Update to California and Wine Country Real Estate Markets

The California Association of Realtors (CAR) has issued an update to their views on the California housing market.  The summary of the update is as follows:

“Emerging trends over the past week have led C.A.R. to a less optimistic forecast for both the economy and the housing market in 2020. The current outlook calls for fewer home sales in 2020, a significant, but short-lived, recession extending through the summer, and downward pressure on home prices as negative economic impacts and deteriorating consumer confidence outweigh the benefits of lower interest rates. However, things continue to develop rapidly on both the consequences and the potential policy relief that may be enacted. As such, this forecast will likely be revised further in the coming weeks and months as more data becomes available”.

For a look at the entire update, please visit:   https://www.carcovidupdates.org/market-update

For our Wine Country Real Estate Markets, I don’t see much variance from CAR’s predictions.  Our firm entered last week with 40 pending sales and over 100 available listings.  A good number of the pending sales have closed.  A smaller number have cancelled.  Many listings have been put on hold – or removed “temporarily” from the market.  I will have more information early next week and will provide that as it becomes available.

Our ability to assist our clients in either sales or purchases is limited by the “Shelter in Place” orders issued at the State and Local levels.  I expect the market to “skid to a halt” quickly and we will need to wait until April 7 when the current orders are set to expire.

We are keeping our staff, our agents, our families and clients at the top of our minds and in our hearts.  We extend this to all of those, all over the world, dealing with this episode.  We all hope that these difficulties pass swiftly with a limited amount of further impact and disruption.

Please contact me if you have any questions.

 

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Wine Country Real Estate Market Trends and the COVID-19 virus

Hello – here is current (3/16/20) information from the California Association of Realtors on the impacts of COVID-19 on the California Housing Market:

“The Market: California housing market in flux

With the stock market experiencing its worst day since 1987 last Thursday and the Trump administration declaring a national emergency last Friday, the impact COVID-19 will have on the housing market is still unfolding. C.A.R. expects to revise its 2020 California housing forecast downward, despite the fact that low interest rates (the Fed slashed rates to near zero yesterday) are expected to help offset the effects of a slower economy. Some signs point to this already starting to play out, with refinance and mortgage applications jumping 79 and 55.4 percent respectively two weeks ago after the average rate of a 30-year fixed mortgage fell to just 3.13 percent.

That said, the situation is still uncertain and changing rapidly right now. Joel Singer, CEO of C.A.R., notes that: “From a purely real estate perspective, the current situation will ultimately lower mortgage rates and should fuel demand once the crisis phase is behind us. More broadly, it is a logical reaction to this reality that the global economy will be slowing in historically unprecedented ways for some period of time.”

Last week, a C.A.R. flash survey found that around half of California REALTORS® think the virus will have a negative impact on home sales. More than one in four said they had clients who put their home purchase or sale on hold due to the virus’ impact.

Many REALTORS® are wondering what to do about open houses, which by nature go against the tenets of social distancing. Some agents are reporting success with increased virtual showings, while others (about 25 percent of those surveyed by NAR this past week) are requiring buyers to use hand sanitizerbefore entering the home. Some sellers are asking to cancel open houses altogether, not wanting potentially infected strangers to touch objects in their homes. If you are planning to continue holding open houses, there are basic safety precautions you can take, like regularly cleaning and disinfecting frequently touched surfaces (like doorknobs) and covering coughs and sneezes with a tissue or the inside of your elbow.”

Locally, this weekend our agents experienced buyer’s seeking to cancel purchases because of the loss of stock market assets that they planned to use for downpayments;  cancelation of open houses by sellers;  sellers requesting to withdraw their listings from the market or delay listing their properties;  buyers putting their home searches on hold.  We have also experienced buyer’s seeking to rent and buy “remote” properties away from the urban centers where they now live.

I will bring you updates as we have them.   Please feel free to contact me if you have any questions.

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Wine Country Real Estate in February 2020 – and Impacts of the Coronavirus

Wine Country Real Estate Trends in February 2020

The Impact of Coronavirus on the Wine Country Real Estate Markets:  The past couple of weeks have presented new challenges for our entire nation.  Our small world of “Wine Country Real Estate” is being impacted like every sector of the economy.  We are told that our smaller communities are at less risk to the flu than the major urban centers. Still, we must be aware and vigilant.

The California Association of Realtors (CAR) just issued (3/12/20) an update from the industry’s point of view.  CAR will be revising its real estate market forecasts lower in the coming weeks.  They expect the revisions to be “modest” unless the virus outbreak accelerates beyond current expectations.  There are a number of reasons that they expect the market to be softer and there are offsetting effects that will mitigate some of the downside movement. Here are a few:

  1. Wealth effects will impact top end of the market
  2. Recession risks increase if consumers lose confidence
  3. Macro economic data remains resilient thus far
  4. Turbulent financial markets make real estate relatively more attractive.
  5. Mortgage interest rates are likely to remain low

For a full look at CAR’s report, please visit:  https://www.car.org/knowledge/pubs/newsletters/newsline/covid31120

Better Homes and Gardens Real Estate|Wine Country Group Results for February 2020

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 45 closings in February 2020 compared to 35 last February and 14 last month.  In February, we closed homes with a total value of $29 million compared to $21 million last year and $10 million last month.  The average selling price of the properties sold by the Wine Country Group in February was $633,622.

BHGRE|WCG currently has 40 pending sales with a value of $22 million dollars. We have 94 active listings with a value of $86 million dollars. Our average listing price is $915,000.

Wine Country Real Estate Trends for February 2020

 Sonoma County:  As those around here know, we had no rain in the Northern California area in the entire month of February.  This is not good for many reasons, but it did allow real estate buyers and sellers to conduct business throughout the month.

