14% below the pace last month (442).  There is a 1.8 months supply of inventory based on the current sales pace.  The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 28 (Coastal Sonoma) to 54 (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 39 days.  The median price of the 395 homes closed in July in Sonoma County was $780,000. This is 5% above the median price in July 2021 ($740,000).  Nearly 50% of the available homes for sale in Sonoma County at this time are priced at $1,000,000 or more.  Over the past four months, Sonoma County homes are selling at 103% of their original list price.  In July, 48% of the homes in Sonoma County sold at a price in excess of the original list price and 22% of the homes had a reduction in price before they sold.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1.800,000).  There has been a 6% increase in the number of Luxury Homes closed (429) from 8/1/21 to 7/31/22 compared to 403 closings in the period 8/1/20 to 7/31/21.  The inventory of luxury homes (173) is 9% below the inventory in July 2021 (189 homes) and it is 6% below the inventory last month (184).  The pace of new sales (33) in July this year is 27% below the pace of a year ago (45) and it is 6% below the pace last month (35).  There seems to be a slowing of activity in this high quartile sector.  The Days on Market for 25 Luxury Home closings was 37 days this July compared to 44 days a year ago. and 42 Days on market for all closed properties in the County in June.  There is a 5.2 months supply of inventory of luxury properties based on the current sales pace compared to a 1.8 months supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 101% of original list price.

Cloverdale:  There are 26 homes and condominiums available in Cloverdale.  This compares to 39 homes in inventory in July 2021 and 29 homes last month.  There were 9 new sales in July compared to 16 a year ago and 9 last month.  There is now a 2.9 months supply of inventory in Cloverdale based on the current sales pace.  The Days on Market for the 8 homes that closed in July is 44 days. 

Coastal Sonoma:  There are 9 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 10 homes in inventory in July 2021 and 6 homes last month.  There were 2 new sales in July compared to 3 a year ago and 5 last month.  There is now a 4.5 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the one home that closed in July is 28 days. 

Healdsburg Trends:  There are 62 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 33% below the inventory in July 2021 (92) and it is 8% below the inventory last month (67).  New sales in July (17) were 32% below the pace of sales in July 2021 (25) and they were 26% below the sales pace last month (23).  The months of available inventory is 3.6 months at the end of July based on the current sales pace.  The Days on Market for the 17 homes that closed in July is 54 days.  

Oakmont:  There are 24 homes and condominiums available in Oakmont at the end of July.  This is 56% below the inventory in July 2021 (55) and it is 20% above the inventory of last month (20).  New sales (10) were 67% below the sales pace of a year ago (30) and 44% below the pace of last month (18).  There is a 2.4 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 $810,000.  The median price was $849,000 for the 15 homes that closed in July and is a new high median closing price for any month in Oakmont.  The Days on Market for the homes that closed in July is 31 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of July (75) is 47% above the inventory in July 2021 (51) and it is 15% above the inventory last month (65).  There were 44 new sales for the month.  This is 38% below the sales in July 2021 (71) and it is 29% below the sales pace last month (62).  The Petaluma market currently has 1.7 months supply of available inventory based on the current sales pace. The median price of the 55 homes that closed in July was $940,000.  This is 18% above the median price last July ($800,000) but it is less than it was in the past four months. The Days on Market for the homes that closed in July is 33 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of July (27) is 23% below the inventory in July 2021 (35) and it is slightly ahead of the inventory last month (26).  There were 34 new sales in Rohnert Park in July.  This sales pace is 50% below the 68 sales in July 2021 and it is slightly below the sales last month (35).  This is the twenty-sixth month in a row where sales were in excess of the inventory at the beginning of the month in Rohnert Park.  In July, the month started with 26 available properties and there were 34 sales in the month.  There is a 0.8 months supply of inventory based on the current sales pace.  This remains a very tight market.  The median price ($725,000) of the 28 homes and condominiums that closed in July is 12% above the median price in July a year ago ($645,000).  Days on Market for the homes that closed in July is 33 days.

Russian River:  The inventory of homes and condominiums for sale at the end of July in the Russian River area (Guerneville, Monte Rio and Rio Nido) (48) is 13% below the level of July 2021 (55) and it is 9% above the inventory last month (44).  There were 19 new sales for the month of July.  This is 49% below the pace in July 2021 (37) and it is 32% below the pace last month (28).  There is a 2.5 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 $783,000 over the past year.  The median was $645,000 for the 21 homes that closed in July.  The homes that closed in the Russian River in April went from listing to pending in 44 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 July (226) is 19% below the inventory of a year ago (278) and it is 4% above the inventory last month (218).  New sales in July (156) are 42% below the pace of last July (271) and they are 11% below the pace last month (175).  There is a 1.2 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 172 homes closed in July in Santa Rosa was $736,000 compared to $695,000 a year ago.  This is a 6% increase.  The Days on Market for the homes that closed in July is 38 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of July in Sebastopol is 47 homes.  This is 7% above the inventory last July (44) and 12% above the inventory last month (42).  There were 24 new sales for the month of July.  This is 11% below the pace in July 2021 (27) and it is 17% below the pace last month (29).  There is a 2 months supply of inventory in Sebastopol based on the current sales pace.  The 30 homes that closed in Sebastopol in July went from listing to pending in 45 days.

