Wine Country and North Bay Real Estate Trends in May 2022

Wine Country and Northbay Real Estate Trends

Best Real Estate Company in Sonoma County – Press Democrat Readers Poll 2022

We just heard that we received the recognition of Best Real Estate Company in Sonoma County in the 2022 Press Democrat’s Readers Poll. Congratulations to our agents and staff and thanks to our many clients and friends who voted for us.

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

Better Homes and Gardens Real Estate|Wine Country Group and Better Homes and Gardens Real Estate|Ming Tree enjoyed 77 closings in May 2022 compared to 51 last May and 81 last month.  In May, we closed homes with a total value of $39 million compared to $38 million last year and $38 million last month.  The average selling price of the properties sold by BHGRE|WCG in May was $509,000. 

BHGRE|WCG currently has 131 pending sales with a value of $46 million dollars.  We are 41% ahead of our pending unit volume last year.  We have 164 active listings with a value of $106 million dollars.  We are 228% ahead of last year in our listing unit volume.  Our average listing price is $646,000.

Congratulations to the following BHGRE|Wine Country Group agents who had one or more closings in the month of May. We will be adding the Ming Tree agents with closings next month.

Cheryl Marinaro
Sarah Duschka
Pippa Whelan 
Nannet Davis
Trudy Ramos 
Dave Hughes
Jessica Spencer
Brandt Peterson
Paige Hotchkiss
Misty Platt 
Isaac Raboy
Cameron Ramos 
Chris Brown
Melinda Scalese 
Martha Saly
David Lucido
Jose Mendoza
Marsha Wedan
Mari Giblin
Patricia Vance
Rianne Pasquariello
Sheila Deignan
Brian Shea 
Pam Atchison
Jessica Hooten
Laurie Parris
Ryan Gourd
Randy Knight
Amy Wray 
Robert Ross 
Freddie Diaz
Mary Jansen 
Silvia Schagerer 
Heather Thurber
Maria Flores
Tish Thames
Mari Johnson
Linda Alioto

North Bay Real Estate Trends for May 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 2,045 homes and condominiums for sale at the end of May.  Inventory is 13% above that of a year ago (1,804) and it is 21% above the inventory last month (1,686).  This continues the trend from last month where inventory in a current month has exceeded inventory one year prior.  This indicates a shift in the market.  At times, the inventory has exceeded 10,000 homes in the BAREIS region.  Despite the pick-up in May, inventory remains very low on a historical basis.  There were 1,529 sales for the month of May.  This number is 14% below a year ago (1,783) and 3% above the pace of last month (1,487).  Sales gains are a little flatter than they are in a typical spring market.

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 a relatively low 25%.  This is an increase from 19% last month.  In our region, the ratio is lower.  For May 2022, of all closed homes in our Wine Country markets, the range was from 10% (Sonoma County) to 26% (Mendocino County).  Conversely, the ratio of homes selling in excess of Original List Price (OLP) ranged from 32% (Mendocino County) to 72% (Sonoma County).  The ratios were 13% and 61% respectively in Napa County.  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 May stands at 564 homes.  This is 24% below the inventory in May 2021 (740) and it is 20% above the inventory last month (470).  New sales (527) in Sonoma County in May were 22% below the pace of May 2021 (676) and they were 13% above the pace last month (491).  There is a 1.1 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 20 (Petaluma) to 92 (Coastal Sonoma) days.  For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status.  On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending.  The average Days on Market for the County as a whole is 29 days.  The median price of the 422 homes closed in May in Sonoma County was $820,000. This is 10% above the median price in May 2021 ($745,000).  Over the past four months, Sonoma County homes are selling at 104% of their original list price.  Homes sold for 104% of original list price in Sonoma County last month.  In May, 72% of the homes in Sonoma County sold at a price in excess of the original list price and 10% 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 $2,300,000).  There has been a 15% increase in the number of Luxury Homes closed (290) from 6/1/21 to 5/31/22 compared to 252 closings in the period 6/1/20 to 5/31/21.  The inventory of luxury homes (139) is 5% below the inventory in May 2021 (146 homes) and it is 23% above the inventory last month (113).  The pace of new sales (19) in May this year is 37% below the pace of a year ago (30) and it is also 37% below the pace last month (30).  There seems to be a slowing of activity in this high quartile sector.  The Days on Market for 23 Luxury Home closings was 62 days this May compared to 51 days a year ago. This compares to 29 Days on Market for all closed properties in the County in May.  There is a 7.3 months supply of inventory of luxury properties based on the current sales pace compared to a 1.1 months supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 100% of original list price.

Coastal Sonoma:  There are 5 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 6 homes in inventory in May 2021 and 10 homes last month.  There were 7 new sales in May compared to 5 a year ago and 1 last month.  There is now a just a 0.7 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 2 homes that closed in May is just 11 days.  Last month was hot on the coast for sales.

Oakmont:  Inventory picked up to 20 homes and condominiums available in Oakmont at the end of May.  This is 66% below the inventory in May 2021 (58) and it is 100% above the inventory of last month (10).  New sales (23) were 44% below the sales pace of a year ago (41) and 21% above the pace of last month (19).  Despite starting the month with ten homes in inventory, 23 homes sold in May.  There is a 0.9 months supply of inventory based on the current sales pace.  The median price of the homes sold in Oakmont in the past year has ranged from the high $500,000’s up to $810,000.  The median price was $700,000 for the 15 homes that closed in May.  The Days on Market for the homes that closed in May is 17 days. 

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of May (49) is equal to the inventory in May 2021 (49) and it is 17% above the inventory last month (42).  There were 64 new sales for the month.  This is 20% below the sales in May 2021 (80) and it is also 14% above the sales pace last month (56).  The Petaluma market currently has 1.1 months supply of available inventory based on the current sales pace. The median price of the 67 homes that closed in May was $989,000.  This is 16% above the median price last May ($850,000). The Days on Market for the homes that closed in May is 25 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of May (25) is 47% above the inventory in May 2021 (17) and it is 39% ahead of the inventory last month (18).  There were 48 new sales in Rohnert Park in May.  This sales pace is 37% ahead of the 35 sales in May 2021 and it is 20% above the sales last month (40).  This is the twenty-fourth month in a row where sales were in excess of the inventory at the beginning of the month in Rohnert Park.  In May, the month started with 18 available properties and there were 48 sales in the month.  There is a 0.6 months supply of inventory based on the current sales pace.  This remains a very tight market.  The median price ($613,000) of the 42 homes and condominiums that closed in May is 6% below the median price in May a year ago ($653,000).  Days on Market for the homes that closed in May is 23 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 May (171) is 44% below the inventory of a year ago (304) and it is 20% above the inventory last month (142).  New sales in May (208) are 23% below the pace of last May (270) and they are 12% above the pace last month (185).  There is a 1.0 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 165 homes closed in May in Santa Rosa was $775,000 compared to $675,000 a year ago.  This is a 15% increase and sets a record high median price for sold homes in Santa Rosa.  The Days on Market for the homes that closed in May is 31 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of May in Sebastopol jumped 51% to 53 homes at the end of May compared to 35 last month and 37 a year ago.  There were 32 new sales for the month of May.  This is 24% below the pace in May 2021 (42) and it is 52% above the pace last month (21).  There is a 2.4 months supply of inventory in Sebastopol based on the current sales pace.  The 22 homes that closed in Sebastopol in May went from listing to pending in 219 days.

Sonoma Valley:  The number of available homes and condominiums for sale (84) at the end of May in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 27% below the inventory last May (115) and it is 6% above the inventory of last month (79).  Seventy-four percent of the available properties in the Sonoma Valley (62) are priced at $1,000,000, or more. There were 51 new sales for the month. This is 31% below the 74 sales in May 2021 and it is 21% above the 42 sales last month.  There is a 2.1 months supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 40 properties that closed in the Sonoma Valley in May is 42 days.  The closings in the month had a selling price equal to 99% of the original listing price.  In May, 50% of the homes in the Sonoma Valley sold at a price in excess of the original list price and 18% 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 May starts at $4,500,000 (up from $3,750,000 last month).  Fifteen homes closed in the top quartile in the past twelve months compared to 21 in the twelve months prior to that.  In May, there were two new sales in this quartile.  There are 21 homes available in this quartile in May 2022 compared to 14 a year ago and 16 last month. Based on the current sales pace, the months of inventory is 10.5 months.  The days on market for the one home that closed in May in this quartile is 35 days.

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of May is 32 homes.  This is 36% below the number of mobile homes available in May 2021 (50) and it is 39% above the number of available mobile homes last month (23).  There were 27 new mobile home sales in May.  This is 13% below the pace of sales in May 2021 (31) and it is 17% above the pace of sales last month (23).  There is a 1.2 months supply of inventory based on the current sales pace.  The average days on market of the 16 mobile homes closed in May is 45 days and the median price was $227,000.  This median price is 30% ahead of the median price of $175,000 in May 2021 and it is the highest median price for mobile home sales we have recorded for any month. 

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of May (208) is 21% below the inventory in May 2021 (262) and it is slightly below the inventory last month (211).  Seventy-five percent of the inventory in Napa County (157 properties) is priced at $1,000,000 or above.   New sales (133) are 16% below the pace of last year (159) and are 7% above the 124 sales last month.  There is a 1.6 months supply of inventory based on the current sales pace.  The Days on Market for the homes closing in Napa County is currently 40 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 the108 homes closed in May in Napa County ($953,000) is 20% above the median price of a year ago ($793,000).  Over the past four months, Napa County homes are selling at roughly 101% of original list price.  In May, 61% of the homes in Napa County sold at a price in excess of the original list price and 13% 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 $4,750,000 in Napa County at this time.  There has been a decrease of 22% for the number of closings (39) of Luxury Homes (sales price in excess of $4,750,000) in Napa County for the period 6/1/21 to 5/31/22 compared to 50 closings in the period 6/1/20 to 5/31/21.  This continues last month’s trend where we see a decrease in this number.  There are 54 luxury homes in inventory at the end of May 2022 compared to 49 homes in inventory at the end of May 2021 and 49 last month. There were 5 new Luxury Home sales in May compared to 3 last year and 7 last month.  Over the past four months, Napa County Luxury Homes are selling at roughly 95% of original list price.

American Canyon:  There are just 6 available homes and condominiums in inventory at the end of May in American Canyon. Last year at this time there were 5 homes in inventory and there were 12 homes in inventory last month.  There were 12 new sales in the month.  This compares to 9 new homes sales last May and 8 new sales last month.  There is a 0.5 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 34 days. The median price of the homes that closed in American Canyon in May ($813,000) is 14% ahead of the median price of a year ago ($713,000).  The average price per square foot of the homes sold in American Canyon was at $352 last month.  This is in line with the $300 to $400 per square foot range where the sales have been over the past several years.

Napa:  Forty-seven percent of the inventory in Napa County is in the City of Napa.  There are 98 available homes and condominiums in inventory at the end of May in the City of Napa. This is 31% below the supply at the end of May 2021 (141) and it is 5% above the inventory at the end of last month (93).  New sales (89) were 26% below the pace of May 2021 (120) and they were 9% below the pace of last month (99). There is a 1.1 months supply of inventory based on the current sales pace. The Days on Market for the 81 closings last month is 37 days.  The median price of the homes that closed in the City of Napa in May was $926,000. This is 14% above the median price of the homes closed in May 2021 ($815,000).

Up Valley Napa County:  The inventory of homes and condominiums for sale in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville) at the end of May (89) is 12% below the level of 101 in May 2021 and it is 5% above the inventory last month (85).  There were 25 new sales this month compared to 23 a year ago and 16 last month.  There is now a 3.6 months supply of inventory based on the current sales pace. The Days on Market for the 17 closings last month is 43 days.  Fifty-nine percent of the Luxury Market inventory (price in excess of $4,750,000) in Napa County is in the Up Valley Market (32 homes). There was one luxury home (price in excess of $4,750,000) closing in the Up Valley Market last month and there were three new luxury home sales.  

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of May is just 6 homes.  This is 72% below the number of mobile homes available in May 2021 (22) and it is 50% below the 12 available homes last month.  There were 14 new mobile home sales in May.  This compares to 15 home sales last May and 14 sales last month.  There is a 0.4 months supply of inventory based on the current sales pace making this a very tight market. The average days on market of the 19 mobile homes closed in May is 88 days and the median price was $202,000.  This compares to a median price of $309,000 in May 2021 and $215,000 last month.  The median price of sold mobile homes in Napa seems to vary quite a bit from month to month.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of May stands at 288.  This is 104% above the inventory in May 2021 (141) and it is 17% above the inventory last month (246).  New sales (71) in Mendocino County in May were 8% above the pace of May 2021 (61) and they were 7% below the pace last month (71).  There now is a 4.4 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 63 homes sold in Mendocino County in May is 60 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 May in Mendocino County was $589,000. This is 2% above the median price in May 2021 ($576,000).  In May, 32% of the homes in Mendocino County sold at a price in excess of the original list price and 26% of the homes had a reduction in price before they sold.

Ukiah:  The inventory of homes and condominiums for sale at the end of May in Ukiah is 57 homes.  This is 90% above the level of May 2021 (30) and it is 24% above the inventory last month (46).  There were 24 new sales for the month of May.  This is 50% above the number of sales in May 2021 (16) and it is 9% ab0ve the sales last month (22).  There is 2.4 months of inventory based on the current sales pace. The Days on Market for the 21 closings last month is 52 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $543,000. The median price was $580,000 for the homes that closed in May.  This is the highest median price that we’ve ever recorded in Ukiah for a single month.

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of May in Hopland and Talmage is 13 homes.  This compares to 9 homes in inventory at the end of May 2021 and 7 homes in inventory last month.  There were 2 new sales for the month of May.  This compares to 4 sales in May 2021 and 3 new sales last month.  There were no closings in the Talmage-Hopland market last month.

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of May in Redwood Valley and Calpella is 31 homes.  This is the highest that we’ve ever seen in this area and compares to 18 homes in May 2021 and 29 homes last month.  There were 7 new sales for the month of May.  This compares to 3 sales in May 2021 and 9 new sales last month.  There is a 4.4 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 9 closings in Redwood Valley/Calpella in May at a median price of $675,000 and the homes sold in 53 days. 

Lake County:  The inventory of homes and condominiums available in Lake County at the end of May stands at 468.  Approximately 30% of the inventory (114 homes) is in the communities of Clearlake.  The countywide inventory is 67% above the inventory in May 2021 (281) and it is 28% above the inventory last month (367). Closed sales (115) in Lake County in May were 10% above the pace of May 2021 (105) and they were slightly above the pace last month (113).  There now is a 5.1 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 May 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 May in Lake County was $339,000. This is 6% below the median price in May 2021 ($359,000) and 10% above the median price last month ($307,000).  The homes sold in Lake County last month sold at 97.6% 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 (264 homes) is 7% below the 284 homes in May 2021 and it is 24% above the 213 homes in inventory last month.  New sales (290) were 12% below the number last May (331) and were 2% above the pace of last month (285).  This creates a 0.9 months supply.  The median price of the 268 homes sold in Marin County in May is $1,655,000.  This is 19% above the median price a year ago ($1,391,000).

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Wine Country and Northbay Real Estate Trends in April 2022

Wine Country and Northbay Real Estate Trends 

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

Better Homes and Gardens Real Estate|Wine Country Group and Better Homes and Gardens Real Estate|Ming Tree enjoyed 81 closings in April 2022 compared to 69 last April and 90 last month.  In April, we closed homes with a total value of $38 million compared to $41 million last year and $44 million last month.  The average selling price of the properties sold by BHGRE|WCG in April was $469,000. 

BHGRE|WCG currently has 123 pending sales with a value of $50 million dollars.  We are 78% ahead of our pending unit volume last year.  We have 151 active listings with a value of $90 million dollars.  We are 202% ahead of last year in our listing unit volume.  Our average listing price is $596,000.

Congratulations to the following BHGRE|Wine Country Group agents who had closings in the month of April:

Paige Hotchkiss (6); Jessica Spencer (5); David Hughes (5); Sheila Deignan (4); Rianne Pasquariello (4); Team Ramos (3); Carina De Herrera (3); Robert Davis (3); Ryan Gourd (3); Mari Giblin (2); Elizabeth Uribe (2); David Lucido (2); Mara Kahn (2); Marsha Wedan (2); Martha Saly (2); Michele Baker (2); Parmeeta Gohman (2); Sylvia Schagerer (2); Sarah Duschka (2); Jana Adams; Laurie Parris; Isaac Raboy; Michael Crain; Linda Alioto; Maria Flores; Jessica Hooten; Jill Rake; Julie Etchell; Mari Johnson; Misty Platt; Pam Atchison; Ray Hellgren; Summer Dahlquist; Mireya Nelson and Zebi Bojarsky. 

North Bay Real Estate Trends for April 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 1,686 homes and condominiums for sale at the end of April.  Inventory is slightly above that of a year ago (1,635) and it is 19% above the inventory last month (1,423).  This is the first time in two and a half years where inventory in a current month has exceeded income one year prior.  This indicates a shift in the market.  At times, the inventory has exceeded 10,000 homes in the BAREIS region.  Despite the pick-up in April, inventory remains very low on a historical basis.  There were 1,557 sales for the month of April.  This number is 9% below a year ago (1,705) and 5% above the pace of last month (1,487).  Sales gains are a little flatter than they are in a typical spring market.

It’s said that “high inflation often translates to high anxiety.”  People see an erosion of their buying power and higher costs of basic goods.  The ownership of real property is historically known to be a hedge against inflation.  Higher interest rates are the hot topic in the real estate world today.  According to the Chief Economist for Fannie Mae – the US Government sponsored secondary mortgage banker:  “We are experiencing the “lock-in effect”.  Households with a 3 percent 30 year fixed rate mortgage are unlikely to give that up in favor of a mortgage of 5% or higher.  Accordingly, Fannie Mae adjusted it’s forecast of home sales for next year to decline by 9.7%.  Price growth will most likely slow now that interest rates are rapidly rising, but economists generally don’t expect prices to fall.  There’s just too much demand for too little housing in America today.  There are economists, however, predicting a decline in real estate values in selected markets across the country. Real estate remains a very local business.

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 a very low 19%.  In our region, the ratio is even lower.  For April 2022, of all closed homes in our Wine Country markets, the range was from 7% (Sonoma County) to 28% (Mendocino County).  Conversely, the ratio of homes selling in excess of Original List Price (OLP) ranged from 28% (Mendocino County) to 80% (Sonoma County).  The ratios were 9% and 63% respectively in Napa County.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of April stands at 470 homes.  This is 28% below the inventory in April 2021 (653) and it is 20% above the inventory last month (391).  New sales (491) in Sonoma County in April were 21% below the pace of April 2021 (618) and they were 5% below the pace last month (519).  There is a 1.0 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 20 (Petaluma) to 92 (Coastal Sonoma) days.  For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status.  On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending.  The average Days on Market for the County as a whole is 29 days.  The median price of the 472 homes closed in April in Sonoma County was $825,000. This is 13% above the median price in April 2021 ($733,000).  Over the past four months, Sonoma County homes are selling at 102% of their original list price.  Homes sold for 105% of original list price in Sonoma County last month.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $2,200,000).  There has been a 35% increase in the number of Luxury Homes closed (290) from 5/1/21 to 4/30/22 compared to 215 closings in the period 5/1/20 to 4/30/21.  The inventory of luxury homes (120) is 16% below the inventory in April 2021 (142 homes) and it is slightly above the inventory last month (118).  The pace of new sales (35) in April this year is 9% above the pace of a year ago (32) and it is 6% above the pace last month (33).  The Days on Market for 24 Luxury Home closings was just 45 days this April compared to 73 days a year ago. This compares to 29 Days on Market for all closed properties in the County in April.  There is a 3.4 months supply of inventory of luxury properties based on the current sales pace compared to a 1.0 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:  The inventory of homes and condominiums for sale (17) in Cloverdale at the end of April is 41% below the inventory in April 2021 (29) and it is 21% above the inventory of last month (14).  There were 21 new sales in Cloverdale in April.  This compares to 20 sales in April 2021 and 18 new sales last month.  There is a 0.8 months supply of inventory based on the current sales pace.  The Days on Market for the 17 homes that closed in April is 36 days.

Coastal Sonoma:  There are 10 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 4 homes in inventory in April 2021 and 6 homes last month.  There was 1 new sale in April compared to 4 a year ago and 4 last month.  There is now a 10 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 2 homes that closed in April is 92 days.  Perhaps the hot market on the Sonoma Coast is cooling off.

Healdsburg Trends:  There are 59 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 30% below the inventory in April 2021 (84) and it is 41% above the inventory last month (42).  New sales in April (22) were 21% below the pace of sales in April 2021 (28) and they were 6% below the sales pace last month (24).  The months of available inventory is 2.7 months at the end of April based on the current sales pace.  The Days on Market for the 16 homes that closed in April is 55 days.  

Oakmont:  There are 10 homes and condominiums available in Oakmont at the end of April.  This is 80% below the inventory in April 2021 (50) and it is 150% above the inventory of last month (4).  New sales (20) were 50% below the sales pace of a year ago (40) and 9% below the pace of last month (22).  Despite starting the month with four homes in inventory, 20 homes sold in April.  There is a 0.5 months supply of inventory based on the current sales pace making Oakmont the tightest market in Wine Country.  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 $785,000 for the 23 homes that closed in April.  The Days on Market for the homes that closed in April is 29 days. 

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of April (42) is 19% below the inventory in April 2021 (52) and it is 31% above the inventory last month (32).  There were 62 new sales for the month.  This is 10% below the sales in April 2021 (69) and it is also 10% below the sales pace last month (69).  The Petaluma market currently has 0.7 months supply of available inventory based on the current sales pace. The median price of the 67 homes that closed in April was $1,000,000.  This is 23% above the median price last April ($810,000) and the highest median price ever recorded for any month in Petaluma.  The Days on Market for the homes that closed in April is 20 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of April (18) is 125% above the inventory in April 2021 (8) and it is 39% ahead of the inventory last month (13).  There were 43 new sales in Rohnert Park in April.  This sales pace is 14% below the 54 sales in April 2021 and it is 16% above the sales last month (37). This is the twenty-third month in a row where sales were in excess of the inventory at the beginning of the month in Rohnert Park.  In April, the month started with 13 available properties and there were 43 sales in the month.  There is a 0.4 months supply of inventory based on the current sales pace.  This remains a very tight market.  The median price ($548,000) of the 32 homes and condominiums that closed in April is 15% below the median price in April a year ago ($648,000) and was the lowest median price in the past year.  Days on Market for the homes that closed in April is 23 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) (38) is 23% above the level of April 2021 (31) and it is 7% below the inventory last month (41).  There were 49 new sales for the month of April.  This is 14% above the pace in April 2021 (43) and it is 89% ahead of the pace last month (26).  There is a 0.8 months supply of inventory in the Russian River based on the current sales pace.  The median price in the Russian River has ranged from about $400,000 to $783,000 over the past year.  The median was $661,000 for the 22 homes that closed in April.  The homes that closed in the Russian River in April went from listing to pending in 24 days.

Santa Rosa:  Thirty 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 (142) is 46% below the inventory of a year ago (265) and it is 6% above the inventory last month (134).  New sales in April (192) are 24% below the pace of last April (252) and they are 12% below the pace last month (217).  There is a 0.7 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 202 homes closed in April in Santa Rosa was $750,000 compared to $660,000 a year ago.  This is a 14% increase and sets a record high median price for sold homes in Santa Rosa.  The Days on Market for the homes that closed in April is 32 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of April in Sebastopol (35) is 10% below the level of April 2021 (39) and it is 46% above the inventory last month (24).  There were 23 new sales for the month of April.  This is 34% below the pace in April 2021 (35) and it is 23% below the pace last month (30).  There is a 1.5 months supply of inventory in Sebastopol based on the current sales pace.  The 25 homes that closed in Sebastopol in April went from listing to pending in 27 days.