The inventory of homes and condominiums available in Sonoma County at the end of February stands at 760.  This is 12% ahead of the inventory in February 2019 (680) and it is 7% ahead of the inventory last month (708).  New sales (386) in Sonoma County in February were 32% ahead of the pace of February 2019 (293) and they were 25% ahead of the pace last month (309). There is a two months supply of inventory in Sonoma County based on the existing sales pace.  The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 46 (Rohnert Park) to 159 (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 74 days.  The median price of the 282 homes closed in February in Sonoma County was $606,000.  This is 3% higher than the median price in February 2019 ($590,000).  Over the past four months, Sonoma County homes are selling at roughly 94% 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 $1,300,000).  There has been a 14% decrease in the number of Luxury Homes closed (360) from 3/1/19 to 2/29/20 compared to 420 closings in the period 3/1/18 to 2/28/19. The inventory of luxury homes (186) is 22% ahead of the inventory in February 2019 (152 homes).  The pace of new sales (29) in February this year is 71% ahead of the pace of a year ago (17) and it is 26% ahead of the pace last month (23).  The Days on Market for Luxury Home closings was 103 days this February compared to 66 days a year ago. This compares to 74 Days on Market for all closed properties in the County in February.  There is a 6.4 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.0 months supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 90% of original list price.

Graphic Sonoma County February 2020

Cloverdale:  The inventory of homes and condominiums for sale (26) in Cloverdale at the end of February is equal to the inventory in February 2019 (26).  It is slightly ahead of the inventory last month (25).  There were 12 new sales in Cloverdale in February.  This compares to 6 sales in February 2019 and 7 new sales last month.  There is a 2.2 months supply of inventory based on the current sales pace.  The Days on Market for the 5 homes that closed in February was 87 days.

Coastal Sonoma:  There are 16 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 17 homes in inventory in February 2019 and 17 homes last month. There were 5 new sales in February compared to 4 a year ago and 6 last month.  There is now a 3.2 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 159 days.

Healdsburg Trends:  There are 74 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 28% above the inventory in February 2019 (58) and it is 32% ahead of the inventory last month (56).  New sales in February (16) were 33% ahead of the pace of sales in February 2019 (12) and they were 60% ahead of the sales pace last month (10).  The months of available inventory is now 4.6 months based on the current sales pace.  The Days on Market for the 10 homes that closed in February was 153 days.

Oakmont: There are 41 homes and condominiums available in Oakmont at the end of February.  This is 32% above the inventory in February 2019 (31) and it is 5% below the inventory last month (43).  New sales (20) were the highest since last spring.  They were 100% ahead of the sales pace of a year ago (10) and 18% ahead of the pace of last month (17).  There is a 2.1 months supply of inventory based on the current sales pace.  The Oakmont market is heating up relative to where it was over this past summer.  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 $533,000 for the 14 homes that closed in February.  This is relatively low for Oakmont. The Days on Market for the homes that closed in February was 115 days.  Perhaps the news that the Oakmont Association completed the purchase of the two golf courses and clubhouse helped remove uncertainty about that issue in the community.

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of February (47) is 11% below the inventory in February 2019 (53) and it is 12% ahead of the inventory last month (42).  There were 50 new sales for the month.  This is 39% ahead of the 36 sales in February 2019 and it is also 39% ahead of the 36 new sales last month.  The Petaluma market currently has 0.9 months of available inventory based on the current sales pace.  This is one of the lowest months of inventory for any of our markets in Wine Country. The median price of the 36 homes that closed in February was $697,000.  This is 3% ahead of the median price last February ($679,000).  The Days on Market for the homes that closed in February was 54 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of February (30) is 42% below the inventory in February 2019 (52) and it is slightly above the inventory last month (29).  There were 34 new sales in Rohnert Park in February. This is 26% ahead of the 27 sales in February 2019 and it is 17% ahead of the sales last month (29).  There is a 0.9 months supply of inventory based on the current sales pace.  The median price ($540,000) of the 19 homes and condominiums that closed in February is 4% ahead of the median price a year ago ($519,000).  Days on Market for the homes that closed in February was 46 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) (40) is 11% ahead of the level of February 2019 (36) and it is 25% ahead of the inventory last month (32).  There were 9 new sales for the month of February. This is slightly ahead of the pace in February 2019 (8) and it is 50% below the pace last month (18).  There is a 4.4 months supply of inventory in the Russian River based on the current sales pace. The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year. The median was $450,000 for the 13 homes that closed in February.  The homes that closed in the Russian River in February went from listing to pending in 97 days.

Santa Rosa:  Thirty-nine percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of February (295) is 25% above the inventory of a year ago (236) and it is 2% below the inventory last month (302). New sales in February (154) are 14% ahead of the pace of last February (135) and they are 11% ahead of the pace last month (139).  There is a 1.9 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 128 homes closed in February in Santa Rosa was $578,000 compared to $570,000 a year ago – a 1.4% increase.  The Days on Market for the homes that closed in February was 70 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of February in Sebastopol (36) is 33% above the level of February 2019 (27) and it is slightly below the inventory last month (38).  There were 21 new sales for the month of February.  This is 91% above the pace in February 2019 (11) and it is 40% above the pace last month (15).  There is a 1.7 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 110 days.

Sonoma Valley: The number of available homes and condominiums for sale (109) at the end of February in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 20% ahead of the inventory last February (91) and it is 31% above the inventory of last month (83). There were 38 new sales for the month. This is 124% ahead of the 17 sales in February 2019 and it is 90% ahead of the 20 sales last month.  There is a 2.9 months supply of inventory in Sonoma based on the current pace of sales. The average Days on Market for the 25 properties that closed in the Sonoma Valley in February is 66 days. Fifty-eight percent (63 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 24% of the new sales (9) in February were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of February starts at $2,200,000.  This is up from $1,700,000 over the past several months. So, a lot of high-end homes came onto the market in February.  Twenty-eight homes closed in the top quartile in the past twelve months compared to 30 in the twelve months prior to that.  There are 29 homes available in this quartile in February 2020 compared to 32 a year ago and 14 last month. There were no new sales in the top quartile in February.  The closed “luxury” homes over the past year closed at a price ranging from $700 to $1,000 per square foot of building area.