Sonoma Valley:  The number of available homes and condominiums for sale (103) at the end of July in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 4% below the inventory last July (107) and it is 13% above the inventory of last month (91).  Sixty-seven percent of the available properties in the Sonoma Valley (69) are priced at $1,000,000, or more. There were 40 new sales for the month. This is 41% below the 68 sales in July 2021 and it is 5% below the 42 sales last month.  There is a 2.6 months supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 37 properties that closed in the Sonoma Valley in July is 42 days.  The closings in the month had a selling price equal to 96% of the original listing price.  In July, 35% of the homes in the Sonoma Valley sold at a price in excess of the original list price and 38% of the homes had a reduction in price before they sold.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of July starts at $4,000,000 (down from $4,750,000 last month).  Twenty-two homes closed in the top quartile in the past twelve months compared to 29 in the twelve months prior to that.  In July, there was one new sale in this quartile.  There are 24 homes available in this quartile in July 2022 compared to 21 a year ago and 26 last month. Based on the current sales pace, the months of inventory is 24 months.  The one home that closed in excess of $4,000,000 in the month had a selling price equal to 92% of the original listing price.  

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of July is 37 properties.  This is 61% above the inventory in July 2021 (23) and it is 18% below the 45 homes in inventory last month.  There were 18 sales in the month.  This is 54% below the pace of sales in July 2021 (39) and it is 33% below the pace of last month (27).  There is a 2.1 months supply of inventory based on the current sales pace.  The days on market for the 20 homes that closed in July 2021 in Windsor is 40 days.  The median price ($785,000) of the homes closed in Windsor in April is 5% above the median price a year ago ($745,000).

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of July is 42 homes.  This is 28% below the number of mobile homes available in July 2021 (58) and it is 8% above the number of available mobile homes last month (39).  There were 34 new mobile home sales in July.  This is 8% below the pace of sales in July 2021 (37) and it is 6% above the pace of sales last month (32).  There is a 1.2 months supply of inventory based on the current sales pace.  The average days on market of the 28 mobile homes closed in July is 49 days and the median price was $211,000.  This median price is 16% ahead of the median price of $182,000 in July 2021.

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of July is 288 properties. The current inventory is 11% below the number of lots in July 2021 (322) and it is essentially equal to the number of available lots last month (289). There were 21 new lot sales in July.  This is 48% below the pace of sales in July 2021 (40) and it is 9% below the pace of lot sales last month (23).  There is a 13.7 months supply of inventory based on the current sales pace.  The average days on market of the 18 lots closed in July is 127 days and the median price is $330,000.   

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of July (248) is 7% below the inventory in July 2021 (267) and it is 7% above the inventory last month (232).  Sixty-seven percent of the inventory in Napa County (166 properties) is priced at $1,000,000 or above.   New sales (98) are 32% below the pace of last year (144) and are slightly below the 100 sales last month.  There is a 2.5 months supply of inventory based on the current sales pace.  The Days on Market for the homes closing in Napa County is currently 48 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 83 homes closed in July in Napa County ($975,000) is 10% above the median price of a year ago ($890,000).  Over the past four months, Napa County homes are selling at roughly 96% of original list price.  In July, 33% of the homes in Napa County sold at a price in excess of the original list price and 15% of the homes had a reduction in price before they sold.

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $3,750,000 in Napa County at this time.  This is down from $4,750,000 in May.  There has been a decrease of 18% for the number of closings (56) of Luxury Homes (sales price in excess of $3,750,000) in Napa County for the period 8/1/21 to 7/31/22 compared to 69 closings in the period 8/1/20 to 7/31/21.  This continues last month’s trend where we see a decrease in this number.  There are 63 luxury homes in inventory at the end of July 2022 compared to 68 homes in inventory at the end of July 2021 and 63 last month. There were 3 new Luxury Home sales in July compared to 6 last year and 9 last month.  Over the past four months, Napa County Luxury Homes are selling at roughly 90% of original list price.

American Canyon:  There are 18 available homes and condominiums in inventory at the end of July in American Canyon. Last year at this time there were 12 homes in inventory and there were 15 homes in inventory last month.  There were 6 new sales in the month.  This compares to 16 new homes sales last July and 9 new sales last month.  There is a 3 months supply of inventory based on the current sales pace.  The Days on Market for 7 homes that closed in American Canyon last month was 45 days. The median price of the homes that closed in American Canyon in July ($777,000) is 10% ahead of the median price of a year ago ($704,000).  The average price per square foot of the homes sold in American Canyon was at $444 last month.  This is above the $300 to $400 per square foot range where the sales have been over the past several years.