Sonoma Valley:  The number of available homes and condominiums for sale (79) at the end of April in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 23% below the inventory last April (101) and it is 30% above the inventory of last month (61).  Seventy-two percent of the available properties in the Sonoma Valley (57) are priced at $1,000,000, or more. There were 44 new sales for the month. This is 29% below the 62 sales in April 2021 and it is slightly below the 45 sales last month.  There is a 1.8 months supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 42 properties that closed in the Sonoma Valley in April is 22 days.  The closings in the month had a selling price equal to 105% of the original listing price.  In April, 64% of the homes in the Sonoma Valley sold at a price in excess of the original list price and just 5% 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 April starts at $3,750,000.  Thirty-two homes closed in the top quartile in the past twelve months compared to 26 in the twelve months prior to that.  In April, there were four new sales in this quartile.  There are 19 homes available in this quartile in April 2022 compared to 21 a year ago and 17 last month. Based on the current sales pace, the months of inventory is 4.8 months.  The days on market for the two homes that closed in April in this quartile is just 8 days.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of April is 17 properties.  This is 47% below the inventory in April 2021 (32) and it is one unit below the 18 homes in inventory last month.  There were 19 sales in the month.  This is 42% below the pace of sales in April 2021 (32) and it is 44% below the pace of last month (34).  There is a 0.9 months supply of inventory based on the current sales pace.  The days on market for the 32 homes that closed in April 2021 in Windsor is 24 days.  The median price ($826,000) of the homes closed in Windsor in April is 13% above the median price a year ago ($730,000) and sets a new high median price for sales for any month in Windsor.

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of April is 23 homes.  This is 52% below the number of mobile homes available in April 2021 (48) and it is 15% above the number of available mobile homes last month (20).  There were 25 new mobile home sales in April.  This is 32% below the pace of sales in April 2021 (37) and it is 17% below the pace of sales last month (30).  There is a 0.9 months supply of inventory based on the current sales pace.  The average days on market of the 24 mobile homes closed in April is 53 days and the median price was $184,000.  This median price is 12% ahead of the median price of $164,000 in April 2021.  

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of April is 256 properties. The current inventory is 9% below the number of lots in April 2021 (280) and it is 6% above the number of available lots last month (242). There were 36 new lot sales in April.  This is 33% below the pace of sales in April 2021 (54) and it is 22% below the pace of lot sales last month (46).  There is a 7.1 months supply of inventory based on the current sales pace.  The average days on market of the 28 lots closed in April is 117 days and the median price is $412,000.   

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of April (211) is 8% below the inventory in April 2021 (228) and it is 16% above the inventory last month (182).  Seventy-two percent of the inventory in Napa County (151 properties) is priced at $1,000,000 or above.   New sales (127) are 16% below the pace of last year (152) and are slightly below the 129 sales last month.  There is a 1.7 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 57 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 the126 homes closed in April in Napa County ($983,000) is 6% above the median price of a year ago ($900,000) and is a record new median sold price for any month in Napa County.  Over the past four months, Napa County homes are selling at roughly 98.5% of original list price.

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $5,000,000 in Napa County at this time.  There has been an decrease of 14% for the number of closings (31) of Luxury Homes (sales price in excess of $5,000,000) in Napa County for the period 5/1/21 to 4/30/22 compared to 36 closings in the period 5/1/20 to 4/30/21.  This is the first time that we’ve seen a decrease in this number for over two years.  There are 44 luxury homes in inventory at the end of April 2022 compared to 46 homes in inventory at the end of April 2021 and 41 last month. There were 8 new Luxury Home sales in April compared to 9 last year and 4 last month.  Over the past four months, Napa County Luxury Homes are selling at roughly 94% of original list price.

American Canyon:  There are 12 available homes and condominiums in inventory at the end of April in American Canyon. Last year at this time there were 7 homes in inventory and there were 8 homes in inventory last month.  There were 9 new sales in the month.  This compares to 8 new homes sales last April and 11 new sales last month.  There is a 1.3 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 23 days. The median price of the homes that closed in American Canyon in April ($729,000) is 10% ahead of the median price of a year ago ($665,000).  The average price per square foot of the homes sold in American Canyon was at $423 last month.  This is a bit over 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 91 available homes and condominiums in inventory at the end of April in the City of Napa. This is 23% below the supply at the end of April 2021 (121) and it is 11% above the inventory at the end of last month (84).  New sales (99) were equal to the pace of April 2021 and they were 15% above the pace of last month (86). There is a 0.9 months supply of inventory based on the current sales pace. The Days on Market for the 89 closings last month is just 29 days.  The median price of the homes that closed in the City of Napa in April was $1,050,000. This is 19% above the median price of the homes closed in April 2021 ($886,000) and is the highest median price for any month ever recorded in the City of Napa.

Up Valley Napa County:  The inventory of homes and condominiums for sale in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville) at the end of April (85) is 3% below the level of 88 in April 2021 and it is 18% above the inventory last month (72).  There were 16 new sales this month compared to 33 a year ago and 18 last month.  There is now a 5.3 months supply of inventory based on the current sales pace. The Days on Market for the 18 closings last month is 58 days.  Fifty-nine percent of the Luxury Market inventory (price in excess of $5,000,000) in Napa County is in the Up Valley Market (26 homes). There was one luxury home (price in excess of $5,000,000) closing in the Up Valley Market last month and there were two new luxury home sales.  

In Angwin in April, inventory was 10 homes compared to 15 a year ago and 7 last month.  There were 2 new sales in Angwin for the month compared to 8 a year ago and 3 last month.  The average price of the active listings in Angwin as of April 2022 is $2,233,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of April is 12 homes.  This is 37% below the number of mobile homes available in April 2021 (19) and it is 50% above the 8 available homes last month.  There were 14 new mobile home sales in April.  This compares to 10 home sales last April and 17 sales last month.  There is a 0.9 months supply of inventory based on the current sales pace. The average days on market of the 11 mobile homes closed in April is 62 days and the median price was $215,000.  This compares to a median price of $168,000 in April 2021 and $234,000 last month.  The median price of sold mobile homes in Napa seems to vary quite a bit from month to month.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of April stands at 246.  This is 92% above the inventory in April 2021 (128) and it is 15% above the inventory last month (214).  New sales (75) in Mendocino County in April were 10% above the pace of April 2021 (68) and they were 6% below the pace last month (80).  There now is a 3.3 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 52 homes sold in Mendocino County in April is 69 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 April in Mendocino County was $537,000. This is 8% above the median price in April 2021 ($498,000).  

Ukiah:  The inventory of homes and condominiums for sale at the end of April in Ukiah is 46 homes.  This is 48% above the level of April 2021 (31) and it is 44% above the inventory last month (32).  There were 22 new sales for the month of April.  This is 19% below the number of sales in April 2021 (27) and it is 29% below the sales last month (31).  There is 2.1 months of inventory based on the current sales pace. The Days on Market for the 22 closings last month is 44 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $528,000. The median price was $543,000 for the homes that closed in April.

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of April in Hopland and Talmage is 7 homes.  This compares to 11 homes in inventory at the end of April 2021 and 7 homes in inventory last month.  There were 3 new sales for the month of April.  This compares to 5 sales in April 2021 and 4 new sales last month.  There was one closing in the Talmage-Hopland market last month with an average Days on Market of 41 days.

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of April in Redwood Valley and Calpella is 29 homes.  This is the highest that we’ve ever seen in this area and compares to 13 homes in April 2021 and 16 homes last month. There were 9 new sales for the month of April.  This compares to 4 sales in April 2021 and 8 new sales last month.  There is a 3.2 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 6 closings in Redwood Valley/Calpella in April at a median price of $659,000 and the homes sold in 91 days. 

Lake County:  The inventory of homes and condominiums available in Lake County at the end of April stands at 440.  Approximately 30% of the inventory (114 homes) is in the communities of Clearlake.  The countywide inventory is 75% above the inventory in April 2021 (251) and it is 29% above the inventory last month (341). Closed sales (114) in Lake County in April were 3% below the pace of April 2021 (118) and they were 5% below the pace last month (120).  There now is a 4.7 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 April is 23 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 $309,000. This is slightly below the median price in April 2021 ($310,000).  The homes sold in Lake County last month sold at 97.6% 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 (213 homes) is 14% below the 247 homes in April 2021 and it is 15% above the 185 homes in inventory last month.  New sales (293) were 11% below the number last April (329) and were 17% above the pace of last month (250).  This creates a 0.7 months supply.  The median price of the 245 homes sold in Marin County in April is $1,755,000.  This is 17% above the median price a year ago ($1,500,000).

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Wine Country Real Estate Trends in March 2022

Wine Country Real Estate Trends in March 2022

Better Homes and Gardens Real Estate Results for March 2022

Better Homes and Gardens Real Estate|Wine Country Group and Better Homes and Gardens Real Estate|Ming Tree enjoyed 90 closings in March 2022 compared to 48 last March and 79 last month.  In March, we closed homes with a total value of $44 million compared to $28 million last year and $33 million last month.  The average selling price of the properties sold by BHGRE|WCG in March was $489,000. 

BHGRE|WCG currently has 123 pending sales with a value of $50 million dollars.  We are 78% ahead of our unit volume last year.  We have 151 active listings with a value of $90 million dollars.  We are 202% ahead of last year in our listing unit volume.  Our average listing price is $596,000.

Congratulations to the following BHGRE|Wine Country Group agents who had closings in the month of March:

Jessica Spencer (8); Linda Alioto (5); Denise Ridley (5); David Lucido (4); Ryan Gourd (4); Mari Giblin (4); Team Ramos (3); Rianne Pasquariello (3); Elizabeth Uribe (3); Paige Hotchkiss (3); Jose Mendoza (2); Jana Adams (2); Sheila Deignan (2); Laurie Parris (2); Cheryl Marinaro (2); Carina De Herrera (2); David Hughes (2); Marsha Wedan (2); Mary Jansen; Sarah Duschka; Kendra Martin; Pippa Whelan; Tish Thames; Mara Kahn; Chelsie Runnings; Maria Flores; Jessica Hooten; Del Nordby; Mireya Nelson; Martha Saly;  and Zebi Bojarsky. 

And our Top BHGRE|Wine Country Group Producers for the 1st Quarter of 2022 include:

Clearlake:  Units and Dollar Volume – Jessica Spencer;  Listings:      Dave Hughes

Lakeport:  Units, Dollar Volume and Listings – David Lucido

Petaluma:  Units and Dollar Volume – Parmeeta Ghoman;  Listings –          Mireya Nelson

Santa Rosa:  Units and Listings – Mari Giblin;  Dollar Volume –Thurber Ross Team 

Sebastopol:  Units, Dollar Volume and Listings – Liz Uribe

Sonoma:  Units – Chelsie Runnings;  Dollar Volume – Isaac Raboy; Listings – Sheila Deignan 

St. Helena and Napa:  Units – Rianne Pasquariello;  Dollar Volume and Listings – Linda Alioto  

Ukiah:  Units, Dollar Volume and Listings – Team Ramos 

North Bay Real Estate Trends for March 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 1,423 homes and condominiums for sale at the end of March.  Inventory is slightly below that of a year ago (1,450) and it is 23% above the inventory last month (1,156).  At times, the inventory has exceeded 10,000 homes in the BAREIS region.  Despite a pick-up in March, inventory remains very low on a historical basis.  There were 1,552 sales for the month of March.  This number is 10% below a year ago (1,726) and 42% above the pace of last month (1,093).

One national commentator says that the real estate market is at a “difficult intersection”.  There are spiking interest rates and intense buyer competition at the same time.  There are record new home prices for sold homes and record low inventory.  Higher interest rates, now approaching 5%, inflation and the war in the Ukraine all make for an unpredictable market.  The impact of recent higher interest rates will be seen in a month or two.  The last time mortgage interest rates were at this level was in 2018 when they peaked at 4.9%.  The market velocity slowed then but appreciation continued through that period.  

FNMA (Federal National Mortgage Association) has conducted a monthly “National Housing Survey” since 2010 and recorded a record low 17% in consumer sentiment that “it’s a good time to buy a home” in March’s report.  Conversely, there’s a record high 73% of consumers saying “it’s a good time to sell a home”.  FNMA is predicting a 6% drop in existing housing units sold in the 2022 while the dollar volume will increase slightly because of sales price increases that are predicted to be in the 10% range.  

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 a very low 17%.  For March 2022, of all closed homes in our Wine Country markets, the range was from 8% (Sonoma County) to 27% (Mendocino County).  Conversely, the ratio of homes selling in excess of Original List Price (OLP) ranged from 35% (Mendocino County) to 75% (Sonoma County).  The ratios were 12% and 60% respectively in Napa County.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of March stands at 391 homes.  This is 32% below the inventory in March 2021 (574) and it is 20% above the inventory last month (325).  New sales (530) in Sonoma County in March were 14% below the pace of March 2021 (619) and they were 47% above the pace last month (361).  There is a 0.7 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 18 (Petaluma) to 51 (Sebastopol) 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 31 days.  The median price of the 413 homes closed in March in Sonoma County was $799,000. This is 12% above the median price in March 2021 ($712,000).  Over the past four months, Sonoma County homes are selling at 100% of their original list price.  Homes sold for 105% of original list price in Sonoma County last month.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $2,600,000).  This is a record high top quartile price for Sonoma County.  There has been a 69% increase in the number of Luxury Homes closed (204) from 4/1/21 to 3/31/22 compared to 121 closings in the period 4/1/20 to 3/31/21.  The inventory of luxury homes (98) is 9% above the inventory in March 2021 (90 homes) and it is 36% above the inventory last month (72).  The pace of new sales (29) in March this year is 38% above the pace of a year ago (21) and it is 190% above the pace last month (10).  The Days on Market for 14 Luxury Home closings was just 17 days this March compared to 67 days a year ago. This compares to 31 Days on Market for all closed properties in the County in March.  There is a 3.4 months supply of inventory of luxury properties based on the current sales pace compared to a 0.7 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:  The inventory of homes and condominiums for sale (14) in Cloverdale at the end of March is 36% below the inventory in March 2021 (22) and it is 18% below the inventory of last month (17).  There were 17 new sales in Cloverdale in March.  This compares to 14 sales in March 2021 and 12 new sales last month.  There is a 0.8 months supply of inventory based on the current sales pace.  The Days on Market for the 15 homes that closed in March is 36 days.

Coastal Sonoma:  There are 6 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 5 homes in inventory in March 2021 and 7 homes last month.  There were 4 new sales in March compared to 7 a year ago and 3 last month.  There is now a 1.5 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 7 homes that closed in March is 21 days.  

Healdsburg Trends:  There are 42 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 28% below the inventory in March 2021 (58) and it is 24% above the inventory last month (34).  New sales in March (24) were 27% below the pace of sales in March 2021 (31) and they were 9% above the sales pace last month (22).  The months of available inventory is 1.8 months at the end of March based on the current sales pace.  The Days on Market for the 21 homes that closed in March is 43 days.  

Oakmont:  There are just four homes and condominiums available in Oakmont at the end of March.  This is 92% below the inventory in March 2021 (47) and it is two units above the inventory of last month (2).  New sales (23) were 21% below the sales pace of a year ago (29) and 28% above the pace of last month (18).  There is just a 0.2 months supply of inventory based on the current sales pace making Oakmont the tightest market in Wine Country.  The median price of the homes sold in Oakmont in the past year has ranged from the high $500,000’s up to $800,000.  The median price was $810,000 for the 21 homes that closed in March.  The Days on Market for the homes that closed in March is 41 days. 

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of March (32) is 14% below the inventory in March 2021 (37) and it is 11% below the inventory last month (36).  There were 71 new sales for the month.  This is slightly below the sales in March 2021 (74) and it is 37% above the sales pace last month (52).  The Petaluma market currently has 0.5 months supply of available inventory based on the current sales pace. The median price of the 57 homes that closed in March was $900,000. This is 14% above the median price last March ($793,000).  The Days on Market for the homes that closed in March is 18 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of March (13) is 41% below the inventory in March 2021 (22) and it is 30% ahead of the inventory last month (10).  There were 39 new sales in Rohnert Park in March.  This sales pace is 24% below the 51 sales in March 2021 and it is 44% above the sales last month (27).  This is the twenty-second month in a row where sales were in excess of the inventory at the beginning of the month in Rohnert Park.  In March, the month started with 10 available properties and there were 39 sales in the month.  There is a 0.3 months supply of inventory based on the current sales pace.  This remains a very tight market.  The median price ($670,000) of the 27 homes and condominiums that closed in March is 12% above the median price in March a year ago ($600,000).  Days on Market for the homes that closed in March is 19 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) (41) is 46% above the level of March 2021 (28) and it is 64% above the inventory last month (25).  There were 26 new sales for the month of March.  This is 10% below the pace in March 2021 (29) and it is 86% ahead of the pace last month (14).  There is a 1.6 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 $625,000 for the 21 homes that closed in March.  The homes that closed in the Russian River in March went from listing to pending in 47 days.

Santa Rosa:  Thirty-four 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 (134) is 46% below the inventory of a year ago (250) and it is 16% above the inventory last month (116).  New sales in March (219) are 12% below the pace of last March (250) and they are 41% above the pace last month (155).  There is a 0.6 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 169 homes closed in March in Santa Rosa was $734,000 compared to $650,000 a year ago.  This is a 13% increase and sets a record high median price for sold homes in Santa Rosa.  The Days on Market for the homes that closed in March is 31 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of March in Sebastopol (24) is slightly above the level of March 2021 (23) and it is 41% above the inventory last month (17).  There were 31 new sales for the month of March.  This is 11% above the pace in March 2021 (28) and it is 94% above the pace last month (16).  There is a 0.8 months supply of inventory in Sebastopol based on the current sales pace. The 20 homes that closed in Sebastopol in March went from listing to pending in 51 days.

Sonoma Valley:  The number of available homes and condominiums for sale (61) at the end of March in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 34% below the inventory last March (92) and it is 56% above the inventory of last month (39).  Eighty percent of the available properties in the Sonoma Valley (49) are priced at $1,000,000, or more. There were 50 new sales for the month. This is 25% below the 67 sales in March 2021 and it is 72% ahead of the 29 sales last month.  There is a 1.2 months supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 36 properties that closed in the Sonoma Valley in March is 33 days.  The closings in the month had a selling price equal to 105% of the original listing price – a return to the level that was experienced last May.  In March, 72% of the homes in the Sonoma Valley sold at a price in excess of the original list price and just 11% 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 March starts at a record high $4,250,000.  Twenty-two homes closed in the top quartile in the past twelve months compared to 17 in the twelve months prior to that.  In March, there were five new sales in this quartile.  There are 15 homes available in this quartile in March 2022 compared to 10 a year ago and 8 last month. Based on the current sales pace, the months of inventory is 3 months.  The days on market for the one home that closed in March in this quartile is just 11 days.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of March is 18 properties.  This is 28% below the inventory in March 2021 (25) and it is 37% ahead of the 13 homes in inventory last month.  There were 34 sales in the month.  This is essentially equal to the pace of sales in March 2021 (35) and it is 62% ahead of the pace of last month (21).  There is a 0.5 months supply of inventory based on the current sales pace.  The days on market for the 25 homes that closed in March 2021 in Windsor is 25 days.  The median price ($812,000) of the homes closed in Windsor in March is 6% above the median price a year ago ($765,000) and sets a new high median price for sales for any month in Windsor.

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of March is just 20 homes.  This is the lowest inventory for mobile homes that we have seen.  It is 65% below the number of mobile homes available in March 2021 (57) and it is 38% below the number of available mobile homes last month (32).  There were 32 new mobile home sales in March.  This is 14% below the pace of sales in March 2021 (37) and it is essentially equal to the pace of sales last month (33).  There is a 0.6 months supply of inventory based on the current sales pace.  The average days on market of the 37 mobile homes closed in March is 74 days and the median price was $200,000.  This median price is 23% ahead of the median price of $162,000 in March 2021.  

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of March is 242 properties. The current inventory is 13% below the number of lots in March 2021 (278) and it is equal to the number of available lots last month (242). There were 51 new lot sales in March.  This is 24% below the pace of sales in March 2021 (67) and it is 76% above the pace of lot sales last month (29).  There is a 4.7 months supply of inventory based on the current sales pace.  The average days on market of the 37 lots closed in March is 137 days and the median price is $350,000.   

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of March (182) is 13% below the inventory in March 2021 (208) and it is 21% above the inventory last month (150).  Seventy-six percent of the inventory in Napa County (139 properties) is priced at $1,000,000 or above.   New sales (129) are 22% below the pace of last year (106) and are 23% above the 105 sales last month.  There is a 1.4 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 57 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 the113 homes closed in March in Napa County ($950,000) is 19% above the median price of a year ago ($795,000) and is a record new median sold price for any month in Napa County.  Over the past four months, Napa County homes are selling at roughly 97% of original list price.

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $4,750,000 in Napa County at this time.  There has been an increase of 17% for the number of closings (42) of Luxury Homes (sales price in excess of $4,750,000) in Napa County for the period 4/1/21 to 3/31/22 compared to 36 closings in the period 4/1/20 to 3/31/21.  There are 46 luxury homes in inventory at the end of March 2022 compared to 37 homes in inventory at the end of March 2021 and 40 last month. There were five new Luxury Home sales in March compared to 4 last year and five last month.  Over the past four months, Napa County Luxury Homes are selling at roughly 87% of original list price.

American Canyon:  There are 8 available homes and condominiums in inventory at the end of March in American Canyon. Last year at this time there were 5 homes in inventory and there were 6 homes in inventory last month.  There were 11 new sales in the month.  This compares to 6 new homes sales last March and 5 new sales last month.  There is a 0.7 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 23 days. The median price of the homes that closed in American Canyon in March ($885,000) is 18% ahead of the median price of a year ago ($753,000).  This is the highest median price that we’ve seen for any month in American Canyon.  The average price per square foot of the homes sold in American Canyon was at $316 last month.  This is in the $300 to $400 per square foot range where the sales have been over the past several years.

Napa:  Forty-six 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 March in the City of Napa. This is 23% below the supply at the end of March 2021 (110) and it is 17% above the inventory at the end of last month (72).  New sales (88) were 27% below the pace of March 2021 (121) and they were 26% above the pace of last month (70). There is a 1.0 months supply of inventory based on the current sales pace. The Days on Market for the 76 closings last month is 54 days.  The median price of the homes that closed in the City of Napa in March was $950,000. This is 19% above the median price of the homes closed in March 2021 ($795,000).

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 (72) is 7% below the level of 78 in March 2021 and it is 20% above the inventory last month (60).  There were 21 new sales this month compared to 31 a year ago and 24 last month.  There is now a 3.4 months supply of inventory based on the current sales pace. The Days on Market for the 26 closings last month is 71 days.  Fifty percent of the Luxury Market inventory (price in excess of $4,750,000) in Napa County is in the Up Valley Market (23 homes). There was one luxury home (price in excess of $5,000,000) closing in the Up Valley Market last month and there were three new luxury home sales.  