Kenwood: There are 5 available homes for sale in Kenwood as of the end of February.  Last February, there were 10 homes in inventory and last month there were just 2.  The Kenwood inventory peaked in May and June of last year when there were 19 homes on the market.  The average asking price of the five homes currently available in Kenwood is $2,498,000. There were two new sales in February compared to none a year ago and none last month.

Graphic Sonoma Valley February 2020

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of February equals 42 properties.  This is slightly above the inventory in February 2019 (40) and it is also slightly above the 40 homes last month.  There were 30 new sales for the month. This is 43% ahead of the pace of sales in February 2019 (21) and it is 77% ahead of the pace of last month (17).  There is a 1.4 months supply of inventory based on the current sales pace.  The days on market for the 17 homes that closed in February in Windsor was 48 days.  The median price ($679,000) of the homes closed in Windsor in February is 16% above the median price a year ago ($587,000).

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of February is 363 properties.  This is 20% below the number of lots in February 2019 (454) and it is 5% below the number of available lots last month (383). There were 45 new lot sales in February.  This is equal to the pace of sales in February 2019 and it is 22% ahead of the pace of lot sales last month (37).  The vacant lot inventory in Sonoma County is trending downwards.  There is an 8.1 months supply of inventory based on the current sales pace.  The average days on market of the 24 lots closed in February was 161 days and the median price was $199,000 – 20% below the median price a year ago ($250,000).

Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of February is 90 homes.  This is 12.5% ahead of the number of mobile homes available in February 2019 (80) and it is 5% ahead of the number of available homes last month (86).  There were 35 new mobile home sales in February.  This is 17% ahead of the pace of sales in February 2019 (30) and it is 52% above the pace of sales last month (23).  There is a 2.6 months supply of inventory based on the current sales pace compared to a 5.3 months supply in December.  The average days on market of the 25 mobile homes closed in February was 103 days and the median price was $140,000.  This median price is 4% above the median price of $135,000 in February 2019.

Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of February (330) is 6% ahead the inventory in February 2019 (311) and it is 31% ahead of the inventory last month (252). Fifty percent of the inventory in Napa County (166 properties) is priced at $1,000,000 or above.  New sales (92) are 44% ahead of the pace of last year (64) and are 56% ahead of the 59 sales last month.  There is a 3.6 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 71 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 54 homes closed in February in Napa County ($646,000) is 3% ahead of the median price of a year ago ($625,000).  Over the past four months, Napa County homes are selling at roughly 93% 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 $2,200,000 in Napa County at this time.  The number of closings (64) of Luxury Homes (sales price in excess of $2,200,000) in Napa County for the period 3/1/19 to 2/29/20 compared to 75 closings in the period 3/1/18 to 2/28/19.  This is a decrease of 15%.  There are 85 luxury homes in inventory at the end of February 2020 compared to 52 at the end of February 2019.  There were 17 new luxury home listings added in the month of February.  There were 8 new Luxury Home sales in February compared to 4 last month.  This results in a 11 months supply of available Luxury Homes based on the current sales pace compared to 3.6 months supply for the County as a whole.  Days on market for the 3 luxury homes sales in February was 118 days.  Over the past four months, Napa County Luxury Homes are selling at roughly 88% of original list price.

Graphic Napa County February 2020

American Canyon:  There are 15 available homes and condominiums in inventory at the end of February in American Canyon. This is 44% below the inventory a year ago (27) and it is 200% above the supply last month (5).  New sales (6) are 33% below  the pace of last year (9) and also 40% below the 10 sales last month.  There is a 2.5 months supply of inventory based on the current sales pace. The Days on Market for the four homes that closed in American Canyon last month was 30 days. The median price of the homes that closed in American Canyon in February ($453,000) was 3% ahead of the median price of a year ago ($439,000).  The average price per square foot of the homes sold in American Canyon remains in the $250 to $300 range.  It remains a tight market in American Canyon.

Napa:  Fifty-three percent of the inventory in Napa County is in the City of Napa.  There are 176 available homes and condominiums in inventory at the end of February in the City of Napa. This is 4% below the supply at the end of February 2019 (183) and it is 27% above the inventory at the end of last month (139). New sales (75) were 60% ahead of the pace of February 2019 (47) and they were 83% ahead of the pace of last month (41). There is a 2.3 months supply of inventory based on the current sales pace. The Days on Market for the 44 closings last month was 85 days compared to 66 days in February 2019.  The median price of the homes that closed in the City of Napa in February was $660,000. This is 4% ahead of the median price of the homes closed in February 2019 ($632,000).

Up Valley Napa County:  The inventory of homes and condominiums for sale in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville) at the end of February (94) is 31% higher than the level of 72 in February 2019 and it is 21% ahead of the level last month (78). There were 9 new sales in the month compared to 7 a year ago and 7 last month.  There is now a 10.4 months supply of inventory based on the current sales pace.  The Days on Market for the 6 closings last month was 140 days.  Approximately 49% of the Luxury Market inventory (price in excess of $2,200,000) in Napa County is in the Up Valley Market (42 homes). There was a 27% increase in the number of luxury listings in Up Valley last month. There was one luxury home (price in excess of $2,200,000) closing in the Up Valley Market last month and five new luxury home sales.

Angwin: The inventory of homes and condominiums for sale at the end of February in Angwin is 11 homes. This compares to 7 homes in February 2019 and 9 homes last month.  There was one new sale in the month of February compared to none a year ago and none last month.  The average asking price of the 9 homes in inventory in Angwin is $1,384,000.