Napa:  Fifty-one percent of the inventory in Napa County is in the City of Napa.  There are 126 available homes and condominiums in inventory at the end of July in the City of Napa. This is slightly below the supply at the end of July 2021 (128) and it is 8% above the inventory at the end of last month (117).  New sales (66) were 30% below the pace of July 2021 (94) and they were slightly below the pace of last month (67). There is a 1.9 months supply of inventory based on the current sales pace. The Days on Market for the 54 closings last month is 39 days.  The median price of the homes that closed in the City of Napa in July was $968,000. This is 11% above the median price of the homes closed in July 2021 ($875,000).

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 (90) is 17% below the level of 109 in July 2021 and it is slightly above the inventory last month (87).  There were 23 new sales this month compared to 28 a year ago and 21 last month.  There is now a 3.9 months supply of inventory based on the current sales pace. The Days on Market for the 17 closings last month is 50 days.  Fifty-seven percent of the Luxury Market inventory (price in excess of $3,750,000) in Napa County is in the Up Valley Market (36 homes). There were no luxury home (price in excess of $3,750,000) closings in the Up Valley Market last month and there were np new luxury home sales.

Angwin:  The inventory of homes and condominiums for sale in the Angwin at the end of July (12) is 40% below the level of 20 in July 2021 and it is 20% above the inventory last month (10).  There were 3 new sales this month compared to 4 a year ago and 1 last month.  There is now a 4 months supply of inventory based on the current sales pace. The median asking price for the 12 homes on the market in Angwin is $2,762,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of July is 19 homes.  This is 27% below the number of mobile homes available in July 2021 (26) and it is 73% above the 11 available homes last month.  There were 8 new mobile home sales in July.  This compares to 18 home sales last July and 8 sales last month.  There is a 2.4 months supply of inventory based on the current sales pace.  The average days on market of the 7 mobile homes closed in July is 88 days and the median price was $180,000.  This compares to a median price of $216,000 in July 2021 and $265,000 last month.  The median price of sold mobile homes in Napa varies quite a bit from month to month.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of July continued its seven month climb and stands at 326.  This is 109% above the inventory in July 2021 (156) and it is 13% above the inventory last month (288).  New sales (50) in Mendocino County in July were 9% below the pace of July 2021 (55) and they were slightly above the pace last month (48).  There now is a 6.5 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 40 homes sold in Mendocino County in July is 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 homes closed in July in Mendocino County was $607,000. This is 7% below the median price in July 2021 ($650,000).  Over the past four months, Mendocino County homes are selling at roughly 93% of original list price.  In July, 25% of the homes in Mendocino County sold at a price in excess of the original list price and 45% of the homes had a reduction in price before they sold.

Ukiah:  The inventory of homes and condominiums for sale at the end of July in Ukiah is 70 homes.  This is 133% above the level of July 2021 (30) and it is 8% above the inventory last month (65).  There were 14 new sales for the month of July.  This is 22% below the number of sales in July 2021 (18) and it is equal to the sales last month (14).  There is 5 months of inventory based on the current sales pace. The Days on Market for the 16 closings last month is 72 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $625,000. The median price was $585,000 for the homes that closed in July. 

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of July in Hopland and Talmage is 13 homes.  This compares to 5 homes in inventory at the end of July 2021 and 13 homes in inventory last month.  There was one new sale for the month of July.  This compares to 2 sales in July 2021 and 1 new sale last month.  There were no closings of homes in this sub-area last month.

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of July in Redwood Valley and Calpella is 38 homes.  This is the highest that we’ve ever seen in this area and compares to 12 homes in July 2021 and 33 homes last month. There were 7 new sales for the month of July.  This compares to 3 sales in July 2021 and 5 new sales last month.  There is a 5.4 months supply of inventory based on the current sales pace.  The median price of the homes sold in Redwood Valley/Calpella in the past year has ranged from $400,000 to $725,000.  There were 5 closings in Redwood Valley/Calpella in July at a median price of $639,000 and the homes sold in 81 days. 

Lake County:  The inventory of homes and condominiums available in Lake County at the end of July stands at 520.  Approximately 26% of the inventory (134 homes) is in the communities of Clearlake.  The countywide inventory is 38% above the inventory in July 2021 (378) and it is 7% above the inventory last month (484). Closed sales (101) in Lake County in July were 14% below the pace of July 2021 (117) and they were essentially equal to the pace last month (102).  There now is a 5.7 months supply of inventory in Lake County based on the existing sales pace.  The median Days on Market for the homes sold in Lake County in July is 21 days.  Usually “Days on Market” are traced from listing date to pending date, so the closing date would be somewhat longer.  The median price of the homes closed in July in Lake County was $300,000. This is 12% below the median price in July 2021 ($341,000) and 14% below the median price last month ($347,000).  The homes sold in Lake County last month sold at 98% of original list price.

Marin County:  Marin County is often considered a “feeder” county to our North Bay Wine Country markets.  Marin County’s inventory (355 homes) is 18% above the 300 homes in July 2021 and it is essentially equal to the 352 homes in inventory last month.  New sales (213) were 25% below the number last July (283) and were 15% below the pace of last month (249).  This creates a 1.7 months supply.  The median price of the 208 homes sold in Marin County in July is $1,515,000.  This is slightly above the median price a year ago ($1,500,000).