In Angwin in March, inventory was 7 homes compared to 18 a year ago and 7 last month.  There were 3 new sales in Angwin for the month compared to 4 a year ago and 1 last month.  The average price of the active listings in Angwin as of March 2022 is $2,849,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of March is just 8 homes.  This is 58% below the number of mobile homes available in March 2021 (19) and it is 37% below the 13 available homes last month.  There were 17 new mobile home sales in March.  This compares to 10 home sales last March and 16 sales last month.  There is a 0.5 months supply of inventory based on the current sales pace. The average days on market of the 16 mobile homes closed in March is 93 days and the median price was $256,000.  This compares to a median price of $185,000 in March 2021 and $239,000 last month.  The median price of sold mobile homes in Napa seems to vary quite a bit from month to month.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of March stands at 214.  This is 96% above the inventory in March 2021 (108) and it is 17% above the inventory last month (183).  New sales (88) in Mendocino County in March were 44% above the pace of March 2021 (61) and they were 96% above the pace last month (45).  There now is a 2.4 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 54 homes sold in Mendocino County in March 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 March in Mendocino County was $501,000. This is slightly below the median price in March 2021 ($510,000).  

Ukiah:  The inventory of homes and condominiums for sale at the end of March in Ukiah is 32 homes.  This is 23% above the level of March 2021 (26) and it is 28% above the inventory last month (25).  There were 34 new sales for the month of March.  This is 36% above the number of sales in March 2021 (25) and it is 55% ahead of the sales last month (22).  It is the highest number of new sales that we have seen in any month in Ukiah in recent history.  There is 0.9 months of inventory based on the current sales pace. The Days on Market for the 27 closings last month is 102 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $528,000. The median price was $490,000 for the homes that closed in March.

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of March in Hopland and Talmage is 7 homes.  This compares to 6 homes in inventory at the end of March 2021 and 7 homes in inventory last month.  There were 4 new sales for the month of March.  This compares to 3 sales in March 2021 and 2 new sales last month.  There were 3 closings in the Talmage-Hopland market last month with an average Days on Market of 47 days.

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of March in Redwood Valley and Calpella is 16 homes.  This compares to 9 homes in March 2021 and 11 homes last month.  There were 8 new sales for the month of March.  This compares to 2 sales in March 2021 and 3 new sales last month.  There is a 2 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 6 closings in Redwood Valley/Calpella in March at a median price of $647,000 and the homes sold in 91 days. 

Lake County:  The inventory of homes and condominiums available in Lake County at the end of March stands at 387.  Approximately 30% of the inventory (114 homes) is in the communities of Clearlake.  The inventory is 62% above the inventory in March 2021 (239) and it is 24% above the inventory last month (312). Closed sales (121) in Lake County in March were 19% above the pace of March 2021 (102) and they were 48% ahead of the pace last month (82).  There now is a 4 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 March 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 March in Lake County was $320,000. This is 7% ahead of the median price in March 2021 ($300,000).  The homes sold in Lake County last month sold at 97% 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 (185 homes) is 24% below the 242 homes in March 2021 and it is 34% above the 138 homes in inventory last month.  New sales (251) were 17% below the number last March (302) and were 26% above the pace of last month (200).  This creates a 0.7 months supply.  The median price of the 209 homes sold in Marin County in March is $1,527,000.  This is 13% above the median price a year ago ($1,350,000).

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Wine Country Real Estate Trends in February 2022

Wine Country Real Estate Trends in February 2022

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

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 79 closings in February 2022 compared to 34 last February and 75 last month.  In February, we closed homes with a total value of $33 million compared to $26 million last year and $31 million last month.  The average selling price of the properties sold by BHGRE|WCG in February was $423,225. 

BHGRE|WCG currently has 123 pending sales with a value of $50 million dollars.  We are 78% ahead of our unit volume last year.  We have 151 active listings with a value of $90 million dollars.  We are 202% ahead of last year in our listing unit volume.  Our average listing price is $596,000.

Congratulations to the following agents who had closings in the month of February:

David Hughes (8); Maria Flores (3); Sarah Duschka (2); Mari Giblin (2); Jessica Spencer (2); Heather Thurber (2); David Lucido (2); Dan Gallagher (2); Rob Ross (2); Marsha Whedan; Rianne Pasquariello; Denise Ridley; Amy Wray; Kimberly Getts; Pepe Mendoza; Kendra Martin; Erick Rothfeld; Pippa Whelan; Tish Thames and Norm Brown.

North Bay Real Estate Trends for February 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 1,156 homes and condominiums for sale at the end of February.  Inventory is 19% below that of a year ago (1,431) and it is 10% above the inventory last month (1,051).  At times, the inventory has exceeded 10,000 homes in the BAREIS region.  Like most parts of the entire country, and in Wine Country, inventories are at record low levels.  There were 1,136 sales for the month of February.  This number is 12% below a year ago (1,287) and 23% above the pace of last month (926).

There are many unique factors in place in the real estate market right now.  There are spiking new listing prices, spiking interest rates, record low inventory, record high (32%) of new listings that sell in the first week of coming on the market, record low Price Reduction Ratios (17%) for this time of year and record low delinquency rates. Higher interest rates, now hovering around 4%, inflation and the Russian war in the Ukraine all make for an unpredictable market.

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 about 17%.  For February 2022, of all closed homes in our Wine Country markets, the range was from 12% (Sonoma County) to 26% (Mendocino County).  Conversely, the ratio of homes selling in excess of Original List Price (OLP) ranged from 42% (Mendocino County) to 64% (Sonoma County).  It was 51% in Napa County.

National forecasts are for slightly increasing inventory beginning in May and sales price increases lasting well into 2023, though at a lower rate than 2021.  Average national rents for homes ($2,100) have increased 17% on a year over year basis.   

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of February stands at 325 homes.  This is 39% below the inventory in February 2021 (534) and it is 25% above the inventory last month (260).  New sales (376) in Sonoma County in February were 15% below the pace of February 2021 (443) and they were 25% above the pace last month (300).  There is a 0.9 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 19 (Rohnert Park) to 66 (Healdsburg and Oakmont) days.  For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status.  On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending.  The average Days on Market for the County as a whole is 43 days.  The median price of the 284 homes closed in February in Sonoma County was $770,000. This is 13% above the median price in February 2021 ($680,000).  Over the past four months, Sonoma County homes are selling at 99% of their original list price.  

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $2,300,000).  There has been a 75% increase in the number of Luxury Homes closed (272) from 3/1/21 to 2/28/22 compared to 155 closings in the period 3/1/20 to 2/28/21.  The inventory of luxury homes (82) is 13% below the inventory in February 2021 (94 homes) and it is 16% above the inventory last month (71).  The pace of new sales (13) in February this year is 18% above the pace of a year ago (11) and it is 18% above the pace last month (11).  The Days on Market for Luxury Home closings was 72 days this February compared to 100 days a year ago. This compares to 43 Days on Market for all closed properties in the County in February.  There is a 6.3 months supply of inventory of luxury properties based on the current sales pace compared to a 0.9 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:  The inventory of homes and condominiums for sale (17) in Cloverdale at the end of February is 11% below the inventory in February 2021 (19) and it is 15% below the inventory of last month (20).  There were 14 new sales in Cloverdale in February.  This compares to 6 sales in February 2021 and 10 new sales last month.  There is a 1.2 months supply of inventory based on the current sales pace.  The Days on Market for the 12 homes that closed in February was 63 days.

Coastal Sonoma:  There are 7 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 5 homes in inventory in February 2021 and 4 homes last month.  There were 3 new sales in February compared to 5 a year ago and 6 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 6 homes that closed in February was 58 days. 

Healdsburg Trends:  There are 34 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 39% below the inventory in February 2021 (56) and it is 6% above the inventory last month (32).  New sales in February (24) were 25% below the pace of sales in February 2021 (32) and they were 33% above the sales pace last month (18).  The months of available inventory is 1.4 months at the end of February based on the current sales pace.  The Days on Market for the 15 homes that closed in February was 66 days.  

Oakmont:  There are just two homes and condominiums available in Oakmont at the end of February.  This is 96% below the inventory in February 2021 (46) and it is 67% below the inventory of last month (6).  New sales (18) were 14% below the sales pace of a year ago (21) and 12% above the pace of last month (16).  There is just a 0.1 months supply of inventory based on the current sales pace making Oakmont the tightest market in Wine Country.  The median price of the homes sold in Oakmont in the past year has ranged from the high $500,000’s up to $800,000.  The median price was $570,000 for the 18 homes that closed in February.  The Days on Market for the homes that closed in February was 66 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of February (36) is 5% below the inventory in February 2021 (38) and it is 24% ahead of the inventory last month 29).  There were 52 new sales for the month.  This is 21% ahead of the sales in February 2021 (41) and it is 86% above the sales pace last month (28).  The Petaluma market currently has 0.7 months supply of available inventory based on the current sales pace. The median price of the 28 homes that closed in February was $863,000.  This is 10 % above the median price last February ($787,000).  The Days on Market for the homes that closed in February was 25 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of February (10) is 38% below the inventory in February 2021 (16) and it is 25% ahead of the inventory last month (8).  There were 27 new sales in Rohnert Park in February.  This sales pace is 31% below the 39 sales in February 2021 and it is 50% above the sales last month (18).  This is the twenty-first month in a row where sales were in excess of the inventory at the beginning of the month in Rohnert Park.  In February, the month started with 8 available properties and there were 27 sales in the month.  There is a 0.4 months supply of inventory based on the current sales pace.  This remains a very tight market.  The median price ($736,000) of the 18 homes and condominiums that closed in February is 21% above the median price in February a year ago ($610,000).  This is the highest median price ever recorded in Rohnert Park.  Days on Market for the homes that closed in February was just 19 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) (25) is slightly above the level of February 2021 (24) and it is 19% above the inventory last month (21).  There were 17 new sales for the month of February.  This is 31% ahead of the pace in February 2021 (11) and it is 55% ahead of the pace last month (11).  There is a 1.5 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 $670,000 over the past year.  The median was $750,000 for the 13 homes that closed in February setting a new record high median price in the Russian River market.  The homes that closed in the Russian River in February went from listing to pending in 64 days.

Santa Rosa:  Thirty-six 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 (116) is 51% below the inventory of a year ago (238) and it is 37% above the inventory last month (85).  New sales in February (160) are 20% below the pace of last February (201) and they are 10% above the pace last month (145).  There is a 0.7 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 130 homes closed in February in Santa Rosa was $705,000 compared to $620,000 a year ago.  This is a 14% increase.  The Days on Market for the homes that closed in February was 43 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of February in Sebastopol (17) is 29% below the level of February 2021 (24) and it is slightly above the inventory last month (15).  There were 16 new sales for the month of February.  This is 20% below the pace in February 2021 (20) and it is essentially equal to the pace last month (16).  There is a 1.1 months supply of inventory in Sebastopol based on the current sales pace.  The 13 homes that closed in Sebastopol in February went from listing to pending in 46 days.

Sonoma Valley:  The number of available homes and condominiums for sale (39) at the end of February in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 49% below the inventory last February (76) and it is 35% above the inventory of last month (29).  Eighty-five percent of the available properties in the Sonoma Valley (33) are priced at $1,000,000, or more. There were 32 new sales for the month. This is 11% below the 36 sales in February 2021 and it is 60% ahead of the 20 sales last month.  There is a 1.2 months 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 February is 40 days.  The closings in the month had a selling price equal to 100% of the original listing price – a return to the level that was experienced in the summer and fall of last year.  In February, 55% of the homes in the Sonoma Valley sold at a price in excess of the original list price and 14% 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 February starts at $3,500,000.  Thirty-nine homes closed in the top quartile in the past twelve months compared to 27 in the twelve months prior to that.  In February, there were two new sales in this quartile.  There are 11 homes available in this quartile in February 2022 compared to 16 a year ago and 8 last month. Based on the current sales pace, the months of inventory is 5.5 months.  The average days on market for the 3 homes that closed in February in this quartile was 73 days.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of February is 13 properties.  This is 46% below the inventory in February 2021 (24) and it is 44% ahead of the 9 homes in inventory last month.  There were 22 sales in the month.  This is 34% below the pace of sales in February 2021 (33) and it is 57% ahead of the pace of last month (14).  There is a 0.6 months supply of inventory based on the current sales pace.  The days on market for the 13 homes that closed in February 2021 in Windsor was 33 days.  The median price ($715,000) of the homes closed in Windsor in February is 6% above the median price a year ago ($675,000).

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of February is 32 homes.  This is 49% below the number of mobile homes available in February 2021 (63) and it is equal to the number of available mobile homes last month (32).  There were 34 new mobile home sales in February.  This is 6% below the pace of sales in February 2021 (36) and it is 42% above the pace of sales last month (24).  There is a 0.9 months supply of inventory based on the current sales pace.  The average days on market of the 21 mobile homes closed in February was 51 days and the median price was $186,000.  This median price is 25% ahead of the median price of $149,000 in February 2021.  

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of February is 242 properties. The current inventory is 14% below the number of lots in February 2021 (282) and it is 5% above the number of available lots last month (231). There were 34 new lot sales in February.  This is 33% below the pace of sales in February 2021 (51) and it is 8% below the pace of lot sales last month (37). There is a 7 months supply of inventory based on the current sales pace.  The average days on market of the 27 lots closed in February was 93 days and the median price was $350,000.   

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of February (150) is 33% below the inventory in February 2021 (223) and it is15% above the inventory last month (131).  Seventy-five percent of the inventory in Napa County (112 properties) is priced at $1,000,000 or above.   New sales (107) are 5% above the pace of last year (102) and are 43% above the 75 sales last month.  There is a 1.4 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 56 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 76 homes closed in February in Napa County ($924,000) is 8% above the median price of a year ago ($855,000).  Over the past four months, Napa County homes are selling at roughly 96% of original list price.

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $5,000,000 in Napa County at this time.  There has been an increase of 25% for the number of closings (35) of Luxury Homes (sales price in excess of $5,000,000) in Napa County for the period 3/1/21 to 2/28/22 compared to 28 closings in the period 3/1/20 to 2/28/21.  There are 37 luxury homes in inventory at the end of February 2022 compared to 40 homes in inventory at the end of February 2021 and 34 last month. There were no new Luxury Home sales in February compared to 2 last year and none last month.  Over the past four months, Napa County Luxury Homes are selling at roughly 88.5% of original list price.

American Canyon:  There are 6 available homes and condominiums in inventory at the end of February in American Canyon. This is 100% above inventory a year ago (3) and it is 200% ahead of the supply last month (2).  There were 5 new sales in the month.  This is 55% below the pace of last year (11) and it is a unit ahead of the 4 sales last month.  There is a 1.2 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 72 days. The median price of the homes that closed in American Canyon in February ($695,000) is 22% ahead of the median price of a year ago ($570,000).  The average price per square foot of the homes sold in American Canyon was at $528 last month.  This is well ahead of the $275 to $350 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 72 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 2021 (127) and it is 14% above the inventory at the end of last month (63).  New sales (71) were about equal to the pace of February 2021 (70) and they were 45% above the pace of last month (49). There is a 1.0 months supply of inventory based on the current sales pace. The Days on Market for the 51 closings last month was 39 days.  The median price of the homes that closed in the City of Napa in February was $890,000. This is 5% above the median price of the homes closed in February 2021 ($845,000).

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 (60) is 23% below the level of 78 in February 2021 and it is 11% above the inventory last month (54).  There were 24 new sales this month compared to 16 a year ago and 18 last month.  There is now a 2.5 months supply of inventory based on the current sales pace. The Days on Market for the 16 closings last month was 102 days.  Approximately 46% of the Luxury Market inventory (price in excess of $5,000,000) in Napa County is in the Up Valley Market (17 homes). There were no luxury home (price in excess of $5,000,000) closings in the Up Valley Market last month and there were tw0 new luxury home sales.  

In Angwin in February, inventory was 7 homes compared to 15 a year ago and 5 last month.  There was one new sale in Angwin for the month compared to 2 a year ago and 2 last month.  The average price of the active listings in Angwin as of February 2022 is a whopping $4,924,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of February is 13 homes.  This is 46% below the number of mobile homes available in February 2021 (24) and it is 38% below the 21 available homes last month.  There were 17 new mobile home sales in February.  This is 55% above the pace of sales in February 2021 (11) and it is 42% above the pace of sales last month (12).  There is a 0.8 months supply of inventory based on the current sales pace. The average days on market of the 9 mobile homes closed in February was 88 days and the median price was $239,000.  This compares to a median price of $122,000 in February 2021 and $192,000 last month.  The median price of sold mobile homes in Napa seems to vary quite a bit from month to month.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of February stands at 183.  This is 73% above the inventory in February 2021 (106) and it is 2% below the inventory last month (187).  New sales (52) in Mendocino County in February were 6% above the pace of February 2021 (49) and they were 53% above the pace last month (34).  There now is a 3.5 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 38 homes sold in Mendocino County in February is 72 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 February in Mendocino County was $500,000. This is 4% below the median price in February 2021 ($519,000).  

Ukiah:  The inventory of homes and condominiums for sale at the end of February in Ukiah is 25 homes.  This is slightly below the level of February 2021 (26) and it is 19% below the inventory last month (31).  There were 22 new sales for the month of February.  This is 38% above the number of sales in February 2021 (16) and it is 69% ahead of the sales last month (13).  There is 1.1 months of inventory based on the current sales pace. The Days on Market for the 19 closings last month is 67 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $528,000. The median price was $528,000 for the homes that closed in February.

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of February in Hopland and Talmage is 5 homes.  This compares to 5 homes in inventory at the end of February 2021 and 8 homes in inventory last month.  There were two new sales for the month of February.  This compares to four sales in February 2021 and one new sale last month.  There were two closings in the Talmage-Hopland market last month with an average Days on Market of 41 days.

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of February in Redwood Valley and Calpella is 11 homes.  This compares to 7 homes in February 2021 and 8 homes last month.  There were 3 new sales for the month of February.  This compares to 5 sales in February 2021 and 5 new sales last month.  There is a 3.7 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 2 closings in Redwood Valley/Calpella in February at a median price of $439,000 and the homes sold in 55 days. 

Lake County:  The inventory of homes and condominiums available in Lake County at the end of February stands at 375.  This is 48% above the inventory in February 2021 (254) and it is 20% above the inventory last month (312). Closed sales (83) in Lake County in February were 20% below the pace of February 2021 (104) and they were equal to the pace last month (83).  There now is a 3.9 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 February is 49 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 $317,000. This is 5% ahead of the median price in February 2021 ($301,000).  The homes sold in Lake County last month sold at 97% 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 (138 homes) is 38% below the 221 homes in February 2021 and it is 9% above the 127 homes in inventory last month.  New sales (201) were 13% below the number last February (231) and were 62% above the pace of last month (124).  This creates a 0.7 months supply.  The median price of the 148 homes sold in Marin County in February was $1,330,000.  This is slightly below the median price a year ago ($1,340,000).

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Wine Country Real Estate Trends in January 2022

Wine Country Market Value Shifts and Sales Trends for 2022 

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

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 75 closings in January 2022 compared to 37 last January and 77 last month.  In January, we closed homes with a total value of $31 million compared to $26 million last year and $31 million last month.  The average selling price of the properties sold by BHGRE|WCG in January was $416,680. 

BHGRE|WCG currently has 135 pending sales with a value of $59 million dollars.  We are 150% ahead of our unit volume last year.  We have 154 active listings with a value of $88 million dollars.  We are 200% ahead of last year in our listing unit volume.  Our average listing price is $529,000.

Congratulations to the following agents who had closings in the month of January:

Sarah Duschka (4); Jessica Spencer (4); Heather Thurber (3); Chelsie Runnings (3); Mari Giblin (3); Team Ramos (2); Parmeeta Ghoman (2); Rianne Pasquariello (2); Maria Flores (2); Myriah Bivin (2); Jessica Hooten; David Lucido; Paige Hotchkiss; Rob Ross; Herb Heil; Mary Jensen; Pepe Mendoza; Jade Capriotti; Brian Shea; Liz Uribe; Lisa Borgo; Kendra Martin; Chris Brown; David Hughes; Sophie Phelps; Pippa Whelan; Tish Thames and Maureen Linde.

North Bay Real Estate Trends for January 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 1,051 homes and condominiums for sale at the end of January.  Inventory is 28% below that of a year ago (1,454) and it is slightly above the inventory last month (1,046).  At times, the inventory has exceeded 10,000 homes in the BAREIS region.  Like most parts of the entire country, and in Wine Country, inventories are at record low levels.  There were 956 sales for the month of January.  This number is 21% below a year ago (1,203) and 9% above the pace of last month (881).

There are many unique factors in place in the real estate market right now.  There are spiking new listing prices, spiking interest rates, record low inventory, record high (30%) of new listings that sell in the first week of coming on the market, record low Price Reduction Ratios (18%) for this time of year and record low delinquency rates. Higher interest rates (+.06%) have not yet “hit the market” so it will be interesting to watch closely.

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 18%.  For January 2022, of all closed homes in our Wine Country markets, the range was from 22% (Napa County) to 37% (Mendocino County).  Conversely, the ratio of homes selling in excess of Original List Price (OLP) ranged from 22% (Mendocino County) to 50% (Sonoma County).  It was 39% in Napa County.  The average Price Reduction Ratio for all areas has gone from a low of 14% in May of this year to 27% where it stands now.  The Over List Price has dropped from 55% in May to the current level of 37%.  These are signs of a cooling market after the heated market of last summer.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of January stands at a record low 260 homes.  This is 51% below the inventory in January 2021 (525) and it is 3% below the inventory last month (267).  New sales (310) in Sonoma County in January were 27% below the pace of January 2021 (426) and they were 9% above the pace last month (284).  There is a 0.8 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 30 (Rohnert Park) to 103 (Cloverdale) days.  For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status.  On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending.  The average Days on Market for the County as a whole is 58 days.  The median price of the 269 homes closed in January in Sonoma County was $750,000. This is 14.5% above the median price in January 2021 ($655,000).  Over the past four months, Sonoma County homes are selling at 98% of their original list price.  

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $2,400,000).  There has been a 76% increase in the number of Luxury Homes closed (243) from 2/1/21 to 1/31/22 compared to 138 closings in the period 2/1/20 to 1/31/21.  The inventory of luxury homes (65) is 11% below the inventory in January 2021 (73 homes).  The pace of new sales (11) in January this year is 8% below the pace of a year ago (12) and it is 21% below the pace last month (14).  The Days on Market for Luxury Home closings was 121 days this January compared to 92 days a year ago. This compares to 58 Days on Market for all closed properties in the County in January.  There is a 6 months supply of inventory of luxury properties based on the current sales pace compared to a 0.8 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:  The inventory of homes and condominiums for sale (20) in Cloverdale at the end of January is 11% above the inventory in January 2021 (18) and it is 54% above the inventory of last month (13).  There were 10 new sales in Cloverdale in January.  This compares to 16 sales in January 2021 and 10 new sales last month.  There is a 2 months supply of inventory based on the current sales pace.  The Days on Market for the 7 homes that closed in January was 103 days.

Coastal Sonoma:  There are 4 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 2 homes in inventory in January 2021 and 7 homes last month.  There were 6 new sales in January compared to 4 a year ago and 3 last month.  There is now a 0.7 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 1 home that closed in January was 97 days.  The coastal area market remains a very tight market.

Healdsburg Trends:  There are 32 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 40% below the inventory in January 2021 (53) and it is 11% below the inventory last month (36).  New sales in January (18) were 18% below the pace of sales in January 2021 (22) and they were equal to the sales pace last month (18).  The months of available inventory was 1.8 months at the end of January based on the current sales pace.  The Days on Market for the 17 homes that closed in January was 99 days.  