Mobile Homes in Napa County: The inventory of available mobile homes for sale in Napa County at the end of February is 32 homes.  This is essentially equal to the number of mobile homes available in February 2019 (33) and it is also equal to the number of available homes last month (31).  There were 13 new mobile home sales in February.  This is 18% above the pace of sales in February 2019 (11) and it is 160% above the pace of sales last month (5).  Again, the dry weather probably helped with these home sales.  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 February was 117 days and the median price was $237,000.  This is 53% above the median price of $155,000 in February 2019.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of February stands at 221.  This is 31% below the inventory in February 2019 (322) and it is 11% below the inventory last month (249).  New sales (67) in Mendocino County in February were 109% ahead of the pace of February 2019 (32) and they were 37% ahead of the pace last month (49).  There now is a 3.3 months supply of inventory in Mendocino County based on the existing sales pace. This is the lowest months of inventory in the past year.  The average Days on Market for homes sold in Mendocino County in February is 128 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 30 homes closed in February in Mendocino County was $466,000. This is 23% ahead of the median price in February 2019 ($377,000).

Graphic Mendo County February 2020

Ukiah: The inventory of homes and condominiums for sale at the end of February in Ukiah is 35 homes.  This is the lowest inventory in Ukiah in the past 18 months. It is 46% below the level of February 2019 (65) and it is slightly below the inventory last month (37).  There were 21 new sales for the month of February. This is 110% ahead of the number of sales in February 2019 (10) and it is 62% ahead of the sales pace last month (13). There is a 1.7 months supply of inventory based on the current sales pace. The Days on Market for the 13 closings last month was 102 days.  The median price of the homes sold in Ukiah in the past year has ranged from 360,000 to $480,000. The median price was $425,000 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 6 homes.  This is 40% below the level of February 2019 (10) and it is slightly below the inventory last month (7).  There were 2 new sales for the month of February.  This compares to 1 sale in February 2019 and four new sales last month.  There is a 3 months supply of inventory based on the current sales pace. The Days on Market for the two closings last month was 119 days. The median price of the homes sold in Hopland/Talmage in the past year has ranged from $250,000 to $800,000. The median price was $592,000 for the homes that closed in February.

Redwood Valley and Calpella: The inventory of homes and condominiums for sale at the end of February in Redwood Valley and Calpella is 13 homes. This is 41% below the level of February 2019 (22) and it is 18% above the inventory last month (11).  There was one new sale for the month of February.  This compares to 3 sales in February 2019 and two new sales last month.  There is a 13 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 $550,000.

Marin County: Marin County’s inventory (296 homes) is 6% below the 314 homes in February 2019 and it is 42% above the 208 homes in inventory last month.  New sales (153) were 6% ahead of the number last February (145) and were 25% ahead of last month (122).  This creates a 1.9 months supply.  The median price of the 107 homes sold in Marin County in February was $1,085,000.  This is the 4% below the median price a year ago ($1,135,000).

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Wine Country Real Estate Trends for January 2020

Wine Country Real Estate Trends in January 2020

Better Homes and Gardens Real Estate|Wine Country Group Results for January 2020

Better Homes and Gardens Real Estate|Wine Country Group enjoyed just 14 closings in January 2020 compared to 29 last January and 49 last month.  It was a slow month for us, but our average selling price was higher than last year, or last month.  In January, we closed homes with a total value of $10 million compared to $15 million last year and $24.4 million last month.  The average selling price of the properties sold by the Wine Country Group in January was $719,500.  Last January our average selling price was $517,200.

BHGRE|WCG currently has 48 pending sales with a value of $39 million dollars. We have 82 active listings with a value of $70 million dollars.  Our average listing price is $854,000.

Wine Country Real Estate Trends for January 2020

 Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of January stands at 708.  This is essentially equal to the inventory in January 2019 (705) and it is slightly ahead of the inventory last month (700).  New sales (334) in Sonoma County in January were 23% ahead of the pace of January 2018 (271) and they were 26% ahead of the pace last month (265). There is a 2.1 months supply of inventory in Sonoma County based on the existing sales pace.  The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 24 (Coastal Sonoma) to 106 (Russian River) 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 87 days.  The median price of the 247 homes closed in January in Sonoma County was $619,000.  This is essentially equal to the median price in January 2019 ($620,000).  Over the past four months, Sonoma County homes are selling at roughly 94% of 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 $1,300,000).  There has been a 17% decrease in the number of Luxury Homes closed (362) from 2/1/19 to 1/31/20 compared to 436 closings in the period 2/1/18 to 1/31/19. The inventory of luxury homes (164) is 22% ahead of the inventory in January 2019 (134 homes).  The pace of new sales (24) in January this year is 71% ahead of the pace of a year ago (14) and it is 85% ahead of the pace last month (13).  The Days on Market for Luxury Home closings was 117 days this January compared to 103 days a year ago. This compares to 87 Days on Market for all closed properties in the County in January.  There is a 6.8 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.1 months supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 90% of original list price.

Cloverdale:  The inventory of homes and condominiums for sale (25) in Cloverdale at the end of January is 7% below the inventory in January 2019 (27).  It is 8% ahead of the inventory of last month (23).  There were 9 new sales in Cloverdale in January.  This compares to 11 sales in January 2019 and 3 new sales last month.  There is a 2.8 months supply of inventory based on the current sales pace.  The Days on Market for the 3 homes that closed in January was 53 days.

Coastal Sonoma:  There are 17 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 17 homes in inventory in January 2019 and 17 homes last month.  There were 5 new sales in January compared to 4 a year ago and 1 last month.  There is now a 3.4 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 24 days – a quick sale!

Healdsburg Trends:  There are 56 homes and condominiums available for sale in Healdsburg at the end of the month.  This is slightly above the inventory in January 2019 (54) and it is 16% below the inventory last month (67).  New sales in January (12) were 14% below the pace of sales in January 2019 (14) and they were equal to the sales pace last month (12).  The months of available inventory is now 4.7 months based on the current sales pace.  The Days on Market for the 11 homes that closed in January was 103 days.

Oakmont: There are 43 homes and condominiums available in Oakmont at the end of January.  This is 34% above the inventory in January 2019 (32) and it is 7.5% ahead of the inventory last month (40).  New sales (21) were the highest since last spring.  They were 110% ahead of  the sales pace of a year ago (10) and 200% ahead of the pace of last month (7).  There is a 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 $617,000 for the 11 homes that closed in January.  The Days on Market for the homes that closed in January was 96 days.  It is reported that the Oakmont Association has completed the purchase of the two golf courses and clubhouse – this should serve to further stabilize the Oakmont housing market.

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of January (42) is 18% below the inventory in January 2019 (51) and it is equal to the inventory last month.  There were 38 new sales for the month.  This is 9% ahead of the 35 sales in January 2019 and it is 23% ahead of the 31 new sales last month.  The Petaluma market currently has 1.1 months of available inventory based on the current sales pace.  This is one of the lowest months of inventory for any of our markets in Wine Country. The median price of the 27 homes that closed in January was $705,000.  This is 2% ahead of the median price last January ($693,000).  The Days on Market for the homes that closed in January was 85 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of January (29) is 41% below the inventory in January 2019 (49) and it is 17% below the inventory last month (35).  There were 30 new sales in Rohnert Park in January.  This is 36% ahead of the 22 sales in January 2019 and it is also 36% ahead of the sales last month (22).  There is a one months supply of inventory based on the current sales pace.  The median price ($550,000) of the 18 homes and condominiums that closed in January is 12% ahead of the median price a year ago ($490,000).  Days on Market for the homes that closed in January was 64 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) (32) is 9% below the level of January 2019 (35) and it is 18% below the inventory last month (39).  There were 18 new sales for the month of January. This is 29% ahead of the pace in January 2019 (14) and it is also 29% ahead of the pace last month (14).  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 the low $500,000s over the past year. The median was $397,000 for the 11 homes that closed in January.  The homes that closed in the Russian River in January went from listing to pending in 106 days.

Santa Rosa:  Forty-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 (302) is 10% above the inventory of a year ago (274) and it is 11% ahead of the inventory last month (271).  New sales in January (151) are 31% ahead of the pace of last January and they are 23% ahead of the pace last month (123).  There is a 2 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 116 homes closed in January in Santa Rosa was $598,000 compared to $573,000 a year ago – a 4% increase.  The Days on Market for the homes that closed in January was 87 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of January in Sebastopol (38) is 9% above the level of January 2019 (35) and it is 16% below the inventory last month (45).  There were 16 new sales for the month of January. This is 33% above the pace in January 2019 (12) and it is 129% above the pace last month (7).  There is a 2.4 months supply of inventory in Sebastopol based on the current sales pace. The 11 homes that closed in Sebastopol in January went from listing to pending in 103 days.

Sonoma Valley: The number of available homes and condominiums for sale (83) at the end of January in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 12% ahead of the inventory last January (74) and it is 8% above the inventory of last month (77).  There were 23 new sales for the month. This is 35% ahead of the 17 sales in January 2019 and it is slightly ahead of the 21 sales last month.  There is a 3.6 months supply of inventory in Sonoma based on the current pace of sales. The average Days on Market for the 18 properties that closed in the Sonoma Valley in January is 100 days. Forty-six percent (38 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 17% of the new sales (4) in January were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of January starts at $1,700,000.  This is down from $1,900,000 last month and down from $2,900,000 in October 2019. So, a lot of expensive homes were taken off the market through the holidays. We’ll see if they come back on the market in the next couple of months.  Sixty-two homes closed in the top quartile in the past twelve months compared to 71 in the twelve months prior to that – a 13% decrease. There are 21 homes available in this quartile in January 2020 compared to 30 a year ago and 22 last month. There were 2 new sales in the top quartile in January.  There is now a 10.5 months supply of inventory in this segment of the market based on the current sales pace. The closed “luxury” homes over the past year closed at a price ranging from $700 to $1,000 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of January equals 40 properties.  This is just below the inventory in January 2019 (41) and it is 33% above the 30 homes last month.  There were 18 new sales for the month.  This is 29% ahead of the pace of sales in January 2019 (14) and it is 20% ahead of the pace of last month (15).  There is a 2.2 months supply of inventory based on the current sales pace.  The days on market for the 15 homes that closed in January in Windsor was 61 days.  The median price ($629,000) of the homes closed in Windsor in January is 6% above the median price a year ago ($594,000).

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of January is 383 properties.  This is 12% below the number of lots in January 2019 (436) and it is 9% below the number of available lots last month (421). There were 39 new lot sales in January.  This is equal to the pace of sales in January 2019 and it is 179% ahead of the pace of lot sales last month (14).  Lot sales picked up in January after a couple of slow months.  There is a 9.8 months supply of inventory based on the current sales pace.  The average days on market of the 22 lots closed in January was 270 days and the median price was $231,000 – 8% below the median price a year ago ($250,000).

Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of January is 86 homes.  This is 19% ahead of the number of mobile homes available in January 2019 (72) and it is 4% below the number of available homes last month (90).  There were 27 new mobile home sales in January.  This is 7% below the pace of sales in January 2019 (29) and it is 59% above the pace of sales last month (17).  There is a 3.2 months supply of inventory based on the current sales pace compared to a 5.3 months supply last month.  The average days on market of the 17 mobile homes closed in January was 83 days and the median price was $139,000.  This median price is 28% below the median price of $192,000 in January 2019.

Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of January (252) is 10% below the inventory in January 2019 (280) and it is 11% below the inventory last month (282).  This is consistent with the seasonal trend that typically sees inventory come down through January or February of the new year.  Fifty-one percent of the inventory in Napa County (128 properties) is priced at $1,000,000 or above.  New sales (62) are 23% below the pace of last year (80) and are 9% below the 68 sales last month.  There is a 4.1 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 79 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 64 homes closed in January in Napa County ($670,000) is 5% ahead of the median price of a year ago ($640,000).  Over the past four months, Napa County homes are selling at roughly 92% 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 $2,300,000 in Napa County at this time.  The number of closings (58) of Luxury Homes (sales price in excess of $2,300,000) in Napa County for the period 2/1/19 to 1/31/20 compared to 69 closings in the period 2/1/18 to 1/31/19.  This is a decrease of 19%.  There are 63 luxury homes in inventory at the end of January 2020 compared to 47 at the end of January 2019.  There were 4 new Luxury Home sales last month compared to 2 in December.  This results in a 16 months supply of available Luxury Homes based on the current sales pace compared to 4.1 months supply for the County as a whole.  Days on market for the 3 luxury homes sales in January was 116 days.  Over the past four months, Napa County Luxury Homes are selling at roughly 87% of original list price.

American Canyon:  There are 10 available homes and condominiums in inventory at the end of January in American Canyon. This is 83% below the inventory a year ago (30) and it is one home below the supply last month (11).  New sales (10) are slightly above the pace of last year (9) and also slightly ahead of the 9 sales last month.  There is a one-half months supply of inventory based on the current sales pace. The Days on Market for the ten homes that closed in American Canyon last month was 65 days. The median price of the homes that closed in American Canyon in January ($670,000) was 57% ahead of the median price of a year ago ($428,000).  The average price per square foot of the homes sold in American Canyon remains in the $250 to $300 range.  It remains a tight market in American Canyon.

Napa:  Fifty-five percent of the inventory in Napa County is in the City of Napa.  There are 139 available homes and condominiums in inventory at the end of January in the City of Napa. This is 15% below the supply at the end of January 2019 (163) and it is 3.5% below the inventory at the end of last month (144). New sales (42) were 25% below the pace of January 2019 (56) and they were 19% below the pace of last month (52). There is a 3.3 months supply of inventory based on the current sales pace. The Days on Market for the 42 closings last month was 85 days compared to 105 days in January 2019.  The median price of the homes that closed in the City of Napa in January was $615,000. This is 4% below the median price of the homes closed in January 2019 ($640,000).

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 (78) is 24% higher than the level of 63 in January 2019 and it is 15% below the level last month (92). There were 8 new sales in the month compared to 11 a year ago and 7 last month.  There is now a 9.8 months supply of inventory based on the current sales pace.  The Days on Market for the 8 closings last month was 64 days.  Approximately 52% of the Luxury Market inventory (price in excess of $2,300,000) in Napa County is in the Up Valley Market (33 homes). There were two luxury home (price in excess of $2,300,000) closings in the Up Valley Market last month and two new luxury home sale.

Angwin: The inventory of homes and condominiums for sale at the end of January in Angwin is 9 homes. This compares to 6 homes in January 2019 and 7 homes last month.  There were no new sales in the month of January compared to one a year ago and one last month.  The average asking price of the 9 homes in inventory in Angwin is $1,138,000.

Mobile Homes in Napa County: The inventory of available mobile homes for sale in Napa County at the end of January is 31 homes.  This is essentially equal to the number of mobile homes available in January 2019 (32) and it is slightly below the number of available homes last month (33).  There were 7 new mobile home sales in January.  This is 30% below the pace of sales in January 2019 (10) and it is 22% below the pace of sales last month (9).  There is a 4.4 months supply of inventory based on the current sales pace. The average days on market of the 6 mobile homes closed in January was 154 days and the median price was $158,000. This is 19% below the median price of $195,000 in January 2019.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of January stands at 249.  This is 27% below the inventory in January 2019 (339) and it is slightly above the inventory last month (247).  New sales (59) in Mendocino County in January were 69% ahead of the pace of January 2019 (35) and they were 79% ahead of the pace last month (33).  There is a 4.2 months supply of inventory in Mendocino County based on the existing sales pace. The average Days on Market for homes sold in Mendocino County in January is 152 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 35 homes closed in January in Mendocino County was $380,000. This is 4% below the median price in January 2019 ($396,000).

Ukiah: The inventory of homes and condominiums for sale at the end of January in Ukiah is 37 homes.  This is the lowest inventory in Ukiah in the past 18 months. It is 42% below the level of January 2019 (64) and it is slightly below the inventory last month (39).  There were 16 new sales for the month of January. This is just below the number of sales in January 2019 (17) and it is 100% ahead of the sales pace last month (8). There is a 2.3 months supply of inventory based on the current sales pace. The Days on Market for the 9 closings last month was 94 days.  The median price of the homes sold in Ukiah in the past year has ranged from 360,000 to $480,000. The median price was $424,000 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 7 homes.  This is 30% below the level of January 2019 (10) and it is 42% below the inventory last month (12).  There were 5 new sales for the month of January.  This compares to 1 sale in January 2019 and no new sales last month.  There is a 7 months supply of inventory based on the current sales pace. The Days on Market for the one closing last month was 47 days. The median price of the homes sold in Hopland/Talmage in the past year has ranged from $250,000 to $800,000. The price was $363,000 for the home that closed in January.

Redwood Valley and Calpella: The inventory of homes and condominiums for sale at the end of January in Redwood Valley and Calpella is 11 homes.  This is 50% below the level of January 2019 (22) and it is just below the inventory last month (12).  There were 3 new sales for the month of January.  This compares to 2 sales in January 2019 and no new sales last month.  There is a 3.7 months supply of inventory based on the current sales pace. The Days on Market for the 2 closings last month was 182 days. The median price of the homes sold in Redwood Valley/Calpella in the past year has ranged from $400,000 to $550,000. The median price was $537,000 for the homes that closed in January.