Oakmont:  There are just 6 homes and condominiums available in Oakmont at the end of January.  This is 87% below the inventory in January 2021 (47) and it is 40% below the inventory of last month (10).  New sales (15) were equal to the sales pace of a year ago (15) and 12% below the pace of last month (17).  There is a 0.4 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 $800,000.  The median price was $705,000 for the 11 homes that closed in January.  The Days on Market for the homes that closed in January was 86 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of January (29) is 6% below the inventory in January 2021 (31) and it is 61% ahead of the inventory last month 18).  There were 29 new sales for the month.  This is 33% below the sales in January 2021 (43) and it is 26% above the sales pace last month (23).  The Petaluma market currently has one months supply of available inventory based on the current sales pace. The median price of the 21 homes that closed in January was $827,000.  This is 11% below the median price last January ($928,000).  The Days on Market for the homes that closed in January was 38 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of January (8) is 50% below the inventory in January 2021 (16) and it is 100% ahead of the inventory last month (4).  There were 21 new sales in Rohnert Park in January.  This sales pace is 55% below the 47 sales in January 2021 and it is 11% above the sales last month (19).  This is the twentieth month in a row where sales were in excess of the inventory at the beginning of the month.  In January, the month started with 4 available properties and there were 21 sales in the month.  There is a 0.4 months supply of inventory based on the current sales pace.  This is the tightest market in Wine Country.  The median price ($650,000) of the 21 homes and condominiums that closed in January is 17% above the median price in January a year ago ($555,000).  Days on Market for the homes that closed in January was 30 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) (21) is equal to the level of January 2021 (21) and it is also equal to the inventory last month (21).  There were 10 new sales for the month of January.  This is 44% below the pace in January 2021 (18) and it is essentially equal to the pace last month (11).  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 $670,000 over the past year.  The median was $465,000 for the 11 homes that closed in January.  The homes that closed in the Russian River in January went from listing to pending in 50 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 January (85) is 66% below the inventory of a year ago (251) and it is 12% below the inventory last month (97).  New sales in January (148) are 22% below the pace of last January (190) and they are 10% above the pace last month (134).  There is a 0.6 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 134 homes closed in January in Santa Rosa was $705,000 compared to $602,000 a year ago.  This is a 14% increase.  The Days on Market for the homes that closed in January was 54 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of January in Sebastopol (15) is 56% below the level of January 2021 (34) and it is slightly below the inventory last month (16).  There were 18 new sales for the month of January.  This is 33% below the pace in January 2021 (27) and it is 13% below the pace last month (16).  There is a 0.8 months supply of inventory in Sebastopol based on the current sales pace.  The 16 homes that closed in Sebastopol in January went from listing to pending in 59 days.

Sonoma Valley:  The number of available homes and condominiums for sale (29) at the end of January in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 47% below the inventory last January (55) and it is 22% below the inventory of last month (37).  Seventy-two percent of the available properties in the Sonoma Valley (21) are priced at $1,000,000, or more. There were 21 new sales for the month. This is 36% below the 33 sales in January 2021 and it is 22% below the 27 sales last month.  There is a 1.4 months supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 23 properties that closed in the Sonoma Valley in January is 93 days.  The closings in the month had a selling price equal to 89% of the original listing price – a drop from the 97% to 100% that was experienced in the summer and fall of last year. 

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of January starts at $3,500,000.  Thirty-seven homes closed in the top quartile in the past twelve months compared to 26 in the twelve months prior to that.  In January, there were two new sales in this quartile.  There are 8 homes available in this quartile in January 2022 compared to 9 a year ago and 12 last month. Based on the current sales pace, the months of inventory is 4 months.  The average days on market for the two homes that closed in January in this quartile was 219 days.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of January is 9 properties.  This is 68% below the inventory in January 2021 (28) and it is slightly ahead of the 8 homes in inventory last month.  There were 14 sales in the month.  This is slightly ahead of the pace of sales in January 2021 (13) and it is also slightly ahead of the pace of last month (13).  There is a 0.6 months supply of inventory based on the current sales pace.  The days on market for the 12 homes that closed in January 2021 in Windsor was 66 days.  The median price ($794,000) of the homes closed in Windsor in January is 11% above the median price a year ago ($715,000).

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of January was 32 homes.  This is 51% below the number of mobile homes available in January 2021 (65) and it is 10% ahead of the number of available mobile homes last month (29).  There were 27 new mobile home sales in January.  This is equal to the pace of sales in January 2021 (27) and it is 7% below the pace of sales last month (29).  There is a 1.2 months supply of inventory based on the current sales pace.  The average days on market of the 29 mobile homes closed in January was 67 days and the median price was $185,000.  This median price is 45% ahead of the median price of $128,000 in January 2021.  

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of January is 231 properties. The current inventory is 26% below the number of lots in January 2021 (314) and it is 10% below the number of available lots last month (256). There were 40 new lot sales in January.  This is 5% below the pace of sales in January 2021 (42) and it is 74% above the pace of lot sales last month (23). There is a 6 months supply of inventory based on the current sales pace.  The average days on market of the 29 lots closed in January was 178 days and the median price was $290,000.   

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of January (131) is 40% below the inventory in January 2021 (218) and it is 7% below the inventory last month (141).  Sixty-nine percent of the inventory in Napa County (90 properties) is priced at $1,000,000 or above.   New sales (78) are 18% below the pace of last year (95) and are 16% above the 67 sales last month.  There is a 1.7 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 56 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 63 homes closed in January in Napa County ($823,000) is 15% above the median price of a year ago ($716,000).  Over the past four months, Napa County homes are selling at roughly 95% of original list price.

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $5,250,000 in Napa County at this time.  This is the highest median price for this quartile that we have ever recorded.  There has been an increase of 43% for the number of closings (33) of Luxury Homes (sales price in excess of $5,250,000) in Napa County for the period 2/1/21 to 1/31/22 compared to 23 closings in the period 2/1/20 to 1/31/21.  There are 33 luxury homes in inventory at the end of January 2022 compared to 39 homes in inventory at the end of January 2021 and 31 last month. There were no new Luxury Home sales in January compared to 2 last year and 1 last month.  Over the past four months, Napa County Luxury Homes are selling at roughly 88.5% of original list price.

American Canyon:  There are just 2 available homes and condominiums in inventory at the end of January in American Canyon. This is 100% below inventory a year ago (4) and it is 100% below the supply last month (4).  There were 5 new sales in the month.  This is equal to the pace of last year (5) and it is 29% below the 7 sales last month.  There is a 0.4 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 65 days. The median price of the homes that closed in American Canyon in January ($720,000) was well in excess of the median price of a year ago ($480,000).  The median sold price has been in excess of $750,000 in several months in the past year.  The average price per square foot of the homes sold in American Canyon was at $363 last month.  This is somewhat ahead of the $275 to $350 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 63 available homes and condominiums in inventory at the end of January in the City of Napa. This is 49% below the supply at the end of January 2021 (121) and it is slightly above the inventory at the end of last month (61).  New sales (50) were 28% below the pace of January 2021 (69) and they were 19% above the pace of last month (42). There is a 1.3 months supply of inventory based on the current sales pace. The Days on Market for the 41 closings last month was 48 days.  The median price of the homes that closed in the City of Napa in January was a record high $1,265,000. This is well in excess of the median price of the homes closed in January 2021 ($729,000).

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 (54) is 31% below the level of 78 in January 2021 and it is 13% below the inventory last month (62).  There were 18 new sales this month compared to 16 a year ago and 15 last month.  There is now a 3 months supply of inventory based on the current sales pace. The Days on Market for the 10 closings last month was 76 days.  Approximately 51% of the Luxury Market inventory (price in excess of $5,250,000) in Napa County is in the Up Valley Market (17 homes). There were no luxury home (price in excess of $5,250,000) closings in the Up Valley Market last month and there were no new luxury home sales.  

In Angwin in January, inventory was 5 homes compared to 15 a year ago and 6 last month.  There were 2 new sales in Angwin for the month compared to one a year ago and 3 last month.  The median price of the active listings in Angwin as of January 2022 is a whopping $4,000,000.

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 19% below the number of mobile homes available in January 2021 (26) and it is 25% below the 28 available homes last month.  There were 13 new mobile home sales in January.  This is 225% above the pace of sales in January 2021 (4) and it is 44% above the pace of sales last month (9).  There is a 1.6 months supply of inventory based on the current sales pace. The average days on market of the 9 mobile homes closed in January was 48 days and the median price was $210,000.  This compares to a median price of $140,000 in January 2021 and $283,000 last month. The median price of sold mobile homes in Napa seems to vary quite a bit from month to month.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of January stands at 187.  This is 87% above the inventory in January 2021 (100) and it is 17% above the inventory last month (160).  New sales (40) in Mendocino County in January were 39% below the pace of January 2021 (66) and they were 25% above the pace last month (53).  There now is a 4.7 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 41 homes sold in Mendocino County in January 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 January in Mendocino County was $512,000. This is slightly above the median price in January 2021 ($510,000).  

Ukiah:  The inventory of homes and condominiums for sale at the end of January in Ukiah is 31 homes.  This is 48% ahead of the level of January 2021 (21) and it is equal to the inventory last month (31).  There were 13 new sales for the month of January.  This is 38% below the number of sales in January 2021 (21) and it is 54% below the sales last month (28).  There is 2.4 months of inventory based on the current sales pace. The Days on Market for the 17 closings last month is 70 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $519,000. The median price was $512,000 for the homes that closed in January.

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of January in Hopland and Talmage is 8 homes.  This compares to 11 homes in inventory at the end of January 2021 and 7 homes in inventory last month.  There was one new sale for the month of January.  This compares to one sale in January 2021 and two new sales last month.  There was one closing in the Talmage-Hopland market last month.

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of January in Redwood Valley and Calpella is 8 homes.  This compares to 6 homes in January 2021 and 10 homes last month.  There were 5 new sales for the month of January.  This compares to 4 sales in January 2021 and 2 new sales last month.  There is a 1.6 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 January at a median price of $740,000 and the homes sold in 111 days. 

Lake County:  The inventory of homes and condominiums available in Lake County at the end of January stands at 357.  This is 33% above the inventory in January 2021 (268) and it is 9.5% above the inventory last month (326). Closed sales (83) in Lake County in January were 15% ahead of the pace of January 2021 (72) and they were 16% below the pace last month (99).  There now is a 3.7 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 January 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 January in Lake County was $330,000. This is 11% ahead of the median price in January 2021 ($297,000).  The homes sold in Lake County last month sold at 97% of original list price.

Marin County:  Marin is often considered a “feeder” county to Wine Country.  Marin County’s inventory (127 homes) is 41% below the 214 homes in January 2021 and it is 36% above the 93 homes in inventory last month.  New sales (123) were 32% below the number last January (182) and were 10% above the pace of last month (112).  This creates a one months supply.  The median price of the 111 homes sold in Marin County in January was $1,320,000.  This is 13% ahead of the median price a year ago ($1,168,000).

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Wine Country Real Estate Trends in December 2021

Wine Country Real Estate Trends in December 2021

Wine Country Market Value Shifts and Sales Trends for 2021 

I’ve done a chart of Wine Country Market Value Shifts dating back to 1998.  I’ve added the latest data for 2021 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 across Wine Country (Sonoma, Napa and Mendocino Counties) increased by 12% in 2021.  This compares to an increase of 16% in 2020. The average price of all closings in Sonoma County was $921,313 (up 11.5% from one year ago), the average in Napa County was $1,242,179 (up 12% from a year ago) and the average in Mendocino County was $688,225 (up 19% from one year ago).  I’m expecting prices to moderate their increase in 2022 and average, perhaps, below 10% for the year.  It will vary from market to market and in different price ranges.

There were 8,754 closings of single-family homes and condominiums across Wine Country in 2021 compared to 7,386 closings in 2020.   This is a 18.5% increase in closings.  There was a 23% increase in Sonoma County (6,516 in 2021 compared to 5,281 in 2020) while Napa Country was up 10% year over year at 1,535 units compared to 1,400 units in 2020 and Mendocino County was down 0.3% in closing volume – 703 sales compared to 705 in 2020. I expect the 2022 volume will again be steady or slightly down from the volume in 2021 due to our record low inventory at the start of this year.  The total sales dollar volume was over $8.4 billion dollars – $6.0 billion in Sonoma County, $1.9 billion in Napa County and $484 million in Mendocino County.  This compares to $6.3 billion dollars last year.

Better Homes and Gardens Real Estate|Wine Country Group Results for December 2021 and for the entire year 2021

We are proud that our brokerage was nominated as one of three finalists in the 2021 Rotary Ethics in Business Awards for large businesses in Northern California.  We were the only real estate company among the nine finalists.  Our emphasis on PAIGE (Passion, Authenticity, Inclusion, Growth and Excellence) values contributes to our recognition as an ethical company and we thank our staff and agents for believing in doing the right thing. 

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 77 closings in December 2021 compared to 48 last December and 53 last month.  In December, we closed homes with a total value of $31 million compared to $30 million last year and $32 million last month.  The average selling price of the properties sold by BHGRE|WCG in December was $407,453.

BHGRE|WCG currently has 112 pending sales with a value of $57 million dollars.  We are 96% ahead of our unit volume last year.  We have 173 active listings with a value of $82 million dollars.  We are 170% ahead of last year in our listing unit volume.  Our average listing price is $474,000.

For the entire year of 2021, Better Homes and Gardens Real Estate Wine Country Group closed 681 transactions (up 19% from 2020) with dollar volume of $405 million (up 16% from 2020).

Congratulations to the following agents who had closings in the month of December:

Team Ramos (7); Parmeeta Ghoman (5); Jessica Spencer (5); Heather Thurber (4); Jessica Hooten (2); Jose Escalante (2); Robert Davis (2); David Lucido (2); Denise Ridley (2); Mari Giblin (2); Monica Kangas (2); Chris Brown; Patricia Vance; Amanda Rivano; Juliet Casazza; Paige Hotchkiss (2); Mara Kahn (2); Zebi Bojarsky (2); Rob Ross; Joe Hebel; Ryan Gourd; Amy Wray; Maria Flores; Cheryl Marinaro; Erick Rothfeld; Sheila Deignan; Julie Etchell; Herb Heil; Pam Atchinson; Ray Hellgren; Liz Manfree; Linda Alioto; Carina DeHerrera; Mary Jensen; Laurie Parris; Chelsie Runnings; Michelle Perry; Pepe Mendoza; Christine Kettwig and Elizabeth Davis.

And, congratulations to the following Top Producers for the 4th Quarter of 2021:

Clearlake:  Top Units and $:  Jessica Spencer         

                  Top Listings:  David Hughes

Lakeport    Top Units:  David Lucido

                  Top $:  Paige Hotchkiss

                  Top Listings:  David Lucido and Paige Hotchkiss

Petaluma:   Top Units, $ and Listings:  Parmeeta Ghoman

Santa Rosa:  Top Units and $:  Heather Thurber

                  Top Listings:  Mari Giblin

Sebastopol:  Top Units and $:  Laurie Parris

Sonoma:   Top Units and Listings:  Sheila Deignan

                  Top $:  Michael Crain

St. Helena:   Top Units:  Liz Manfree

                  Top $:  Linda Alioto

                  Top Listings:  Rianne Pasquariello

Ukiah:        Top Units, $ and Listings:  Team Ramos

Forecast for National Real Estate in 2022:  Predictions that I recently heard are record low inventory and super high demand.  The national residential real estate price appreciation is forecast at 5.7% – varying from market to market.  Mortgage interest rates are forecast to move up less than 1% over the year and inflation is forecast to be 4%.  An “ideal” inflation rate is said by most economists to be in the 2% range. 

North Bay Real Estate Trends for December 2021

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 1,046 homes and condominiums for sale at the end of December.  Inventory is 35% below that of a year ago (1,612) and it is 29% below the inventory last month (1,479).  At times, the inventory has exceeded 10,000 homes in the BAREIS region.  Like most parts of the entire country, and in Wine Country, inventories are at record low levels.  There were 940 sales for the month of December.  This number is 15% below a year ago (1,110) and 30% below the pace of last month (1,346).

Prices normally peak in November and stay level through the early part of the year.  National forecasts predict slowly increasing inventory and a slowing of price appreciation in the coming months. The median price for all homes closed in the BAREIS region was 6% higher than a year ago.

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 24.5% up from a low of 15% in April of this year.  For December 2021, of all closed homes in our Wine Country markets, the range was from 22% (Sonoma County) to 36% (Mendocino County).  Conversely, the ratio of homes selling in excess of Original List Price (OLP) ranged from 23% (Mendocino County) to 41% (Sonoma County).  It was 39% in Napa County.  The average Price Reduction Ratio for all areas has gone from a low of 14% in May of this year to 28% where it stands now.  The Over List Price has dropped from 55% in May to the current level of 34%.  These are signs of a cooling market after the heated market of last summer.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of December stands at 267.  This is 53% below the inventory in December 2020 (573) and it is 37% below the inventory last month (421).  New sales (290) in Sonoma County in December were 22% below the pace of December 2020 (373) and they were 32% below the pace last month (429).  There is a 0.9 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 33 (Coastal Sonoma) to 107 (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 427 homes closed in December in Sonoma County was $756,000. This is 11% above the median price in December 2020 ($681,000).  Over the past four months, Sonoma County homes are selling at 99% of their original list price.  

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $2,400,000).  There has been a 78% increase in the number of Luxury Homes closed (229) from 1/1/21 to 12/31/21 compared to 134 closings in the period 1/1/20 to 12/31/20.  The inventory of luxury homes (55) is 13% below the inventory in December 2020 (75 homes).  The pace of new sales (13) in December this year is 86% ahead of the pace of a year ago (7) and it is 32% below the pace last month (19).  The Days on Market for Luxury Home closings was 111 days this December compared to 87 days a year ago. This compares to 56 Days on Market for all closed properties in the County in December.  There is a 5 months supply of inventory of luxury properties based on the current sales pace compared to a 0.9 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:  The inventory of homes and condominiums for sale (13) in Cloverdale at the end of December is 48% below the inventory in December 2020 (25) and it is 50% below the inventory of last month (26).  There were 10 new sales in Cloverdale in December.  This compares to 16 sales in December 2020 and 10 new sales last month.  There is a 1.3 months supply of inventory based on the current sales pace.  The Days on Market for the 12 homes that closed in December was 62 days.

Coastal Sonoma:  There are 7 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 5 homes in inventory in December 2020 and 5 homes last month.  There were 2 new sales in December compared to 9 a year ago and 3 last month.  There is now a 3.5 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 4 homes that closed in December was 33 days.  The coastal area market remains a very tight market.

Healdsburg Trends:  There are 36 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 33% below the inventory in December 2020 (54) and it is 37% below the inventory last month (57).  New sales in December (18) were 39% above the pace of sales in December 2020 (13) and they were 18% below the sales pace last month (22).  The months of available inventory was 2 months at the end of December based on the current sales pace.  The Days on Market for the 27 homes that closed in December was 107 days.  

Oakmont:  There are 10 homes and condominiums available in Oakmont at the end of December.  This is 76% below the inventory in December 2020 (42) and it is 44% below the inventory of last month (18).  New sales (16) were 60% above the sales pace of a year ago (10) and 48% below the pace of last month (31).  There is a 0.6 months supply of inventory based on the current sales pace.  The median price of the homes sold in Oakmont in the past year has ranged from the high $500,000’s up to $800,000.  The median price was $650,000 for the 28 homes that closed in December.  The Days on Market for the homes that closed in December was 59 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of December (18) is 51% below the inventory in December 2020 (37) and it is 33% below the inventory last month (27).  There were 23 new sales for the month.  This is 29% below the sales in December 2020 (38) and it is 56% below the sales pace last month (52).  The streak in Petaluma where new sales have been higher than the existing inventory going into the month ended this month at thirteen months.  The Petaluma market currently has 0.8 months supply of available inventory based on the current sales pace. The median price of the 54 homes that closed in December was $833,000.  This is 6% ahead of the median price last December ($795,000).  The Days on Market for the homes that closed in December was 37 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of December (4) is 71% below the inventory in December 2020 (14) and it is 43% below the inventory last month (7).  There were 20 new sales in Rohnert Park in December.  This sales pace is 36% below the 31 sales in December 2020 and it is 29% below the sales last month (28).  This is the nineteenth month in a row where sales were in excess of the inventory at the beginning of the month.  In December, the month started with 7 available properties and there were 20 sales in the month.  There is a 0.2 months supply of inventory based on the current sales pace.  This is the tightest market in Wine Country.  The median price ($665,000) of the 23 homes and condominiums that closed in December is 11% above the median price in December a year ago ($600,000).  Days on Market for the homes that closed in December was 41 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) (21) is 9% below the level of December 2020 (23) and it is 19% below the inventory last month (26).  There were 12 new sales for the month of December.  This is 50% below the pace in December 2020 (24) and it is 56% below the pace last month (27).  There is a 1.8 months supply of inventory in the Russian River based on the current sales pace.  The median price in the Russian River has ranged from about $400,000 to $670,000 over the past year.  The median was $605,000 for the 23 homes that closed in December.  The homes that closed in the Russian River in December went from listing to pending in 76 days.

Santa Rosa:  Thirty-six 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 (97) is 64% below the inventory of a year ago (267) and it is 43% below the inventory last month (169).  New sales in December (139) are 11% below the pace of last December (156) and they are 25% below the pace last month (184).  There is a 0.7 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 182 homes closed in December in Santa Rosa was $678,000 compared to $651,000 a year ago.  This is a 4% increase.  The Days on Market for the homes that closed in December was 51 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of December in Sebastopol (16) is 45% below the level of December 2020 (29) and it is 33% below the inventory last month (24).  There were 16 new sales for the month of December.  This is 24% below the pace in December 2020 (21) and it is also 24% below the pace last month (21).  There is a one months supply of inventory in Sebastopol based on the current sales pace.  The 22 homes that closed in Sebastopol in December went from listing to pending in 74 days.

Sonoma Valley:  The number of available homes and condominiums for sale (37) at the end of December in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 51% below the inventory last December (75) and it is 35% below the inventory of last month (57). Sixty-five percent of the available properties in the Sonoma Valley (24) are priced at $1,000,000, or more. There were 26 new sales for the month. This is 19% below the 32 sales in December 2020 and it is 26% below the 35 sales last month.  There is a 1.4 months supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 34 properties that closed in the Sonoma Valley in December is 77 days.  The closings in the month had a selling price equal to 93% of the original listing price – a drop from the 97% to 100% being experienced over the past several months.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of December starts at $3,750,000.  Thirty-two homes closed in the top quartile in the past twelve months compared to 18 in the twelve months prior to that.  In December, there were two new sales in this quartile.  There are 10 homes available in this quartile in December 2021 compared to 10 a year ago and 16 last month. Based on the current sales pace, the months of inventory is 5 months.  The average days on market for the five homes that closed in December in this quartile was 121 days.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of December fell to just 8 properties.  This is 66% below the inventory in December 2020 (23) and it is 33% below the 12 homes last month.  There were 14 new sales for the month.  This is 33% below the pace of sales in December 2020 (21) and it is 53% below the pace of last month (30).  There is a 0.6 months supply of inventory based on the current sales pace.  The days on market for the 31 homes that closed in December 2020 in Windsor was 51 days.  The median price ($739,000) of the homes closed in Windsor in December is 11% above the median price a year ago ($665,000).

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of December was 29 homes.  This is 59% below the number of mobile homes available in December 2020 (71) and it is 26% below the number of available mobile homes last month (39).  There were 30 new mobile home sales in December.  This is 11% above the pace of sales in December 2020 (27) and it is also slightly above the pace of sales last month (28).  There is a one months supply of inventory based on the current sales pace.  The average days on market of the 23 mobile homes closed in December was 78 days and the median price was $152,000.  This median price is 5% below the median price of $160,000 in December 2020.  

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of December is 256 properties. The current inventory is 20% below the number of lots in December 2020 (318) and it is 17% below the number of available lots last month (308). There were 23 new lot sales in December.  This is 41% below the pace of sales in December 2020 (39) and it is 28% above the pace of lot sales last month (32).  There is a 10 months supply of inventory based on the current sales pace.  The average days on market of the 26 lots closed in December was 138 days and the median price was $295,000.  

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of December (141) is 33% below the inventory in December 2020 (211) and it is 22% below the inventory last month (180).  Seventy percent of the inventory in Napa County (99 properties) is priced at $1,000,000 or above.   New sales (70) are 18% below the pace of last year (85) and are 33% below the 104 sales last month.  There is a 2 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 72 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 125 homes closed in December in Napa County ($980,000) is 18% above the median price of a year ago ($830,000).  It’s also the highest median price we’ve ever had for any month.  Over the past four months, Napa County homes are selling at roughly 95% of original list price.

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.  This is the highest median price for this quartile that we have ever recorded. There has been an increase of 24% for the number of closings (57) of Luxury Homes (sales price in excess of $4,000,000) in Napa County for the period 1/1/21 to 12/31/21 compared to 46 closings in the period 1/1/20 to 12/31/20.  There are 35 luxury homes in inventory at the end of December 2021 compared to 46 homes in inventory at the end of December 2020 and 47 last month. There were 2 new Luxury Home sales in December compared to 3 last year and 3 last month.  This results in a 20 months supply of available Luxury Homes based on the current sales pace compared to a 2 months supply for the County as a whole.  Over the past four months, Napa County Luxury Homes are selling at roughly 88.5% of original list price.

American Canyon:  There are just 4 available homes and condominiums in inventory at the end of December in American Canyon. This is equal to the just below inventory a year ago (3) and it is 33% below the supply last month (6).  There were 7 new sales in the month.  This is 30% below the pace of last year (10) and it is 46% below the 13 sales last month.  There is a 0.6 months supply of inventory based on the current sales pace.  The Days on Market for 13 homes that closed in American Canyon last month was 44 days. The median price of the homes that closed in American Canyon in December ($550,000) was 20% below the median price of a year ago ($685,000).  The median sold price has been in excess of $750,000 in several months in the past year.  The average price per square foot of the homes sold in American Canyon was at $410 last month.  This is somewhat ahead of the $275 to $350 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 61 available homes and condominiums in inventory at the end of December in the City of Napa. This is 45% below the supply at the end of December 2020 (111) and it is 27% below the inventory at the end of last month (84).  New sales (45) were 18% below the pace of December 2020 (55) and they were 38% below the pace of last month (72). There is a 1.4 months supply of inventory based on the current sales pace. The Days on Market for the 78 closings last month was 57 days.  The median price of the homes that closed in the City of Napa in December was a record high $1,030,000. This is 22% higher than the median price of the homes closed in December 2020 ($844,000).

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 (62) is 25% below the level of 83 in December 2020 and it is 18% below the inventory last month (76).  There were 15 new sales this month compared to 13 a year ago and 16 last month.  There is now a 4.1 months supply of inventory based on the current sales pace. The Days on Market for the 28 closings last month was 120 days.  Approximately 49% of the Luxury Market inventory (price in excess of $4,000,000) in Napa County is in the Up Valley Market (17 homes). There were four luxury home (price in excess of $4,000,000) closings in the Up Valley Market last month and there were no new luxury home sales.  

In Angwin in December, inventory was 6 homes compared to 10 a year ago and 8 last month.  There were 3 new sales in Angwin for the month compared to one a year ago and 2 last month.  The median price of the active listings in Angwin as of December 2021 is a whooping $4,247,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of December is 28 homes.  This is 33% above the number of mobile homes available in December 2020 (21) and it is 13% below the 32 available homes last month.  There were 11 new mobile home sales in December.  This is 175% above the pace of sales in December 2020 (4) and it is 8% below the pace of sales last month (12).  There is a 2.5 months supply of inventory based on the current sales pace. The average days on market of the 8 mobile homes closed in December was 61 days and the median price was $283,000.  This compares to a median price of $163,000 in December 2020 and $260,000 last month.  The median price of sold mobile homes in Napa seems to vary quite a bit from month to month.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of December stands at 160.  This is 37% above the inventory in December 2020 (117) and it is 15% below the inventory last month (188).  New sales (63) in Mendocino County in December were 29% above the pace of December 2020 (49) and they were 19% above the pace last month (53).  There now is a 2.5 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 61 homes sold in Mendocino County in December is 67 days.  For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending.  The median price of the homes closed in December in Mendocino County was $565,000. This is 5% above the median price in December 2020 ($540,000).  

Ukiah:  The inventory of homes and condominiums for sale at the end of December in Ukiah is 31 homes.  This is 24% ahead of the level of December 2020 (25) and it is 26% below the inventory last month (42).  There were 31 new sales for the month of December.  This is 82% above the number of sales in December 2020 (17) and it is 15% above the sales last month (27).  It’s the highest number of sales in Ukiah for any month in the past few years.  There is one months of inventory based on the current sales pace. The Days on Market for the 25 closings last month is 66 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $519,000. The median price was $525,000 for the homes that closed in December.

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of December in Hopland and Talmage is 7 homes.  This compares to 15 homes in inventory at the end of December 2020 and 8 homes in inventory last month.  There were two new sales for the month of December.  This compares to no sales in December 2020 and one new sale last month.  There was one closing in the Talmage-Hopland market last month.

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of December in Redwood Valley and Calpella is 10 homes.  This is 67% above the level of December 2020 (6) and it is equal to the inventory last month (10).  There were 4 new sales for the month of December.  This compares to 2 sales in December 2020 and 9 new sales last month.  There is a 2.5 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 4 closings in Redwood Valley/Calpella in December at a median price of $655,000 and the homes sold in 40 days. 

Lake County:  The inventory of homes and condominiums available in Lake County at the end of December stands at 372.  This is 20% below the inventory in December 2020 (301) and it is 10% below the inventory last month (412). Closed sales (99) in Lake County in December were 68% ahead of the pace of December 2020 (59) and they were 6% ahead of the pace last month (93).  There now is a 3.8 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 December is 30 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 December in Lake County was $335,000. This is 35% ahead of the median price in December 2020 ($249,000).  The homes sold in Lake County last month sold at 97% of original list price.

Marin County:  Marin is often considered a “feeder” county to Wine Country.  Marin County’s inventory (91 homes) is 80% below the 233 homes in December 2020 and it is 46% below the 171 homes in inventory last month.  New sales (116) were 33% below the number last December (173) and were 45% below the pace of last month (213).  This creates a 0.8 months supply.  The median price of the 182 homes sold in Marin County in December was $1,350,000.  This is 6% ahead of the median price a year ago ($1,273,000).

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Wine Country Real Estate Trends in November 2021

Wine Country Real Estate Trends in November 2021

Year Over Year Comparisons

In mid-March 2020, the COVID-19 pandemic was declared and all parties were told to “Shelter in Place”.  This basically shut down the residential real estate industry through the month of April 2020.  The market then accelerated rapidly in May through November.  Year over year statistical comparisons are therefore going to be skewed by these market aberrations created last year.  The closings of this year are more “normalized” than the closings of November 2020 so it may look like a “slow down” in an otherwise healthy market.

Better Homes and Gardens Real Estate|Wine Country Group Results for November 2021 

We are proud that our brokerage was nominated as one of three finalists in the 2021 Rotary Ethics in Business Awards for large businesses in Northern California.  We were the only real estate company among the nine finalists.  Our emphasis on PAIGE (Passion, Authenticity, Inclusion, Growth and Excellence) values contributes to our recognition as an ethical company and we thank our staff and agents for believing in doing the right thing. 

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 53 closings in November 2021 compared to 58 last November and 60 last month.  In November, we closed homes with a total value of $32 million compared to $37 million last year and $24 million last month.  The average selling price of the properties sold by BHGRE|WCG in November was $604,840.  This performance was buoyed by a single closing for $11 million dollars by our Broker-Associate Michael Crain.  

BHGRE|WCG currently has 113 pending sales with a value of $56 million dollars.  We are 85% ahead of our unit volume last year.  We have 124 active listings with a value of $75 million dollars.  We are 63% ahead of last year in our listing unit volume.  Our average listing price is $605,000.. 

Congratulations to the following agents who had closings in the month of November:

David Lucido (4); Maria Flores (3); Cheryl Marinaro (3); Laurie Parris (2); Jessica Spencer (2); Parmeeta Ghoman (2); Quirino Aguirre (2); Chelsie Runnings (2); Jessica Hooten; Team Ramos; David Hughes; Amy Wray; Kendra Martin; Elizabeth Davis; Mara Kahn; Zebi Bojarsky; Christine Kettwig; Michelle Perry; Carina DeHerrera; Leo Merle; Michael Crain; Norm Brown; Mark Ahmad; Barbara Cronick; Cameron Ramos; Myriah Bivin; Heather Thurber; Terry Bell; Mireya Nelson; Martha Saly; Randy Knight; Freddie Diaz; Pepe Mendoza; Dan Gallagher; Rob Ross; Nancy Calderon and Elizabeth Davis.

Forecast for National Real Estate in 2022:  Predictions that I heard this morning are a national residential real estate price appreciation of 5.7% – varying from market to market.  Mortgage interest rates are forecast to move up less than 1% over the year and inflation is forecast to be 4%.  An “ideal” inflation rate is said by most economists  to be in the 2% range. 

North Bay Real Estate Trends for November 2021

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 1,479 homes and condominiums for sale at the end of November.  Inventory is 32% below that of a year ago (2,165) and it is 24% below the inventory last month (1,949).  At times, the inventory has exceeded 10,000 homes in the BAREIS region.  There were 1,395 sales for the month of November.  This number is 2% above a year ago (1.367) and 8% below the pace of last month (1,512).

Prices normally peak in November and stay level through January.  National forecasts predict increasing inventory and a slowing of price appreciation in the coming months and into 2022. This seems to be happening across Wine Country and we’ll see if this is a seasonal trend (the end of summer market) or a longer term direction.  The median price for all homes closed in the BAREIS region was 13% higher than a year ago.

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 27% up from a low of 15% in April of this year.  For November 2021, of all closed homes in our Wine Country markets, the range was from 27% (Sonoma and Mendocino Counties) to 32% (Napa County).  Conversely, the ratio of homes selling in excess of Original List Price (OLP) ranged from 48% (Sonoma County) to 43% (Mendocino County).  It was 45% in Napa County.  The average Price Reduction Ratio for all areas has gone a low of 14% in May of this year to 29% where it stands now.  The Over List Price has dropped from 55% in May to the current level of 45%.  These are signs of a cooling market after the heated COVID run-up of last year.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of November stands at 421.  This is 46% below the inventory in November 2020 (779) and it is 32% below the inventory last month (615).  New sales (444) in Sonoma County in November were 3% ahead of the pace of November 2020 (433) and they were 14% below the pace last month (514).  There is a 0.9 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 31 (Petaluma) to 117 (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 57 days.  The median price of the 492 homes closed in November in Sonoma County was $756,000. This is 11% above the median price in November 2020 ($679,000).  Over the past four months, Sonoma County homes are selling at 100% of their original list price.  

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $2,300,000).  There has been a 79% increase in the number of Luxury Homes closed (256) from 12/1/20 to 11/30/21 compared to 143 closings in the period 12/1/19 to 11/30/20.  The inventory of luxury homes (105) is equal to the inventory in November 2020 (106 homes).  The pace of new sales (21) in November this year is 61% ahead of the pace of a year ago (13) and it is 9% below the pace last month (23).  The Days on Market for Luxury Home closings was 100 days this November compared to 81 days a year ago. This compares to 57 Days on Market for all closed properties in the County in November.  There is a 5 months supply of inventory of luxury properties based on the current sales pace compared to a 0.9 months supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 96% of original list price.

Cloverdale:  The inventory of homes and condominiums for sale (26) in Cloverdale at the end of November is 33% below the inventory in November 2020 (39) and it is 16% below the inventory of last month (31).  There were 10 new sales in Cloverdale in November.  This compares to 12 sales in November 2020 and 12 new sales last month.  There is a 2.6 months supply of inventory based on the current sales pace.  The Days on Market for the 10 homes that closed in November was 65 days.

Coastal Sonoma:  There are 5 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 5 homes in inventory in November 2020 and 8 homes last month.  There were 4 new sales in November compared to 2 a year ago and 8 last month.  There is now a 1.3 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 9 homes that closed in November was 46 days.  The coastal area market remains a very tight market.

Healdsburg Trends:  There are 57 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 29% below the inventory in November 2020 (80) and it is 30% below the inventory last month (81).  New sales in November (22) were 47% above the pace of sales in November 2020 (15) and they were 33% below the sales pace last month (33).  The months of available inventory was 2.6 months at the end of November based on the current sales pace.  The Days on Market for the 26 homes that closed in November was 117 days.  

Oakmont:  There are 18 homes and condominiums available in Oakmont at the end of November.  This is 63% below the inventory in November 2020 (48) and it is 50% below the inventory of last month (36).  New sales (32) were 167% above the sales pace of a year ago (12) and 7% above the pace of last month (30).  There is a 0.6 months supply of inventory based on the current sales pace.  The median price of the homes sold in Oakmont in the past year has ranged from the high $500,000’s up to $800,000.  The median price was $650,000 for the 31 homes that closed in November.  The Days on Market for the homes that closed in November was 71 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of November (27) is 36% below the inventory in November 2020 (42) and it is 45% below the inventory last month (49).  There were 52 new sales for the month.  This is 19% below the sales in November 2020 (64) and it is 6% below the sales pace last month (55).  This is the thirteenth month in a row where new sales have been higher than the existing inventory going into the month.  The Petaluma market currently has 0.5 months supply of available inventory based on the current sales pace. The median price of the 53 homes that closed in November was $835,000.  This is 11% ahead of the median price last November ($755,000).  The Days on Market for the homes that closed in November was 31 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of November (7) is 77% below the inventory in November 2020 (31) and it is 59% below the inventory last month (17).  Inventory hasn’t been this low in Rohnert Park sinc last April when there were just 8 homes for sale.  There were 30 new sales in Rohnert Park in November.  This sales pace is 19% below the 37 sales in November 2020 and it is 21% below the sales last month (38).  This is the eighteenth month in a row where sales were in excess of the inventory at the beginning of the month.  In November, the month started with 17 available properties and there were 30 sales in the month.  There is a 0.2 months supply of inventory based on the current sales pace.  This is the tightest market in Wine Country.  The median price ($675,000) of the 33 homes and condominiums that closed in November is 7% above the median price in November a year ago ($632,000).  Days on Market for the homes that closed in November was 40 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) (26) is 38% below the level of November 2020 (42) and it is also 38% below the inventory last month (42).  There were 26 new sales for the month of November.  This is 7% below the pace in November 2020 (28) and it is 8% ahead of the pace last month (24).  There is a one 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 $670,000 over the past year.  The median was $568,000 for the 28 homes that closed in November.  The homes that closed in the Russian River in November went from listing to pending in 61 days.

Santa Rosa:  Forty 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 (169) is 50% below the inventory of a year ago (340) and it is 27% below the inventory last month (231).  New sales in November (194) are 29% above the pace of last November (151) and they are 16% below the pace last month (231).  There is a 0.9 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 221 homes closed in November in Santa Rosa was $698,000 compared to $619,000 a year ago.  This is a 13% increase.  The Days on Market for the homes that closed in November was 55 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of November in Sebastopol (24) is 17% below the level of November 2020 (29) and it is 37% below the inventory last month (38).  There were 22 new sales for the month of November.  This is 36% below the pace in November 2020 (34) and it is 8% below the pace last month (24).  There is a 1.1 months supply of inventory in Sebastopol based on the current sales pace.  The 24 homes that closed in Sebastopol in November went from listing to pending in 57 days.

Sonoma Valley:  The number of available homes and condominiums for sale (57) at the end of November in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 48% below the inventory last November (109) and it is 29% below the inventory of last month (80). Sixty-three percent of the available properties in the Sonoma Valley (36) are priced at $1,000,000, or more. There were 36 new sales for the month. This is equal to the 36 sales in November 2020 and it is 12% below the 41 sales last month.  There is a 1.6 months supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 47 properties that closed in the Sonoma Valley in November is 78 days.  The closings in the month had a selling price equal to 88% of the original listing price – a large drop from the 97% to 100% being experienced over the past several months.

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 18 in the twelve months prior to that.  In November, there were four new sales in this quartile.  There are 16 homes available in this quartile in November 2021 compared to 17 a year ago and 24 last month. Based on the current sales pace, the months of inventory is 4 months.  The average days on market for the two homes that closed in November in this quartile was 155 days.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of November fell to just 12 properties.  This is 63% below the inventory in November 2020 (32) and it is 57% below the 28 homes last month.  There were 32 new sales for the month.  This is equal to the pace of sales in November 2020 (32) and it is 7% above the pace of last month (30).  There is a 0.4 months supply of inventory based on the current sales pace.  The days on market for the 25 homes that closed in November 2020 in Windsor was 54 days.  The median price ($765,000) of the homes closed in Windsor in November is 13% above the median price a year ago ($680,000).

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of November was 39 homes.  This is 54% below the number of mobile homes available in November 2020 (84) and it is 25% below the number of available mobile homes last month (52).  There were 29 new mobile home sales in November.  This is slightly below the pace of sales in November 2020 (30) and it is also slightly below the pace of sales last month (30).  There is a 1.3 months supply of inventory based on the current sales pace.  The average days on market of the 32 mobile homes closed in November was 62 days and the median price was $155,000.  This median price is equal to the median price of $155,000 in November 2020.  

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of November is 308 properties. The current inventory is 14% below the number of lots in November 2020 (359) and it is 4% below the number of available lots last month (320). There were 34 new lot sales in November.  This is 48% above the pace of sales in November 2020 (23) and it is 17% above the pace of lot sales last month (29).  There is a 9.1 months supply of inventory based on the current sales pace.  The average days on market of the 33 lots closed in November was 91 days and the median price was $375,000.   

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of November (180) is 38% below the inventory in November 2020 (290) and it is 25% below the inventory last month (239).  Seventy percent of the inventory in Napa County (126 properties) is priced at $1,000,000 or above.   New sales (108) are 4% below the pace of last year (113) and are 18% below the 131 sales last month.  There is a 1.7 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 53 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 114 homes closed in November in Napa County ($765,000) is 3% below the median price of a year ago ($790,000).  Over the past four months, Napa County homes are selling at roughly 96% of original list price.

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.  This is the highest median price for this quartile that we have ever recorded. There has been an increase of 28% for the number of closings (55) of Luxury Homes (sales price in excess of $4,000,000) in Napa County for the period 12/1/20 to 11/30/21 compared to 43 closings in the period 12/1/19 to 11/30/20.  There are 47 luxury homes in inventory at the end of November 2021 compared to 60 homes in inventory at the end of November 2020 and 57 last month. There were 3 new Luxury Home sales in November compared to 4 last year and 10 last month.  This results in a 16 months supply of available Luxury Homes based on the current sales pace compared to a 1.7 months supply for the County as a whole.  Over the past four months, Napa County Luxury Homes are selling at roughly 88% of original list price.

American Canyon:  There are just 6 available homes and condominiums in inventory at the end of November in American Canyon. This is equal to the inventory a year ago (6) and it is 57% below the supply last month (14).  There were 13 new sales in the month.  This is also equal to the pace of last year (13) and it is 30% above the 10 sales last month.  There is a 0.5 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 46 days. The median price of the homes that closed in American Canyon in November ($785,000) was 30% ahead of the median price of a year ago ($605,000).  The median sold price has been in excess of $750,000 in several months in the past year.  The average price per square foot of the homes sold in American Canyon was at $323 last month, This is in line with the $275 to $350 range where the sales have been over the past several years.

Napa:  Forty-seven 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 November in the City of Napa. This is 49% below the supply at the end of November 2020 (165) and it is 29% below the inventory at the end of last month (118).  New sales (75) were 12% below the pace of November 2020 (85) and they were 19% below the pace of last month (93). There is a 1.1 months supply of inventory based on the current sales pace. The Days on Market for the 84 closings last month was 49 days.  The median price of the homes that closed in the City of Napa in November was $758,000. This is slightly higher than the median price of the homes closed in November 2020 ($750,000).

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 (76) is 26% below the level of 103 in November 2020 and it is 17% below the inventory last month (92).  There were 17 new sales this month compared to 11 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 19 closings last month was 69 days.  Approximately 57% of the Luxury Market inventory (price in excess of $4,000,000) in Napa County is in the Up Valley Market (27 homes). There were 2 luxury home (price in excess of $4,000,000) closings in the Up Valley Market last month and there were 2 new luxury home sales.  This makes for a 13.5 month supply of inventory based upon the current sales pace.

In Angwin in November, inventory was 8 homes compared to 10 a year ago and 11 last month.  There were 2 new sales in Angwin for the month compared to none a year ago and 2 last month.  The median price of the active listings in Angwin as of November 2021 is $2,842,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of November is 34 homes.  This is 21% above the number of mobile homes available in November 2020 (28) and it is 17% above the 29 available homes last month.  There were 13 new mobile home sales in November.  This is 32% below the pace of sales in November 2020 (19) and it is 18% above the pace of sales last month (11).  There is a 2.6 months supply of inventory based on the current sales pace. The average days on market of the 10 mobile homes closed in November was 82 days and the median price was $168,000.  This compares to a median price of $109,000 in November 2020 and $200,000 last month.  The median price of sold mobile homes in Napa seems to vary quite a bit from month to month.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of November fell for the first time since the beginning of the year and stands at 188.  This is 35% above the inventory in November 2020 (139) and it is 3% below the inventory last month (194).  New sales (60) in Mendocino County in November were 3% below the pace of November 2020 (62) and they were 9% above the pace last month (55).  There now is a 3.1 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 51 homes sold in Mendocino County in November is 56 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 $500,000. This is 2% below the median price in November 2020 ($510,000).  

Ukiah:  The inventory of homes and condominiums for sale at the end of November in Ukiah is 42 homes.  This is 40% ahead of the level of November 2020 (30) and it is 5% below the inventory last month (44).  There were 30 new sales for the month of November.  This is 25% above the number of sales in November 2020 (24) and it is 50% above the sales last month (20).  It’s the highest number os sales in Ukiah for any month since June of 2020.  There is 1.4 months of inventory based on the current sales pace. The Days on Market for the 19 closings last month is 40 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $519,000. The median price was $500,000 for the homes that closed in November.

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of November in Hopland and Talmage is 8 homes.  This compares to 11 homes in inventory at the end of November 2020 and 7 homes in inventory last month.  There was one new sale for the month of November.  This compares to two sales in November 2020 and two new sales last month.  There were no closings in the Talmage-Hopland market last month.

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of November in Redwood Valley and Calpella is 10 homes.  This is 9% below the level of November 2020 (11) and it is 41% below the inventory last month (17).  There were 9 new sales for the month of November.  This compares to 2 sales in November 2020 and 5 new sales last month.  There is a 1.1 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 4 closings in Redwood Valley/Calpella in November at a median price of $527,000 and the homes sold in 40 days. 

Lake County:  The inventory of homes and condominiums available in Lake County at the end of November stands at 438.  This is 46% above the inventory in November 2020 (301) and it is 7% above the inventory last month (408). Closed sales (92) in Lake County in November were 16% below the pace of November 2020 (109) and they were 14% below the pace last month (107).  There now is a 4.5 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 26 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 $309,500. This is 5% ahead of the median price in November 2020 ($295,000).  The homes sold in Lake County last month sold at 98% of original list price.

Marin County:  Marin is often considered a “feeder” county to Wine Country.  Marin County’s inventory (171 homes) is 52% below the 353 homes in November 2020 and it is 37% below the 271 homes in inventory last month.  New sales (213) were 16% below the number last November (254) and were 15% below the pace of last month (250).  This creates a 0.8 months supply.  The median price of the 241 homes sold in Marin County in November was $1,335,000.  This is 6% ahead of the median price a year ago ($1,256,000).