Marin County: Marin County’s inventory (208 homes) is 25% below the 278 homes in January 2019 and it is 5% above the 198 homes in inventory last month.  New sales (126) were 11% ahead of the number last January and were 25% ahead of last month (101).  This creates a 1.7 months supply.  The median price of the homes sold in Marin County in January was $945,000.  This is the roughly the same as it was a year ago.

 

 

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Wine Country Real Estate Trends in 2019

Wine Country Real Estate Trends in December 2019

Wine Country Market Value Shifts and Sales Trends for 2019 

I’ve done a chart of Wine Country Market Value Shifts dating back to 1998.  I’ve added the latest data for 2019 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) decreased by 4.31% in 2019. The average price of all closings in Sonoma County was $744,663, the average in Napa County was $921,092 and the average in Mendocino County was $484,395.  I’m expecting a relatively flat market in 2020, even or slightly positive – but not negative.  It will vary from market to market and in different price ranges.

This is the first time that average prices of Wine Country residential properties have declined in the past seven years.   About 1.2% of the 4.31% decline in average prices can be attributed to a decreased number of sales in the luxury market (top quartile) in Sonoma and Napa Counties on a year over year basis.

There were 6,617 closings of single-family homes and condominiums across Wine Country in 2019 compared to 6,655 closings in 2018.   This is less than a 1% decrease in volume.  There was a negligible decrease in volume (less than 1%) in Sonoma County (4,709 in 2019 compared to 4,723 in 2018) while Napa Country was down 2.8% year over year at 1,265 units compared to 1,301 units in 2018 and Mendocino County was up 2% in volume – 643 sales compared to 631 in 2018. I expect the 2020 volume will again be steady or slightly down from the volume in 2019.  Low mortgage interest rates will serve to buoy the markets.  The total sales dollar volume was nearly $5 billion dollars – $3.5 billion in Sonoma County, $1.2 billion in Napa County and $311 million in Mendocino County.

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

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 49 closings in December 2019 compared to 44 last December and 46 last month. In December, we closed homes with a total value of $24.4 million compared to $32 million last year and $24.6 million last month.  The average selling price of the properties sold by the Wine Country Group in December was $499,000.  Last December our average selling price was $727,272.

For all of 2019, we closed 509 sales compared to 474 for 2018 – a 7% increase in sales volume.  In 2019, we sold homes with a value of nearly $300 million compared to $305 million a year ago.

BHGRE|WCG currently has 29 pending sales with a value of $25 million dollars. We have 77 active listings with a value of $67 million dollars.  Our average listing price is $870,000.

Wine Country Real Estate Trends for December 2019

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of December stands at 700.  This is 9% below the inventory in December 2018 (768) and it is 29% below the inventory last month (985).  This is an expected seasonal decline.  New sales (281) in Sonoma County in December were 5% ahead of the pace of December 2018 (268) and they were 13% below the pace last month (322).  There is a 2.5 months supply of inventory in Sonoma County based on the existing sales pace.  The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 53 (Windsor) to 137 (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 73 days. The median price of the 336 homes closed in December in Sonoma County was $610,000.  This is slightly ahead of the median price in December 2018 ($605,000).  Over the past four months, Sonoma County homes are selling at roughly 94.5% of 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 $1,300,000).  There has been a 18% decrease in the number of Luxury Homes closed (363) from 1/1/19 to 12/31/19 compared to 442 closings in the period 1/1/18 to 12/31/18. The inventory of luxury homes (168) is 14% ahead of the inventory in December 2018 (147 homes).  The pace of new sales (17) in December this year is 21% ahead of the pace of a year ago (14) and it is 29% below the pace last month (24).  The Days on Market for Luxury Home closings was 121 days this December compared to 110 days a year ago. This compares to 73 Days on Market for all closed properties in the County in December.  There is a 9.9 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.5 months supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 90% of original list price.

Cloverdale:  The inventory of homes and condominiums for sale (23) in Cloverdale at the end of December is 23% below the inventory in December 2018 (30). It is 26% below the inventory of last month (31).  There were 4 new sales in Cloverdale in December.  This compares to 7 sales in December 2018 and 7 new sales last month.  There is a 5.8 months supply of inventory based on the current sales pace.  The Days on Market for the 8 homes that closed in December was 107 days.

Coastal Sonoma:  There are 21 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 21 homes in inventory in December 2018 and 24 homes last month.  There were 2 new sales in December compared to 2 a year ago and 5 last month.  There is now a 10.5 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 3 homes that closed in December was 137 days.

Healdsburg Trends:  There are 67 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 6% above the inventory in December 2018 (63) and it is 26% below the inventory last month (91).  New sales in December (11) were equal to the pace of sales in December 2018 and they were 21% below the sales pace last month (14).  The months of available inventory is now 6.1 months based on the current sales pace.  The Days on Market for the 11 homes that closed in December was 90 days.

Oakmont: There are 40 homes and condominiums available in Oakmont at the end of December.  This is 14% above the inventory in December 2018 (35) and it is 13% below the inventory last month (46).  New sales (8) are 39% below the sales pace of a year ago (13) and 27% below the pace of last month (11).  There is a 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 $593,000 for the 10 homes that closed in December.  The Days on Market for the homes that closed in December was 75 days.