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Wine Country Real Estate Trends in October 2021

Wine Country Real Estate Trends in October 2021

Year Over Year Comparisons

In mid-March 2020, the COVID-19 pandemic was declared and all parties were told to “Shelter in Place”.  This basically shut down the residential real estate industry through the month of April 2020.  The market then accelerated rapidly in May through October.  Year over year statistical comparisons are therefore going to be skewed by these market aberrations created last year.  The closings of this year are more “normalized” than the closings of October 2020 so it may look like a “slow down” in an otherwise healthy market.

Better Homes and Gardens Real Estate|Wine Country Group Results for October 2021 

We are proud that our brokerage was nominated as one of three finalists in the 2021 Rotary Ethics in Business Awards for large businesses in Northern California.  We were the only real estate company among the nine finalists.  Our emphasis on PAIGE (Passion, Authenticity, Inclusion, Growth and Excellence) values contributes to our recognition as an ethical company and we thank our staff and agents for believing in doing the right thing. 

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 60 closings in October 2021 compared to 57 last October and 66 last month.  In October, we closed homes with a total value of $24 million compared to $35 million last year and $32 million last month.  The average selling price of the properties sold by BHGRE|WCG in October was $394,511.  Our average selling price, and our average listing price, have come down since we moved into the more affordable Lake County market with three new offices in August.

BHGRE|WCG currently has 109 pending sales with a value of $67 million dollars.  We are 45% ahead of the volume last year.  We have 64 active listings with a value of $61 million dollars.  Our average listing price is $953,000.  This is 6% below last year’s average. 

Congratulations to the following agents who had closings in the month of October:

Laurie Parris (4); Liz Manfree (4); Jessica Hooten (3); Parmeeta Ghoman (3); Paige Hotchkiss (3); Team Ramos (3); David Hughes (2); Rianne Pasquariello (2); Sheila Deignan (2); Rebecca Nichols (2); Linda Alioto (2); Amy Wray (2); Jessica Spencer; Jose Escalante; Kendra Martin; Liz Uribe; Sophie Phelps; Mari Giblin; Terry Bell; Quirino Aguirre; Patricia Vance; Michelle Perry; Monica Kangas; Denise Ridley; Pepe Mendoza; Ashlyn McLean; Marsha Holder; and Elizabeth Davis.

And a special congratulations to Matt Vegvary of our Napa office who closed his very first solo sale as a new agent.  Many more Matt!

North Bay Real Estate Trends for October 2021

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 1,949 homes and condominiums for sale at the end of October.  Inventory is 20% below that of a year ago (2,440) and it is 6% below the inventory last month (2,074).  At times, the inventory has exceeded 10,000 homes in the BAREIS region.  There were 1,571 sales for the month of October.  This number is 8% below a year ago (1.707) and 3% below the pace of last month (1,621).

Prices normally peak in October and stay level through January.  National forecasts predict increasing inventory and a slowing of price appreciation in the coming months and into 2022. This seems to be happening across Wine Country and we’ll see if this is a seasonal trend (the end of summer market) or a longer term direction.  The median price for all homes closed in the BAREIS region was 10% higher than a year ago.

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 29% up from a low of 15% in April of this year.  For October 2021, of all closed homes in our Wine Country markets, the range was from 20% (Sonoma County) to 24% (Napa County).  The ratio was 22% in Mendocino County.  Conversely, the ratio of homes selling in excess of Original List Price (OLP) ranged from 54% (Sonoma County) to 27% (Mendocino County).  It was 44% in Napa County.  The average Price Reduction Ratio for all areas has gone a low of 14% in May of this year to 22% where it stands now.  The Over List Price has dropped from 55% in May to the current level of 42%.  These are signs of a cooling market after the heated COVID run-up of last year.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of October stands at 615.  This is 26% below the inventory in October 2020 (833) and it is 12% below the inventory last month (696).  New sales (525) in Sonoma County in October were 8% ahead of the pace of October 2020 (488) and they were 12% below the pace last month (597).  There is a 1.2 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 41 (Petaluma) to 82 (Cloverdale) days.  For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status.  On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending.  The average Days on Market for the County as a whole is 47 days.  The median price of the 538 homes closed in October in Sonoma County was $725,000. This is 4% above the median price in October 2020 ($700,000).  Over the past four months, Sonoma County homes are selling at 100.5% of their original list price.  

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 79% increase in the number of Luxury Homes closed (365) from 11/1/20 to 10/31/21 compared to 204 closings in the period 11/1/19 to 10/31/20.  The inventory of luxury homes (157) is 5% ahead of the inventory in October 2020 (149 homes).  The pace of new sales (33) in October this year is 94% ahead of the pace of a year ago (17) and it is 11% below the pace last month (37).  The Days on Market for Luxury Home closings was 64 days this October compared to 94 days a year ago. This compares to 47 Days on Market for all closed properties in the County in October.  There is a 4.8 months supply of inventory of luxury properties based on the current sales pace compared to a 1.2 months supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 98% of original list price.

Cloverdale:  The inventory of homes and condominiums for sale (31) in Cloverdale at the end of October is 21% below the inventory in October 2020 (39) and it is 9% below the inventory of last month (34).  There were 13 new sales in Cloverdale in October.  This compares to 10 sales in October 2020 and 13 new sales last month.  There is a 2.4 months supply of inventory based on the current sales pace.  The Days on Market for the 15 homes that closed in October was 82 days.

Coastal Sonoma:  There are 8 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 5 homes in inventory in October 2020 and 5 homes last month.  There were 8 new sales in October compared to 7 a year ago and 7 last month.  There is now a 1.0 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 3 homes that closed in October was 61 days.  The coastal area market remains a very tight market.

Healdsburg Trends:  There are 81 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 7% below the inventory in October 2020 (87) and it is 12% below the inventory last month (92).  New sales in October (33) were 74% above the pace of sales in October 2020 (19) and they were essentially equal to the sales pace last month (32).  The months of available inventory was 2.5 months at the end of October based on the current sales pace.  The Days on Market for the 32 homes that closed in October was 58 days. 

Oakmont:  There are 36 homes and condominiums available in Oakmont at the end of October.  This is 27% below the inventory in October 2020 (49) and it is 8% below the inventory of last month (39).  New sales (30) were 114% above the sales pace of a year ago (14) and 14% below the pace of last month (35).  There is a 1.2 months supply of inventory based on the current sales pace.  The median price of the homes sold in Oakmont in the past year has ranged from the high $500,000’s up to $800,000.  The median price was $590,000 for the 29 homes that closed in October.  The Days on Market for the homes that closed in October was 69 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of October (49) is 23% below the inventory in October 2020 (64) and it is essentially equal to the inventory last month (48).  There were 57 new sales for the month.  This is 14% above the sales in October 2020 (50) and it is 17% below the sales pace last month (69).  This is the twelfth month in a row where new sales have been higher than the existing inventory going into the month.  The Petaluma market currently has 0.9 months supply of available inventory based on the current sales pace. The median price of the 67 homes that closed in October was $890,000.  This is 18% ahead of the median price last October ($753,000).  The Days on Market for the homes that closed in October was 40 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of October (17) is 51% below the inventory in October 2020 (35) and it is 19% below the inventory last month (21).  There were 38 new sales in Rohnert Park in October.  This sales pace is slightly above the 35 sales in October 2020 and it is equal to the sales last month (38).  This is the seventeenth month in a row where sales were in excess of the inventory at the beginning of the month.  In October, the month started with 21 available properties and there were 38 sales in the month.  There is a 0.4 months supply of inventory based on the current sales pace.  This is the tightest market in Wine Country.  The median price ($635,000) of the 42 homes and condominiums that closed in October is 2% above the median price in October a year ago ($622,000).  Days on Market for the homes that closed in October was 37 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) (42) is 9% below the level of October 2020 (46) and it is equal to the inventory last month (42).  There were 25 new sales for the month of October.  This is 31% below the pace in October 2020 (36) and it is 34% below the pace last month (38).  There is a 1.7 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 $670,000 over the past year.  The median was $613,000 for the 29 homes that closed in October.  The homes that closed in the Russian River in October went from listing to pending in 44 days.

Santa Rosa:  Thirty-eight 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 (231) is 29% below the inventory of a year ago (327) and it is 13% below the inventory last month (265).  New sales in October (233) are 35% above the pace of last October (173) and they are 8% below the pace last month (252).  There is a 1.0 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 227 homes closed in October in Santa Rosa was $665,000 compared to $655,000 a year ago.  This is a 1.5% increase.  The Days on Market for the homes that closed in October was 43 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of October in Sebastopol (38) is 17% below the level of October 2020 (46) and it is slightly above the inventory last month (37).  There were 25 new sales for the month of October.  This is 39% below the pace in October 2020 (41) and it is 26% below the pace last month (34).  There is a 1.5 months supply of inventory in Sebastopol based on the current sales pace.  The 25 homes that closed in Sebastopol in October went from listing to pending in 46 days.

Sonoma Valley:  The number of available homes and condominiums for sale (80) at the end of October in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 27% below the inventory last October (109) and it is 23% below the inventory of last month (104).  Sixty-nine percent of the available properties in the Sonoma Valley (55) are priced at $1,000,000, or more. There were 43 new sales for the month. This is 32% below the 63 sales in October 2020 and it is 26% below the 58 sales last month.  There is a 1.9 months supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 44 properties that closed in the Sonoma Valley in October is 50 days.  The closings in the month had a selling price equal to 97% of the original listing price.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of October starts at $4,000,000.  Twenty-seven homes closed in the top quartile in the past twelve months compared to 13 in the twelve months prior to that.  In October, there were three new sales in this quartile.  There are 20 homes available in this quartile in October 2021 compared to 13 a year ago and 23 last month. Based on the current sales pace, the months of inventory is 6.7 months.  The average days on market for the three homes that closed in October in this quartile was 20 days.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of October is 28 properties.  This is 33% below the inventory in October 2020 (42) and it is 10% below the 31 homes last month.  There were 32 new sales for the month.  This is 10% above the pace of sales in October 2020 (29) and it is 25% below the pace of last month (43).  There is a 0.9 months supply of inventory based on the current sales pace.  The days on market for the 39 homes that closed in October 2020 in Windsor was 68 days.  The median price ($755,000) of the homes closed in Windsor in October is 14% above the median price a year ago ($664,000).

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of October was 52 homes.  This is 43% below the number of mobile homes available in October 2020 (91) and it is 20% below the number of available mobile homes last month (65).  There were 35 new mobile home sales in October.  This is 17% below the pace of sales in October 2020 (42) and it is 13% below the pace of sales last month (40).  There is a 1.5 months supply of inventory based on the current sales pace.  The average days on market of the 28 mobile homes closed in October was 68 days and the median price was $173,000.  This median price is 27% above the median price of $136,000 in October 2020.  

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of October is 320 properties. The current inventory is 13% below the number of lots in October 2020 (366) and it is 5% below the number of available lots last month (337). There were 35 new lot sales in October.  This is 27% below the pace of sales in October 2020 (48) and it is 8% below the pace of lot sales last month (38).  There is a 9.1 months supply of inventory based on the current sales pace.  The average days on market of the 32 lots closed in October was 82 days and the median price was $336,000.   

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of October (239) is 22% below the inventory in October 2020 (305) and it is 11% below the inventory last month (269).  Sixty-eight percent of the inventory in Napa County (163 properties) is priced at $1,000,000 or above.   New sales (136) are 8% above the pace of last year (125) and are 13% above the 120 sales last month.  There is a 1.8 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 55 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 118 homes closed in October in Napa County ($810,000) is 13% ahead of the median price of a year ago ($715,000).  Over the past four months, Napa County homes are selling at roughly 95% of original list price.

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 an increase of 50% for the number of closings (63) of Luxury Homes (sales price in excess of $3,750,000) in Napa County for the period 11/1/20 to 10/31/21 compared to 42 closings in the period 11/1/19 to 10/31/20.  There are 63 luxury homes in inventory at the end of October 2021 compared to 69 homes in inventory at the end of October 2020 and 70 last month. There were 9 new Luxury Home sales in October compared to 5 last year and 3 last month.  This results in a 4.8 months supply of available Luxury Homes based on the current sales pace compared to a 1.8 months supply for the County as a whole.  Over the past four months, Napa County Luxury Homes are selling at roughly 89% of original list price.

American Canyon:  There are 14 available homes and condominiums in inventory at the end of October in American Canyon. This is 40% above the inventory a year ago (10) and it is equal to the supply last month (14).  There were 12 new sales in the month.  This is 14% below the pace of last year (14) and it is slightly above the 11 sales last month.  There is a 1.2 months supply of inventory based on the current sales pace.  The Days on Market for 12 homes that closed in American Canyon last month was 30 days. The median price of the homes that closed in American Canyon in October ($563,000) was 7% below the median price of a year ago ($610,000).  Last month the median price of the sold homes was $775,000.  The average price per square foot of the homes sold in American Canyon was at $406 last month, This is above the $275 to $350 range where the sales have been over the past several years.

Napa:  Forty-nine percent of the inventory in Napa County is in the City of Napa.  There are 118 available homes and condominiums in inventory at the end of October in the City of Napa. This is 33% below the supply at the end of October 2020 (175) and it is 11% below the inventory at the end of last month (132).  New sales (97) were 16% ahead of the pace of October 2020 (84) and they were 21% ahead of the pace of last month (80). There is a 1.2 months supply of inventory based on the current sales pace. The Days on Market for the 82 closings last month was 40 days.  The median price of the homes that closed in the City of Napa in October was $815,000. This is 17% higher than the median price of the homes closed in October 2020 ($699,000).

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 (92) is 14% below the level of 107 in October 2020 and it is 13% below the inventory last month (106).  There were 22 new sales this month compared to 20 a year ago and 25 last month.  There is now a 4.2 months supply of inventory based on the current sales pace. The Days on Market for the 20 closings last month was 130 days.  Approximately 59% of the Luxury Market inventory (price in excess of $3,750,000) in Napa County is in the Up Valley Market (37 homes). There were 2 luxury home (price in excess of $3,750,000) closings in the Up Valley Market last month and there were 8 new luxury home sales.  This makes for a 4.2 month supply of inventory based upon the current sales pace.

In Angwin in October, inventory was 11 homes compared to 10 a year ago and 12 last month.  There were 2 new sales in Angwin for the month compared to 2 a year ago and 6 last month.  The median price of the active listings in Angwin as of October 2021 is $1,685,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of October is 34 homes.  This is 21% above the number of mobile homes available in October 2020 (28) and it is 17% above the 29 available homes last month. There were 13 new mobile home sales in October.  This is 32% below the pace of sales in October 2020 (19) and it is 18% above the pace of sales last month (11).  There is a 2.6 months supply of inventory based on the current sales pace. The average days on market of the 10 mobile homes closed in October was 82 days and the median price was $168,000.  This compares to a median price of $109,000 in October 2020 and $200,000 last month.  The median price of sold mobile homes in Napa seems to vary quite a bit from month to month.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of October rose for the ninth straight month last month and stands at 194.  This is 29% above the inventory in October 2020 (150) and it is 7% above the inventory last month (182).  New sales (58) in Mendocino County in October were 23% below the pace of October 2020 (75) and they were 3% below the pace last month (60).  There now is a 3.3 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 60 homes sold in Mendocino County in October is 60 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 $508,000. This is 5% below the median price in October 2020 ($535,000).  

Ukiah:  The inventory of homes and condominiums for sale at the end of October in Ukiah is 44 homes.  This is 29% ahead of the level of October 2020 (34) and it is 10% above the inventory last month (40).  It is the highest level of inventory in Ukiah since May of 2020.  There were 22 new sales for the month of October.  This is 57% above the number of sales in October 2020 (14) and it is 22% aboe the sales last month (18).  There is 2 months of inventory based on the current sales pace. The Days on Market for the 20 closings last month is 66 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $519,000. The median price was $488,000 for the homes that closed in October.

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of October in Hopland and Talmage is 7 homes.  This compares to 10 homes in inventory at the end of October 2020 and 5 homes in inventory last month.  There were two new sales for the month of October.  This compares to two sales in October 2020 and one new sale last month.  There were no closings in the Talmage-Hopland market last month.

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of October in Redwood Valley and Calpella is 17 homes.  This is 55% above the level of October 2020 (11) and it is 15% below the inventory last month (20).  There were 6 new sales for the month of October.  This compares to 5 sales in October 2020 and 4 new sales last month.  There is a 2.8 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 6 closings in Redwood Valley/Calpella in October at a median price of $595,000 and the homes sold in 73 days. 

Lake County:  The inventory of homes and condominiums available in Lake County at the end of October stands at 464.  This is 44% above the inventory in October 2020 (322) and it is essentially equal to the inventory last month (463). Closed sales (107) in Lake County in October were 7% above the pace of October 2020 (100) and they were 15% above the pace last month (93).  There now is a 4.7 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 26 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 $339,000. This is 7% ahead of the median price in October 2020 ($316,500).  The homes sold in Lake County last month sold at 96.3% of original list price.

Marin County:  Marin is often considered a “feeder” county to Wine Country.  Marin County’s inventory (271 homes) is 40% below the 448 homes in October 2020 and it is 10% below the 302 homes in inventory last month.  New sales (256) were 28% below the number last October (355) and were 16% below the pace of last month (304).  This creates a 1.1 months supply.  The median price of the 293 homes sold in Marin County in October was $1,450,000.  This is 9% ahead of the median price a year ago ($1,325,000).

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Wine Country Real Estate Trends in September 2021

Wine Country Real Estate Trends in September 2021

Year Over Year Comparisons

In mid-March 2020, the COVID-19 pandemic was declared and all parties were told to “Shelter in Place”.  This basically shut down the residential real estate industry through the month of April 2020.  The market then accelerated rapidly in May through October.  Year over year statistical comparisons are therefore going to be skewed by these market aberrations created last year.  The closings of this year are more “normalized” than the closings of September 2020 so it may look like a “slow down” in an otherwise healthy market.

Better Homes and Gardens Real Estate|Wine Country Group Results for September 2021 

We are proud that our brokerage was nominated as one of three finalists in the 2021 Rotary Ethics in Business Awards for large businesses in Northern California.  We were the only real estate company among the nine finalists.  Our emphasis on PAIGE (Passion, Authenticity, Inclusion, Growth and Excellence) values contributes to our recognition as an ethical company and we thank our staff and agents for believing in doing the right thing. 

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 66 closings in September 2021 compared to 85 last September (remember the COVID effect last year) and 61 last month.  In September, we closed homes with a total value of $32 million compared to $56 million last year and $44 million last month.  The average selling price of the properties sold by BHGRE|WCG in September was $489,208.   

BHGRE|WCG currently has 109 pending sales with a value of $67 million dollars.  We are 45% ahead of the volume last year.  We have 64 active listings with a value of $61 million dollars.  Our average listing price is $953,000.  This is 6% below last year’s average. 

Congratulations to the following agents who had closings in the month of September:

Pam Atchison (3); David Hughes (3); Mari Giblin (2); Laurie Parris (2); Rianne Pasquariello (2); Parmeeta Ghoman (2); Jessica Spencer (2); Maria Flores (2); Jose Escalante (2); Gayle Peters (2); Carina De Herrera (2); Mary Janson (2); Kendra Martin (2); Liz Uribe (2); Sheila Deignan (2); Monica Kangas (2); Heather Thurber (2); Mara Kahn; Zebi Borjarsky; Chelsie Runnings; David Lucido; Dan Gallagher; Patty Marken; Rob Ross; Erick Rothfeld; Daniel Galvin; Jill Rake; Jessica Hooten; Patricia Paulsen; Marsha Holder; Herb Heil; Robert Davis; Denise Ridley; Team Ramos; Deborah Melancon; Ray Hellgren; Silvia Schagerer; Paige Hotchkiss; Amy Wray and Nicole Moktan.

Our Top Producers for the 2nd Quarter of 2021 were:

Petaluma:  Parmeeta Ghoman – Units, Dollar Volume and Listings

Santa Rosa:  Mari Giblin – Units and Listings; Heather Thurber – Dollar Volume

Sebastopol:  Laurie Parris – Units and Listings; Deborah Melancon (Bodega) – Dollar Volume

Sonoma:  Sheila Deignan – Units and Dollar Volume; Erick Rothfeld and Freddie Diaz – Listings

St. Helena:  Rianne Pasquariello – Units and Listings; Linda Alioto – Dollar Volume; Liz Manfree – Listings

Ukiah:  Amy Wray – Units and Dollar Volume; Team Ramos – Listings

North Bay Real Estate Trends for September 2021

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 2,074 homes and condominiums for sale at the end of September.  Inventory is 11% below that of a year ago (2,336) and it is slightly ahead of the inventory last month (2,064).  At times, the inventory has exceeded 10,000 homes in the BAREIS region.  There were 1,691 sales for the month of September.  This number is 3% below a year ago (1.737) and slightly ahead of the pace of last month (1,680).

Prices normally peak in September and stay level through January.  National forecasts predict increasing inventory and a slowing of price appreciation in the coming months and into 2022. This seems to be happening across Wine Country and we’ll see if this is a seasonal trend (the end of summer market) or a longer term direction. 

I have been following a data point I call the “Price Reduction Ratio” (PRR) for the past six months, or so.  Across the country, 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 27% up from a low of 15% in April of this year.  For September 2021, of all closed homes in our Wine Country markets, the range was from 15% (Napa County) to 18% (Mendocino and Sonoma Counties).  Conversely, the ratio of homes selling in excess of Original List Price (OLP) ranged from 53% (Sonoma County) to 33% (Mendocino County).  It was 44% in Napa County.  The average Price Reduction Ratio for all areas has gone from 29% in September 2020 to 17% in September of 2021 while the sales of homes in excess of Original List Price went from 33% to 43% over the same period.  In our Wine Country market, the low PRR was 14% in May and the high OLP ratio was 55% in May.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of September stands at 696.  This is 3% below the inventory in September 2020 (718) and it is 10% below the inventory last month (775).  New sales (626) in Sonoma County in September were 16% ahead of the pace of September 2020 (542) and they were essentially equal to the pace last month (628).  There is a 1.1 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 31 (Petaluma) to 74 (Cloverdale) days.  For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status.  On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending.  The average Days on Market for the County as a whole is 45 days.  The median price of the 576 homes closed in September in Sonoma County was $714,000. This is 2% above the median price in September 2020 ($699,000).  Over the past four months, Sonoma County homes are selling at 101% of their original list price.  

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 86% increase in the number of Luxury Homes closed (359) from 10/1/20 to 9/30/21 compared to 193 closings in the period 10/1/19 to 9/30/20.  The inventory of luxury homes (172) is 28% ahead of the inventory in September 2020 (134 homes).  The pace of new sales (37) in September this year is 42% above the pace of a year ago (26) and it is 9% above the pace last month (34).  The Days on Market for Luxury Home closings was 56 days this September compared to 94 days a year ago. This compares to 45 Days on Market for all closed properties in the County in September.  There is a 4.6 months supply of inventory of luxury properties based on the current sales pace compared to a 1.1 months supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 99.5% of original list price.

Cloverdale:  The inventory of homes and condominiums for sale (34) in Cloverdale at the end of September is equal to the inventory in September 2020 (34) and it is 11% below the inventory of last month (38).  There were 13 new sales in Cloverdale in September.  This compares to 12 sales in September 2020 and 20 new sales last month.  There is a 2.5 months supply of inventory based on the current sales pace.  The Days on Market for the 18 homes that closed in September was 74 days.

Coastal Sonoma:  There are 5 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 4 homes in inventory in September 2020 and 9 homes last month.  There were 7 new sales in September compared to 7 a year ago and 12 last month.  There is now a 0.7 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 10 homes that closed in September was 36 days.  The coastal area market remains a very tight market.

Healdsburg Trends:  There are 92 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 23% above the inventory in September 2020 (75) and it is 11% below the inventory last month (103).  New sales in September (33) were 22% above the pace of sales in September 2020 (27) and they were 14% above the sales pace last month (29).  The months of available inventory was 2.8 months at the end of September based on the current sales pace.  The Days on Market for the 21 homes that closed in September was 38 days.  

Oakmont:  There are 39 homes and condominiums available in Oakmont at the end of September.  This is slightly below the inventory in September 2020 (40) and it is 22% below the inventory of last month (50).  New sales (34) were 62% above the sales pace of a year ago (21) and 10% above the pace of last month (31).  There is a 1.1 months supply of inventory based on the current sales pace.  The median price of the homes sold in Oakmont in the past year has ranged from the high $500,000’s up to $800,000.  The median price was $630,000 for the 34 homes that closed in September.  The Days on Market for the homes that closed in September was 63 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of September (48) is 9% below the inventory in September 2020 (53) and it is 6% below the inventory last month (51).  There were 73 new sales for the month.  This is 14% above the sales in September 2020 (64) and it is 4% above the sales pace last month (70).  This is the eleventh month in a row where new sales have been higher than the existing inventory going into the month.  The Petaluma market currently has 0.7 months supply of available inventory based on the current sales pace. The median price of the 66 homes that closed in September was $864,000.  This is 8% ahead of the median price last September ($800,000).  The Days on Market for the homes that closed in September was 31 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of September (21) is 5% above the inventory in September 2020 (20) and it is 32% below the inventory last month (31).  There were 40 new sales in Rohnert Park in September.  This sales pace is slightly above the 39 sales in September 2020 and it is 22% below the sales last month (51).  This is the sixteenth month in a row where sales were in excess of the inventory at the beginning of the month.  In September, the month started with 31 available properties and there were 40 sales in the month.  There is a 0.5 months supply of inventory based on the current sales pace.  This is the tightest market in Wine Country.  The median price ($635,000) of the 42 homes and condominiums that closed in September is equal to the median price in September a year ago ($635,000).  Days on Market for the homes that closed in September is 37 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) (42) is 11% below the level of September 2020 (47) and it is 19% below the inventory last month (52).  There were 41 new sales for the month of September.  This is 95% ahead of the pace in September 2020 (21) and it is 24% above the pace last month (33).  There is a one 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 $670,000 over the past year.  The median was $627,000 for the 29 homes that closed in September.  The homes that closed in the Russian River in September went from listing to pending in 52 days.

Santa Rosa:  Thirty-eight 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 (265) is 7% below the inventory of a year ago (285) and it is 5% below the inventory last month (280).  New sales in September (263) are 12% above the pace of last September (235) and they are 4% below the pace last month (274).  There is a 1.0 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 256 homes closed in September in Santa Rosa was $661,000 compared to $650,000 a year ago.  This is a 2% increase.  The Days on Market for the homes that closed in September was 49 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of September in Sebastopol (37) is slightly below the level of September 2020 (38) and it is 18% below the inventory last month (45).  There were 38 new sales for the month of September.  This is 41% above the pace in September 2020 (27) and it is 15% ahead of the pace last month (33).  There is a one months supply of inventory in Sebastopol based on the current sales pace.  The 34 homes that closed in Sebastopol in September went from listing to pending in 42 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 4% below the inventory last September (108) and it is 5% below the inventory of last month (109).   Seventy-two percent of the available properties in the Sonoma Valley (72) are priced at $1,000,000, or more. There were 60 new sales for the month. This is 20% above the 50 sales in September 2020 and it is 11% above the 54 sales last month.  There is a 1.7 months supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 50 properties that closed in the Sonoma Valley in September is 50 days.  The closings in the month had a selling price equal to 99% of the original listing price.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of September starts at $3,750,000.  Twenty-eight homes closed in the top quartile in the past twelve months compared to 15 in the twelve months prior to that.  In September, there was one new sale in this quartile.  There are 26 homes available in this quartile in September 2021 compared to 19 a year ago and 23 last month. Based on the current sales pace, the months of inventory is 26 months.  The average days on market for the one home that closed in September in this quartile was 200 days.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of September is 31 properties.  This is 24% above the inventory in September 2020 (25) and it is 28% below the 43 homes last month.  There were 45 new sales for the month.  This is 80% above the pace of sales in September 2020 (25) and it is 73% above the pace of last month (26).  There is a 0.7 months supply of inventory based on the current sales pace.  The days on market for the 28 homes that closed in September 2020 in Windsor was 32 days.  The median price ($777,000) of the homes closed in Windsor in September is 11% above the median price a year ago ($700,000).

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of September was 65 homes.  This is 29% below the number of mobile homes available in September 2020 (91) and it is 8% above the number of available mobile homes last month (62).  There were 41 new mobile home sales in September.  This is 11% above the pace of sales in September 2020 (37) and it is 8% above the pace of sales last month (38).  There is a 1.6 months supply of inventory based on the current sales pace.  The average days on market of the 32 mobile homes closed in September was 59 days and the median price was $203,000.  This median price is 57% above the median price of $129,000 in September 2020.  

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of September is 337 properties. The current inventory is 7% below the number of lots in September 2020 (62) and it is 2% above the number of available lots last month (331). There were 38 new lot sales in September.  This is 7% below the pace of sales in September 2020 (41) and it is 23% above the pace of lot sales last month (31).  There is a 9 months supply of inventory based on the current sales pace. The average days on market of the 23 lots closed in September was 84 days and the median price was $320,000.   

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of September (269) is 13% below the inventory in September 2020 (309) and it is 5% ahead of the inventory last month (257).  Sixty-seven percent of the inventory in Napa County (179 properties) is priced at $1,000,000 or above.   New sales (123) are 16% below the pace of last year (146) and are 7% below the 132 sales last month.  There is a 2.2 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 53 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 119 homes closed in September in Napa County ($850,000) is 5% ahead of the median price of a year ago ($810,000).  Over the past four months, Napa County homes are selling at roughly 96% of original list price.

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 an increase of 48% for the number of closings (59) of Luxury Homes (sales price in excess of $4,000,000) in Napa County for the period 10/1/20 to 9/30/21 compared to 40 closings in the period 10/1/19 to 9/30/20.  There are 65 luxury homes in inventory at the end of September 2021 compared to 63 homes in inventory at the end of September 2020 and 64 last month. There were 2 new Luxury Home sales in September compared to 9 last year and 8 last month.  This results in a 33 months supply of available Luxury Homes based on the current sales pace compared to a 2.2 months supply for the County as a whole.  Over the past four months, Napa County Luxury Homes are selling at roughly 86% of original list price.

American Canyon:  There are 14 available homes and condominiums in inventory at the end of September in American Canyon. This is 17% above the inventory a year ago (12) and it is slightly below the supply last month (15).  There were 13 new sales in the month.  This is 24% below the pace of last year (17) and it is equal to the 13 sales last month.  There is a 1.1 months supply of inventory based on the current sales pace.  The Days on Market for 14 homes that closed in American Canyon last month was 44 days. The median price of the homes that closed in American Canyon in September ($775,000) was 30% ahead of the median price of a year ago ($595,000).  This is the highest median price for homes sold in American Canyon in any month on record.  The average price per square foot of the homes sold in American Canyon was at $354 last month, This is above the $275 to $300 range where the sales have been over the past several years.

Napa:  Forty-nine percent of the inventory in Napa County is in the City of Napa.  There are 132 available homes and condominiums in inventory at the end of September in the City of Napa. This is 19% below the supply at the end of September 2020 (163) and it is 11% above the inventory at the end of last month (119).  New sales (82) were 12% below the pace of September 2020 (91) and they were 6% below the pace of last month (87). There is a 1.6 months supply of inventory based on the current sales pace. The Days on Market for the 82 closings last month was 47 days.  The median price of the homes that closed in the City of Napa in September was $813,000. This is essentially equal to the median price of the homes closed in September 2020 ($815,000).

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 (106) is 12% below the level of 121 in September 2020 and it is equal to the inventory last month (105).  There were 24 new sales this month compared to 34 a year ago and 29 last month.  There is now a 4.4 months supply of inventory based on the current sales pace. The Days on Market for the 19 closings last month was 67 days.  Approximately 68% of the Luxury Market inventory (price in excess of $4,000,000) in Napa County is in the Up Valley Market (44 homes). There were two luxury home (price in excess of $4,000,000) closings in the Up Valley Market last month and there was one new luxury home sale.  This makes for a 44 month supply of inventory based upon the current sales pace.

In Angwin in September, inventory was 12 homes compared to 8 a year ago and 15 last month.  There were 6 new sales in Angwin for the month compared to 2 a year ago and 4 last month.  The median price of the active listings in Angwin as of September 2021 is $1,740,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of September is 29 homes.  This is 17% below the number of mobile homes available in September 2020 (35) and it is 26% above the 23 available homes last month.  There were 12 new mobile home sales in September.  This is equal to the pace of sales in September 2020 (12) and it is 20% below the pace of sales last month (15).  There is a 2.4 months supply of inventory based on the current sales pace. The average days on market of the 12 mobile homes closed in September was 51 days and the median price was $205,000.  This compares to a median price of $219,000 in September 2020 and $175,000 last month.  The median price of sold mobile homes in Napa seems to vary quite a bit from month to month.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of September stands at 182.  This is 16% above the inventory in September 2020 (157) and it is 7% above the inventory last month (170).  New sales (66) in Mendocino County in September were 18% below the pace of September 2020 (80) and they were 4% below the pace last month (69).  There now is a 2.8 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 55 homes sold in Mendocino County in September is 66 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 $500,000. This is 2% ahead of the median price in September 2020 ($489,000).  

Ukiah:  The inventory of homes and condominiums for sale at the end of September in Ukiah is 40 homes.  This is 29% ahead of the level of September 2020 (31) and it is 14% above the inventory last month (35).  It is the highest level of inventory in Ukiah since May of 2020.  There were 20 new sales for the month of September.  This is 17% below the number of sales in September 2020 (24) and it is equal to the sales last month (20).  There is now a 2 months of inventory based on the current sales pace. The Days on Market for the 15 closings last month is 65 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $519,000. The median price was $488,000 for the homes that closed in September.

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of September in Hopland and Talmage is 5 homes.  This compares to 8 homes in inventory at the end of September 2020 and 4 homes in inventory last month.  There was one new sale for the month of September.  This compares to one sale in September 2020 and no new sales last month.  There were no closings in the Talmage-Hopland market last month.

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of September in Redwood Valley and Calpella is 20 homes.  This is 100% above the level of September 2020 (10) and it is 11% above the inventory last month (18).  It is the highest inventory here since April of 2019.  There were 5 new sales for the month of September.  This compares to 8 sales in September 2020 and 5 new sales last month.  There is a 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 3 closings in Redwood Valley/Calpella in September at a median price of $500,000 and the homes sold in 38 days. 

Lake County:  The inventory of homes and condominiums available in Lake County at the end of September stands at 463.  This is 49% above the inventory in September 2020 (310) and it is 19% above the inventory last month (393). Closed sales (93) in Lake County in September were 35% below the pace of September 2020 (144) and they were 21% below the pace last month (118).  There now is a 4.7 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 September is 24 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 $339,000. This is 15% ahead of the median price in September 2020 ($294,000).  The homes sold in Lake County last month sold at 97.4% of original list price.

Marin County:  Marin is often considered a “feeder” county to Wine Country.  Marin County’s inventory (302 homes) is 32% below the 446 homes in September 2020 and it is 3% above the 294 homes in inventory last month.  New sales (307) were 7% above the number last September (286) and were 20% above the pace of last month (257).  This creates a one months supply.  The median price of the 246 homes sold in Marin County in September was $1,436,000.  This is 2.6% ahead of the median price a year ago ($1,400,000).

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Wine Country Real Estate Trends in August 2021

Year Over Year Comparisons

In mid-March 2020, the COVID-19 pandemic was declared and all parties were told to “Shelter in Place”.  This basically shut down the residential real estate industry through the month of April 2020.  The market then accelerated rapidly in May through October.  Year over year statistical comparisons are therefore going to be skewed by these market aberrations created last year.  The closings of this year are more “normalized” than the closings of August 2020 so it will look like a “slow down” in an otherwise healthy market.

Better Homes and Gardens Real Estate|Wine Country Group Results for August 2021 

We are pleased to announce the further growth of Better Homes and Gardens Real Estate|Wine Country Group in the Lake County market with the merger of our brokerage with David R. Hughes-ERA Realty.  We are adding an additional nine agents to our 24 agent team in Lake County and bringing aboard David Hughes who has great market experience and expertise in both residential and commercial real estate markets.

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 61 closings in August 2021 compared to 62 last August and 68 last month.  In August, we closed homes with a total value of $44 million compared to $49 million last year and $49 million last month.  The average selling price of the properties sold by BHGRE|WCG in August was $722,335.   

BHGRE|WCG currently has 100 pending sales with a value of $54 million dollars.  We are 2% behind the volume last year (remember that Covid-19 was affecting our markets last year at this time).  We have 67 active listings with a value of $61 million dollars.  Our average listing price is $910,000.  This is 6% below last year’s average. 

Congratulations to the following agents who had closings in the month of August:

Mari Giblin (5); Laurie Parris (5); Rianne Pasquariello (5); Mara Kahn (4); Zebi Borjarsky (4); Liz Uribe (2); Sheila Deignan (2); Heather Thurber (2); Chelsie Runnings (2); Mireya Nelson (2); Michael Crain (2); Freddie Diaz (2); Parmeeta Ghoman; Dan Gallagher; Nannet Davis; Jade Capriotti; Brian Shea; Isaac Raboy; Pippa Whelan and Tish Thames; Norm Brown; Ellen Bucchianeri; Pat Vance; Ann Conger; Patty Marken; Juliet Casazza; Michele Baker; Rob Ross; Kimberly Getts; Mari Johnson; Chris Brown; Terry Bell; Erick Rothfeld; Linda Alioto; Kendra Martin and Mary Jenson.

North Bay Real Estate Trends for August 2021

For all of the areas covered by our Multiple Listing Service (BAREIS), which includes Lake, Marin, Mendocino, Napa, Solano and Sonoma Counties, there is an inventory of 2,064 homes and condominiums for sale at the end of August.  Inventory is 10% below that of a year ago (2,795) and it is 3% ahead of the inventory last month (2,007).  At times, the inventory has exceeded 10,000 homes in the BAREIS region.  There were 1,734 sales for the month of August.  This number is 7% below a year ago (1.856) and slightly ahead of the pace of last month (1,726).

Prices normally peak in August and stay level through January.  National forecasts predict increasing inventory and a slowing of price appreciation in the coming months and into 2022. This seems to be happening across Wine Country and we’ll see if this is a seasonal trend (the end of summer market) or a longer term direction. 

I have been following a data point I call the “Price Reduction Ratio” (PRR) for the past six months, or so.  Across the country, 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 27% up from a low of 15% in April of this year.  For August 2021, of all closed homes in our Wine Country markets, the range was from 18% (Sonoma County) to 26% (Mendocino County).  Conversely, the ratio of homes selling in excess of Original List Price (OLP) ranged from 56% (Sonoma County) to 34% (Mendocino County).  It was 48% in Napa County.  The average Price Reduction Ratio for all areas has gone from 29% in September 2020 to 22% in August of 2021 while the sales of homes in excess of Original List Price went from 33% to 46% over the same period.  In our Wine Country market, the low PRR was 14% in May and the high OLP ratio was 55% in May.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of August stands at 775.  This is 5% above the inventory in August 2020 (737) and it is 2% above the inventory last month (761).  New sales (643) in Sonoma County in August were 6.5% ahead of the pace of August 2020 (604) and they were 2% below the pace last month (655).  There is a 1.2 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 29 (Petaluma) to 66 (Oakmont) days.  For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status.  On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending.  The average Days on Market for the County as a whole is 43 days.  The median price of the 660 homes closed in August in Sonoma County was $750,000. This is 11% above the median price in August 2020 ($678,000).  Over the past four months, Sonoma County homes are selling at 101% of their original list price.  

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 106% increase in the number of Luxury Homes closed (414) from 9/1/20 to 8/31/21 compared to 201 closings in the period 9/1/19 to 8/31/20.  The inventory of luxury homes (188) is 37% ahead of the inventory in August 2020 (137 homes).  The pace of new sales (39) in August this year is 18% above the pace of a year ago (33) and it is 15% below the pace last month (46).  The Days on Market for Luxury Home closings was 59 days this August compared to 66 days a year ago. This compares to 43 Days on Market for all closed properties in the County in August.  There is a 4.8 months supply of inventory of luxury properties based on the current sales pace compared to a 1.2 months supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 100.5% of original list price.

Cloverdale:  The inventory of homes and condominiums for sale (38) in Cloverdale at the end of August is 27% higher than the inventory in August 2020 (30) and it is slightly below the inventory of last month (39).  There were 20 new sales in Cloverdale in August.  This compares to 19 sales in August 2020 and 16 new sales last month.  There is a 1.9 months supply of inventory based on the current sales pace.  The Days on Market for the 11 homes that closed in August was 37 days.

Coastal Sonoma:  There are 9 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 4 homes in inventory in August 2020 and 10 homes last month.  There were 12 new sales in August compared to 7 a year ago and 3 last month.  There is now a 0.8 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 5 homes that closed in August was 50 days.  The coastal area market reversed from last month and is still a very tight market.

Healdsburg Trends:  There are 103 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 34% above the inventory in August 2020 (77) and it is 12% ahead of the inventory last month (92).  This is the highest inventory in Healdsburg since October of 2019.  New sales in August (30) were 7% above the pace of sales in August 2020 (28) and they were 20% above the sales pace last month (25).  The months of available inventory was 3.4 months at the end of August based on the current sales pace.  The Days on Market for the 27 homes that closed in August was 51 days.  

Oakmont:  There are 50 homes and condominiums available in Oakmont at the end of August.  This is 4% above the inventory in August 2020 (48) and it is 9% below the inventory of last month (55).  New sales (33) were 94% above the sales pace of a year ago (17) and slightly above the pace of last month (31).  There is a 1.5 months supply of inventory based on the current sales pace.  The median price of the homes sold in Oakmont in the past year has ranged from the high $500,000’s up to $800,000.  The median price was $600,000 for the 35 homes that closed in August.  The Days on Market for the homes that closed in August was 66 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of August (51) is 13% below the inventory in August 2020 (59) and it is equal to the inventory last month (51).  There were 72 new sales for the month.  This is 39% above the sales in August 2020 (52) and it is slightly above the sales pace last month (71).  This is the tenth month in a row where new sales have been higher than the existing inventory going into the month.  The Petaluma market currently has 0.7 months supply of available inventory based on the current sales pace. The median price of the 68 homes that closed in August was $836,000.  This is 4.5% ahead of the median price last August ($800,000).  The Days on Market for the homes that closed in August was 29 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of August (31) is 11% above the inventory in August 2020 (28) and it is 11% below the inventory last month (35).  There were 51 new sales in Rohnert Park in August.  This sales pace is 9% below the 56 sales in August 2020 and it is 25% below the sales last month (68).  This is also the fifteenth month in a row where sales were in excess of the inventory at the beginning of the month.  In August, the month started with 35 available properties and there were 61 sales in the month.  There is a 0.6 months supply of inventory based on the current sales pace.  This is the tightest market in Wine Country.  The median price ($642,000) of the 64 homes and condominiums that closed in August is 10% ahead of the median price in August a year ago ($585,000).  Days on Market for the homes that closed in August is 31 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) (52) is 100% above the level of August 2020 (26) and it is 6% below the inventory last month (55).  There were 34 new sales for the month of August.  This is 21% ahead of the pace in August 2020 (28) and it is 6% below the pace last month (37).  There is a 1.5 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 $600,000 over the past year.  The median was $673,000 for the 44 homes that closed in August.  This is the highest median price that we have ever seen for homes in Rohnert Park.  The homes that closed in the Russian River in August went from listing to pending in 43 days.

Santa Rosa:  Thirty-six 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 (280) is 13% below the inventory of a year ago (321) and it is slightly above the inventory last month (278).  New sales in August (286) are 14% above the pace of last August (252) and they are 4% above the pace last month (274).  There is a 1.0 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 282 homes closed in August in Santa Rosa was $672,000 compared to $633,000 a year ago.  This is a 6% increase.  The Days on Market for the homes that closed in August was 46 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of August in Sebastopol (45) is 41% ahead of the level of August 2020 (32) and it is essentially equal to the inventory last month (44).  There were 32 new sales for the month of August.  This is 20% below the pace in August 2020 (40) and it is 14% ahead of the pace last month (28).  There is a 1.4 months supply of inventory in Sebastopol based on the current sales pace.  The 33 homes that closed in Sebastopol in August went from listing to pending in 58 days.

Sonoma Valley:  The number of available homes and condominiums for sale (109) at the end of August in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 6% above the inventory last August (103) and it is slightly above the inventory of last month (107).   Seventy-three percent of the available properties in the Sonoma Valley (80) are priced at $1,000,000, or more. There were 55 new sales for the month. This is 10% below the 61 sales in August 2020 and it is 19% below the 68 sales last month.  There is a 2 months supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 59 properties that closed in the Sonoma Valley in August is 44 days.  The closings in the month had a selling price equal to 99% of the original listing price.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of August starts at $3,500,000.  Thirty-five homes closed in the top quartile in the past twelve months compared to 17 in the twelve months prior to that.  In August, there were 4 new sales in this quartile.  There are 26 homes available in this quartile in August 2021 compared to 21 a year ago and 28 last month. Based on the current sales pace, the months of inventory is 6.5 months.  The average days on market for the 2 homes that closed in August in this quartile was 154 days.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of August nearly doubled from last month to 43 properties.  This is 87% above the inventory in August 2020 (23) and it is 87% above the 23 homes last month.  There were 26 new sales for the month.  This is 19% below the pace of sales in August 2020 (32) and it is 33% below the pace of last month (39).  There is a 1.7 months supply of inventory based on the current sales pace.  The days on market for the 41 homes that closed in August 2020 in Windsor was 46 days.  The median price ($760,000) of the homes closed in Windsor in August is 17% above the median price a year ago ($648,000).

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of August was 62 homes.  This is 34% below the number of mobile homes available in August 2020 (94) and it is 7% above the number of available mobile homes last month (58).  There were 41 new mobile home sales in August.  This is 28% above the pace of sales in August 2020 (32) and it is 11% above the pace of sales last month (37).  There is a 1.5 months supply of inventory based on the current sales pace.  The average days on market of the 42 mobile homes closed in August was 53 days and the median price was $172,000.  This median price is 7.5% above the median price of $160,000 in August 2020.  

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of August is 331 properties. The current inventory is 13% below the number of lots in August 2020 (381) and it is 3% above the number of available lots last month (322). There were 35 new lot sales in August.  This is 31% below the pace of sales in August 2020 (51) and it is 17% below the pace of lot sales last month (42).  There is a 9.5 months supply of inventory based on the current sales pace.  The average days on market of the 41 lots closed in August was 89 days and the median price was $424,000.  This is a new record high for the median price of lots in Sonoma County. 

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of August (257) is 14% below the inventory in August 2020 (297) and it is 4% below the inventory last month (267).  Sixty-five percent of the inventory in Napa County (167 properties) is priced at $1,000,000 or above.   New sales (135) are 26% below the pace of last year (181) and are 7% below the 145 sales last month.  There is a 1.9 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 54 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 147 homes closed in August in Napa County ($865,000) is 5% ahead of the median price of a year ago ($820,000).  Over the past four months, Napa County homes are selling at roughly 96% of original list price.

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 an increase of 77% for the number of closings (62) of Luxury Homes (sales price in excess of $4,000,000) in Napa County for the period 9/1/20 to 8/31/21 compared to 35 closings in the period 9/1/19 to 8/31/20.  There are 64 luxury homes in inventory at the end of August 2021 compared to 63 homes in inventory at the end of August 2020. There were 8 new Luxury Home sales in August compared to 9 last year and 5 last month.  This results in a 8 months supply of available Luxury Homes based on the current sales pace compared to a 1.9 months supply for the County as a whole.  Days on market for the 6 luxury homes closings in August was 132 days.  Over the past four months, Napa County Luxury Homes are selling at roughly 89% of original list price.

American Canyon:  There are 15 available homes and condominiums in inventory at the end of August in American Canyon. This is 50% above the inventory a year ago (10) and it is 25% above the supply last month (12).  There were 13 new sales in the month.  This is 18% above the pace of last year (11) and 19% below the 16 sales last month.  There is a 1.2 months supply of inventory based on the current sales pace.  The Days on Market for 11 homes that closed in American Canyon last month was just 24 days. The median price of the homes that closed in American Canyon in August ($725,000) was 25% ahead of the median price of a year ago ($578,000).  The average price per square foot of the homes sold in American Canyon was at $361 last month, This is above the $275 to $300 range where the sales have been over the past several years.

Napa:  Forty-six 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 August in the City of Napa. This is 17% below the supply at the end of August 2020 (143) and it is 7% below the inventory at the end of last month (128).  New sales (88) were 32% below the pace of August 2020 (130) and they were 7% below the pace of last month (95). There is a 1.4 months supply of inventory based on the current sales pace. The Days on Market for the 97 closings last month was 46 days.  The median price of the homes that closed in the City of Napa in August was $840,000. This is 2% ahead of the median price of the homes closed in August 2020 ($825,000).

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 (105) is 21% below the level of 132 in August 2020 and it is 4% below the inventory last month (109).  There were 31 new sales this month compared to 38 a year ago and 28 last month.  There is now a 3.4 months supply of inventory based on the current sales pace. The Days on Market for the 36 closings last month was 81 days.  Approximately 66% of the Luxury Market inventory (price in excess of $4,000,000) in Napa County is in the Up Valley Market (42 homes). There were 4 luxury home (price in excess of $4,000,000) closings in the Up Valley Market last month and there were 6 new luxury home sales.  This makes for a 7 month supply of inventory based upon the current sales pace.

In Angwin in August, inventory was 15 homes compared to 8 a year ago and 20 last month.  There were 4 new sales in Angwin for the month compared to 5 a year ago and the same as 4 last month.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of August is 23 homes.  This is 34% below the number of mobile homes available in August 2020 (35) and it is 12% below the 26 available homes last month.  There were 15 new mobile home sales in August.  This is 7% above the pace of sales in August 2020 (14) and it is 17% below the pace of sales last month (18).  There is a 1.5 months supply of inventory based on the current sales pace. The average days on market of the 16 mobile homes closed in August was 90 days and the median price was $180,000.  This compares to a median price of $190,000 in August 2020 and $216,000 last month.  The median price of sold mobile homes in Napa seems to vary 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 170.  This is 10% above the inventory in August 2020 (154) and it is 9% above the inventory last month (156).  New sales (74) in Mendocino County in August were 6% above the pace of August 2020 (70) and they were 30% above the pace last month (57).  There now is a 2.3 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 70 homes sold in Mendocino County in August is 45 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 2% ahead of the median price in August 2020 ($493,000).  Mendocino County homes are in high demand with prices rising quickly.

Ukiah:  The inventory of homes and condominiums for sale at the end of August in Ukiah is 35 homes.  This is 9% ahead of the level of August 2020 (32) and it is 17% above the inventory last month (30).  There were 20 new sales for the month of August.  This is 23% below the number of sales in August 2020 (26) and it is one sale ahead of the sales last month (19).  There is now a 1.8 months of inventory based on the current sales pace. The Days on Market for the 19 closings last month is 50 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $519,000. The median price was $475,000 for the homes that closed in August.

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of August in Hopland and Talmage is 4 homes.  This compares to 13 homes in inventory at the end of August 2020 and 5 homes in inventory last month.  There were no new sales for the month of August.  This compares to 3 sales in August 2020 and 2 new sales last month.  There were 3 closings in the Talmage-Hopland market last month with an average days on market of 40 days.

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of August in Redwood Valley and Calpella is 18 homes.  This is 27% above the level of August 2020 (14) and it is 50% above the inventory last month (12).  There were 5 new sales for the month of August.  This compares to 4 sales in August 2020 and 3 new sales last month.  There is a 3.5 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 6 closings in Redwood Valley/Calpella in August at a median price of $587,000 and the homes sold in 97 days. 

Lake County:  This is the first time that I’ve sorted through Lake County data and the MLS is different than our other counties and has different reports – so it will take me a while to get a handle on this.

The inventory of homes and condominiums available in Lake County at the end of August stands at 459.  This is 55% above the inventory in August 2020 (297) and it is also above the inventory last month. Closed sales (117) in Lake County in August were 3% below the pace of August 2020 (121) and they were slightly below the pace last month.  There now is a 4.8 months supply of inventory in Mendocino County based on the existing sales pace.  This has been climbing steadily since April of this year.  The median Days on Market for the  homes sold in Lake County in August is 13 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 $319,000. This is 6% ahead of the median price in August 2020 ($300,000). 

Marin County:  Marin is often considered a “feeder” county to Wine Country.  Marin County’s inventory (294 homes) is 26% below the 398 homes in August 2020 and it is slightly below the 300 homes in inventory last month.  New sales (263) were 11% below the number last August (297) and were 7% below the pace of last month (284).  This creates a 1.1 months supply.  The median price of the 289 homes sold in Marin County in August was $1,405,000.  This is 3.5% ahead of the median price a year ago ($1,358,000).

Wine Country Real Estate Trends in August 2021

Year Over Year Comparisons

In mid-March 2020, the COVID-19 pandemic was declared and all parties were told to “Shelter in Place”.  This basically shut down the residential real estate industry through the month of April 2020.  The market then accelerated rapidly in May through October.  Year over year statistical comparisons are therefore going to be skewed by these market aberrations created last year.  The closings of this year are more “normalized” than the closings of August 2020 so it will look like a “slow down” in an otherwise healthy market.

Better Homes and Gardens Real Estate|Wine Country Group Results for August 2021 

We are pleased to announce the further growth of Better Homes and Gardens Real Estate|Wine Country Group in the Lake County market with the merger of our brokerage with David R. Hughes-ERA Realty.  We are adding an additional nine agents to our 24 agent team in Lake County and bringing aboard David Hughes who has great market experience and expertise in both residential and commercial real estate markets.

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 61 closings in August 2021 compared to 62 last August and 68 last month.  In August, we closed homes with a total value of $44 million compared to $49 million last year and $49 million last month.  The average selling price of the properties sold by BHGRE|WCG in August was $722,335.   

BHGRE|WCG currently has 100 pending sales with a value of $54 million dollars.  We are 2% behind the volume last year (remember that Covid-19 was affecting our markets last year at this time).  We have 67 active listings with a value of $61 million dollars.  Our average listing price is $910,000.  This is 6% below last year’s average. 

Congratulations to the following agents who had closings in the month of August:

Mari Giblin (5); Laurie Parris (5); Rianne Pasquariello (5); Mara Kahn (4); Zebi Borjarski (4); Liz Uribe (2); Sheila Deignan (2); Heather Thurber (2); Chelsie Runnings (2); Mireya Nelson (2); Michael Crain (2); Freddie Diaz (2); Parmeeta Ghoman; Dan Gallagher; Nannet Davis; Jade Capriotti; Brian Shea; Isaac Raboy; Pippa Whelan and Tish Thames; Norm Brown; Ellen Bucchianeri; Pat Vance; Ann Conger; Patty Marken; Juliet Casazza; Michele Baker; Rob Ross; Kimberly Getts; Mari Johnson; Chris Brown; Terry Bell; Erick Rothfeld; Linda Alioto; Kendra Martin and Mary Jenson.

North Bay Real Estate Trends for August 2021

For all of the areas covered by our Multiple Listing Service (BAREIS), which includes Lake, Marin, Mendocino, Napa, Solano and Sonoma Counties, there is an inventory of 2,064 homes and condominiums for sale at the end of August.  Inventory is 10% below that of a year ago (2,795) and it is 3% ahead of the inventory last month (2,007).  At times, the inventory has exceeded 10,000 homes in the BAREIS region.  There were 1,734 sales for the month of August.  This number is 7% below a year ago (1.856) and slightly ahead of the pace of last month (1,726).

Prices normally peak in August and stay level through January.  National forecasts predict increasing inventory and a slowing of price appreciation in the coming months and into 2022. This seems to be happening across Wine Country and we’ll see if this is a seasonal trend (the end of summer market) or a longer term direction. 

I have been following a data point I call the “Price Reduction Ratio” (PRR) for the past six months, or so.  Across the country, 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 27% up from a low of 15% in April of this year.  For August 2021, of all closed homes in our Wine Country markets, the range was from 18% (Sonoma County) to 26% (Mendocino County).  Conversely, the ratio of homes selling in excess of Original List Price (OLP) ranged from 56% (Sonoma County) to 34% (Mendocino County).  It was 48% in Napa County.  The average Price Reduction Ratio for all areas has gone from 29% in September 2020 to 22% in August of 2021 while the sales of homes in excess of Original List Price went from 33% to 46% over the same period.  In our Wine Country market, the low PRR was 14% in May and the high OLP ratio was 55% in May.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of August stands at 775.  This is 5% above the inventory in August 2020 (737) and it is 2% above the inventory last month (761).  New sales (643) in Sonoma County in August were 6.5% ahead of the pace of August 2020 (604) and they were 2% below the pace last month (655).  There is a 1.2 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 29 (Petaluma) to 66 (Oakmont) days.  For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status.  On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending.  The average Days on Market for the County as a whole is 43 days.  The median price of the 660 homes closed in August in Sonoma County was $750,000. This is 11% above the median price in August 2020 ($678,000).  Over the past four months, Sonoma County homes are selling at 101% of their original list price.  

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 106% increase in the number of Luxury Homes closed (414) from 9/1/20 to 8/31/21 compared to 201 closings in the period 9/1/19 to 8/31/20.  The inventory of luxury homes (188) is 37% ahead of the inventory in August 2020 (137 homes).  The pace of new sales (39) in August this year is 18% above the pace of a year ago (33) and it is 15% below the pace last month (46).  The Days on Market for Luxury Home closings was 59 days this August compared to 66 days a year ago. This compares to 43 Days on Market for all closed properties in the County in August.  There is a 4.8 months supply of inventory of luxury properties based on the current sales pace compared to a 1.2 months supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 100.5% of original list price.

Cloverdale:  The inventory of homes and condominiums for sale (38) in Cloverdale at the end of August is 27% higher than the inventory in August 2020 (30) and it is slightly below the inventory of last month (39).  There were 20 new sales in Cloverdale in August.  This compares to 19 sales in August 2020 and 16 new sales last month.  There is a 1.9 months supply of inventory based on the current sales pace.  The Days on Market for the 11 homes that closed in August was 37 days.

Coastal Sonoma:  There are 9 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 4 homes in inventory in August 2020 and 10 homes last month.  There were 12 new sales in August compared to 7 a year ago and 3 last month.  There is now a 0.8 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 5 homes that closed in August was 50 days.  The coastal area market reversed from last month and is still a very tight market.

Healdsburg Trends:  There are 103 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 34% above the inventory in August 2020 (77) and it is 12% ahead of the inventory last month (92).  This is the highest inventory in Healdsburg since October of 2019.  New sales in August (30) were 7% above the pace of sales in August 2020 (28) and they were 20% above the sales pace last month (25).  The months of available inventory was 3.4 months at the end of August based on the current sales pace.  The Days on Market for the 27 homes that closed in August was 51 days.  

Oakmont:  There are 50 homes and condominiums available in Oakmont at the end of August.  This is 4% above the inventory in August 2020 (48) and it is 9% below the inventory of last month (55).  New sales (33) were 94% above the sales pace of a year ago (17) and slightly above the pace of last month (31).  There is a 1.5 months supply of inventory based on the current sales pace.  The median price of the homes sold in Oakmont in the past year has ranged from the high $500,000’s up to $800,000.  The median price was $600,000 for the 35 homes that closed in August.  The Days on Market for the homes that closed in August was 66 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of August (51) is 13% below the inventory in August 2020 (59) and it is equal to the inventory last month (51).  There were 72 new sales for the month.  This is 39% above the sales in August 2020 (52) and it is slightly above the sales pace last month (71).  This is the tenth month in a row where new sales have been higher than the existing inventory going into the month.  The Petaluma market currently has 0.7 months supply of available inventory based on the current sales pace. The median price of the 68 homes that closed in August was $836,000.  This is 4.5% ahead of the median price last August ($800,000).  The Days on Market for the homes that closed in August was 29 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of August (31) is 11% above the inventory in August 2020 (28) and it is 11% below the inventory last month (35).  There were 51 new sales in Rohnert Park in August.  This sales pace is 9% below the 56 sales in August 2020 and it is 25% below the sales last month (68).  This is also the fifteenth month in a row where sales were in excess of the inventory at the beginning of the month.  In August, the month started with 35 available properties and there were 61 sales in the month.  There is a 0.6 months supply of inventory based on the current sales pace.  This is the tightest market in Wine Country.  The median price ($642,000) of the 64 homes and condominiums that closed in August is 10% ahead of the median price in August a year ago ($585,000).  Days on Market for the homes that closed in August is 31 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) (52) is 100% above the level of August 2020 (26) and it is 6% below the inventory last month (55).  There were 34 new sales for the month of August.  This is 21% ahead of the pace in August 2020 (28) and it is 6% below the pace last month (37).  There is a 1.5 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 $600,000 over the past year.  The median was $673,000 for the 44 homes that closed in August.  This is the highest median price that we have ever seen for homes in Rohnert Park.  The homes that closed in the Russian River in August went from listing to pending in 43 days.

Santa Rosa:  Thirty-six 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 (280) is 13% below the inventory of a year ago (321) and it is slightly above the inventory last month (278).  New sales in August (286) are 14% above the pace of last August (252) and they are 4% above the pace last month (274).  There is a 1.0 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 282 homes closed in August in Santa Rosa was $672,000 compared to $633,000 a year ago.  This is a 6% increase.  The Days on Market for the homes that closed in August was 46 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of August in Sebastopol (45) is 41% ahead of the level of August 2020 (32) and it is essentially equal to the inventory last month (44).  There were 32 new sales for the month of August.  This is 20% below the pace in August 2020 (40) and it is 14% ahead of the pace last month (28).  There is a 1.4 months supply of inventory in Sebastopol based on the current sales pace.  The 33 homes that closed in Sebastopol in August went from listing to pending in 58 days.

Sonoma Valley:  The number of available homes and condominiums for sale (109) at the end of August in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 6% above the inventory last August (103) and it is slightly above the inventory of last month (107).   Seventy-three percent of the available properties in the Sonoma Valley (80) are priced at $1,000,000, or more. There were 55 new sales for the month. This is 10% below the 61 sales in August 2020 and it is 19% below the 68 sales last month.  There is a 2 months supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 59 properties that closed in the Sonoma Valley in August is 44 days.  The closings in the month had a selling price equal to 99% of the original listing price.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of August starts at $3,500,000.  Thirty-five homes closed in the top quartile in the past twelve months compared to 17 in the twelve months prior to that.  In August, there were 4 new sales in this quartile.  There are 26 homes available in this quartile in August 2021 compared to 21 a year ago and 28 last month. Based on the current sales pace, the months of inventory is 6.5 months.  The average days on market for the 2 homes that closed in August in this quartile was 154 days.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of August nearly doubled from last month to 43 properties.  This is 87% above the inventory in August 2020 (23) and it is 87% above the 23 homes last month.  There were 26 new sales for the month.  This is 19% below the pace of sales in August 2020 (32) and it is 33% below the pace of last month (39).  There is a 1.7 months supply of inventory based on the current sales pace.  The days on market for the 41 homes that closed in August 2020 in Windsor was 46 days.  The median price ($760,000) of the homes closed in Windsor in August is 17% above the median price a year ago ($648,000).

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of August was 62 homes.  This is 34% below the number of mobile homes available in August 2020 (94) and it is 7% above the number of available mobile homes last month (58).  There were 41 new mobile home sales in August.  This is 28% above the pace of sales in August 2020 (32) and it is 11% above the pace of sales last month (37).  There is a 1.5 months supply of inventory based on the current sales pace.  The average days on market of the 42 mobile homes closed in August was 53 days and the median price was $172,000.  This median price is 7.5% above the median price of $160,000 in August 2020.  

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of August is 331 properties. The current inventory is 13% below the number of lots in August 2020 (381) and it is 3% above the number of available lots last month (322). There were 35 new lot sales in August.  This is 31% below the pace of sales in August 2020 (51) and it is 17% below the pace of lot sales last month (42).  There is a 9.5 months supply of inventory based on the current sales pace.  The average days on market of the 41 lots closed in August was 89 days and the median price was $424,000.  This is a new record high for the median price of lots in Sonoma County. 

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of August (257) is 14% below the inventory in August 2020 (297) and it is 4% below the inventory last month (267).  Sixty-five percent of the inventory in Napa County (167 properties) is priced at $1,000,000 or above.   New sales (135) are 26% below the pace of last year (181) and are 7% below the 145 sales last month.  There is a 1.9 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 54 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 147 homes closed in August in Napa County ($865,000) is 5% ahead of the median price of a year ago ($820,000).  Over the past four months, Napa County homes are selling at roughly 96% of original list price.

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 an increase of 77% for the number of closings (62) of Luxury Homes (sales price in excess of $4,000,000) in Napa County for the period 9/1/20 to 8/31/21 compared to 35 closings in the period 9/1/19 to 8/31/20.  There are 64 luxury homes in inventory at the end of August 2021 compared to 63 homes in inventory at the end of August 2020. There were 8 new Luxury Home sales in August compared to 9 last year and 5 last month.  This results in a 8 months supply of available Luxury Homes based on the current sales pace compared to a 1.9 months supply for the County as a whole.  Days on market for the 6 luxury homes closings in August was 132 days.  Over the past four months, Napa County Luxury Homes are selling at roughly 89% of original list price.

American Canyon:  There are 15 available homes and condominiums in inventory at the end of August in American Canyon. This is 50% above the inventory a year ago (10) and it is 25% above the supply last month (12).  There were 13 new sales in the month.  This is 18% above the pace of last year (11) and 19% below the 16 sales last month.  There is a 1.2 months supply of inventory based on the current sales pace.  The Days on Market for 11 homes that closed in American Canyon last month was just 24 days. The median price of the homes that closed in American Canyon in August ($725,000) was 25% ahead of the median price of a year ago ($578,000).  The average price per square foot of the homes sold in American Canyon was at $361 last month, This is above the $275 to $300 range where the sales have been over the past several years.

Napa:  Forty-six 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 August in the City of Napa. This is 17% below the supply at the end of August 2020 (143) and it is 7% below the inventory at the end of last month (128).  New sales (88) were 32% below the pace of August 2020 (130) and they were 7% below the pace of last month (95). There is a 1.4 months supply of inventory based on the current sales pace. The Days on Market for the 97 closings last month was 46 days.  The median price of the homes that closed in the City of Napa in August was $840,000. This is 2% ahead of the median price of the homes closed in August 2020 ($825,000).

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 (105) is 21% below the level of 132 in August 2020 and it is 4% below the inventory last month (109).  There were 31 new sales this month compared to 38 a year ago and 28 last month.  There is now a 3.4 months supply of inventory based on the current sales pace. The Days on Market for the 36 closings last month was 81 days.  Approximately 66% of the Luxury Market inventory (price in excess of $4,000,000) in Napa County is in the Up Valley Market (42 homes). There were 4 luxury home (price in excess of $4,000,000) closings in the Up Valley Market last month and there were 6 new luxury home sales.  This makes for a 7 month supply of inventory based upon the current sales pace.

In Angwin in August, inventory was 15 homes compared to 8 a year ago and 20 last month.  There were 4 new sales in Angwin for the month compared to 5 a year ago and the same as 4 last month.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of August is 23 homes.  This is 34% below the number of mobile homes available in August 2020 (35) and it is 12% below the 26 available homes last month.  There were 15 new mobile home sales in August.  This is 7% above the pace of sales in August 2020 (14) and it is 17% below the pace of sales last month (18).  There is a 1.5 months supply of inventory based on the current sales pace. The average days on market of the 16 mobile homes closed in August was 90 days and the median price was $180,000.  This compares to a median price of $190,000 in August 2020 and $216,000 last month.  The median price of sold mobile homes in Napa seems to vary 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 170.  This is 10% above the inventory in August 2020 (154) and it is 9% above the inventory last month (156).  New sales (74) in Mendocino County in August were 6% above the pace of August 2020 (70) and they were 30% above the pace last month (57).  There now is a 2.3 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 70 homes sold in Mendocino County in August is 45 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 2% ahead of the median price in August 2020 ($493,000).  Mendocino County homes are in high demand with prices rising quickly.

Ukiah:  The inventory of homes and condominiums for sale at the end of August in Ukiah is 35 homes.  This is 9% ahead of the level of August 2020 (32) and it is 17% above the inventory last month (30).  There were 20 new sales for the month of August.  This is 23% below the number of sales in August 2020 (26) and it is one sale ahead of the sales last month (19).  There is now a 1.8 months of inventory based on the current sales pace. The Days on Market for the 19 closings last month is 50 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $519,000. The median price was $475,000 for the homes that closed in August.

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of August in Hopland and Talmage is 4 homes.  This compares to 13 homes in inventory at the end of August 2020 and 5 homes in inventory last month.  There were no new sales for the month of August.  This compares to 3 sales in August 2020 and 2 new sales last month.  There were 3 closings in the Talmage-Hopland market last month with an average days on market of 40 days.

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of August in Redwood Valley and Calpella is 18 homes.  This is 27% above the level of August 2020 (14) and it is 50% above the inventory last month (12).  There were 5 new sales for the month of August.  This compares to 4 sales in August 2020 and 3 new sales last month.  There is a 3.5 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 6 closings in Redwood Valley/Calpella in August at a median price of $587,000 and the homes sold in 97 days. 

Lake County:  This is the first time that I’ve sorted through Lake County data and the MLS is different than our other counties and has different reports – so it will take me a while to get a handle on this.

The inventory of homes and condominiums available in Lake County at the end of August stands at 459.  This is 55% above the inventory in August 2020 (297) and it is also above the inventory last month. Closed sales (117) in Lake County in August were 3% below the pace of August 2020 (121) and they were slightly below the pace last month.  There now is a 4.8 months supply of inventory in Mendocino County based on the existing sales pace.  This has been climbing steadily since April of this year.  The median Days on Market for the  homes sold in Lake County in August is 13 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 $319,000. This is 6% ahead of the median price in August 2020 ($300,000). 

Marin County:  Marin is often considered a “feeder” county to Wine Country.  Marin County’s inventory (294 homes) is 26% below the 398 homes in August 2020 and it is slightly below the 300 homes in inventory last month.  New sales (263) were 11% below the number last August (297) and were 7% below the pace of last month (284).  This creates a 1.1 months supply.  The median price of the 289 homes sold in Marin County in August was $1,405,000.  This is 3.5% ahead of the median price a year ago ($1,358,000).

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