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of December (42) is 21% below the inventory in December 2018 (53) and it is 44% below the inventory last month (75).  There were 36 new sales for the month.  This is 80% ahead of the 20 sales in December 2018 and it is 16% below the 43 new sales last month.  The Petaluma market currently has 1.2 months of available inventory based on the current sales pace.  This is one of the lowest months of inventory for any of our markets in Wine Country.  The median price of the 51 homes that closed in December was $715,000.  This is 4% ahead of the median price last December ($690,000).  The Days on Market for the homes that closed in December was 65 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of December (35) is 21% below the inventory in December 2018 (44) and it is 31% below the inventory last month (51).  There were 22 new sales in Rohnert Park in December.  This is 16% ahead of the 19 sales in December 2018 and it is 31% below the sales last month (32).  There is a 1.6 months supply of inventory based on the current sales pace. The median price ($577,000) of the 37 homes and condominiums that closed in December is slightly below the median price a year ago ($582,000).  Days on Market for the homes that closed in December was 66 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) (39) is 20% below the level of December 2018 (49) and it is 44% below the inventory last month (69).  There were 14 new sales for the month of December. This is 100% ahead of the pace in December 2018 (7) and it is 18% below the pace last month (17).  There is a 2.8 months supply of inventory in the Russian River based on the current sales pace. The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year. The median was $440,000 for the 17 homes that closed in December.  The homes that closed in the Russian River in December went from listing to pending in 87 days.

Santa Rosa:  Thirty-nine percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of December (271) is 7.5% below the inventory of a year ago (293) and it is 22% below the inventory last month (348). New sales in December (131) are equal to the pace of last December and they are 5% below the pace last month (138).  There is a 2.1 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 143 homes closed in December in Santa Rosa was $589,000 compared to $545,000 a year ago – an 8% increase.  The Days on Market for the homes that closed in December was 69 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of December in Sebastopol (45) is 15% above the level of December 2018 (39) and it is 18% below the inventory last month (55).  There were just 7 new sales for the month of December.  This is 59% behind the pace in December 2018 (17) and it is 50% below the pace last month (14).  There is a 6.4 months supply of inventory in Sebastopol based on the current sales pace.  The 13 homes that closed in Sebastopol in December went from listing to pending in 102 days.

Sonoma Valley: The number of available homes and condominiums for sale (77) at the end of December in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is equal to the inventory last December and it is 42% below the inventory of last month (133).  There were 23 new sales for the month. This is 28% ahead of the 18 sales in December 2018 and it is equal to the 23 sales last month. There is a 3.3 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 December is 69 days.  Fifty-one percent (39 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 30% of the new sales (7) in December were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of December starts at $1,900,000.  This is down from $2,900,000 in October – so a lot of expensive homes were taken off of the market in November and December (usually for the Holiday Season). Forty-five homes closed in the top quartile in the past twelve months compared to 54 in the twelve months prior to that. There are 19 homes available in this quartile in December 2019 compared to 31 a year ago and 43 last month. There were 3 new sales in the top quartile in December.   There is now an 6.3 months supply of inventory in this segment of the market based on the current sales pace.  The closed “luxury” homes over the past year closed at a price ranging from $750 to $1,000 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of December equals 30 properties.  This is 25% below the inventory in December 2018 (40) and it is 23% below the 39 homes last month.  There were 15 new sales for the month.  This is slightly below the pace of sales in December 2018 (17) and it is also just below the pace of last month (16).  There is a 2 months supply of inventory based on the current sales pace.  The days on market for the 19 homes that closed in December in Windsor was 53 days.  The median price ($660,000) of the homes closed in Windsor in December is slightly above the median price a year ago ($651,000).

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of December is 421 properties.  This is 12% below the number of lots in December 2018 (478) and it is also 12% below the number of available lots last month (480). There were 16 new lot sales in December.  This is 39% below the pace of sales in December 2018 (26) and it is 20% below the pace of lot sales last month (20).  The sales of lots continued to have the brakes on in December!  There is a 26 months supply of inventory based on the current sales pace.  The average days on market of the 22 lots closed in December was 150 days and the median price was $235,000 – 20% below the median price a year ago ($283,000).

Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of December is 90 homes.  This is 13% ahead of the number of mobile homes available in December 2018 (80) and it is 5% below the number of available homes last month (95).  There were 19 new mobile home sales in December.  This is 27% below the pace of sales in December 2018 (26) and it is 47% below the pace of sales last month (36).  There is a 4.7 months supply of inventory based on the current sales pace compared to a 2.6 months supply last month.  The average days on market of the 32 mobile homes closed in December was 100 days and the median price was $110,000.  This median price is 40% below the median price of $183,000 in December 2018. This is the lowest median price for mobile home sales for any month in the entire year.

Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of December (282) is 3% below the inventory in December 2018 (292) and it is 29% below the inventory last month (395).  This is consistent with the seasonal trend that typically sees inventory come down through January or February of this year.  Fifty percent of the inventory in Napa County (141 properties) is priced at $1,000,000 or above.  New sales (67) are 10% ahead of the pace of last year (61) and are 22% below the 86 sales last month.  There is a 4.2 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 91 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 96 homes closed in December in Napa County ($703,000) is 1.5% ahead of the median price of a year ago ($692,000).  Over the past four months, Napa County homes are selling at roughly 92% 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 $2,500,000 in Napa County at this time.  The number of closings (48) of Luxury Homes (sales price in excess of $2,500,000) in Napa County for the period 1/1/19 to 12/31/19 compared to 59 closings in the period 1/1/18 to 12/31/18.  This is a decrease of 19%.  There are 73 luxury homes in inventory at the end of December 2019 compared to 45 at the end of December 2018.  There was just one new Luxury Home sale last month compared to 6 in November.  This results in an unrealistic 73 months supply of available Luxury Homes based on the current sales pace compared to 4.2 months supply for the County as a whole.  This is sure to come down in the next several months.  Days on market for the 3 luxury homes sales in December was 101 days. Over the past four months, Napa County Luxury Homes are selling at roughly 87% of original list price.

American Canyon:  There are 11 available homes and condominiums in inventory at the end of December in American Canyon. This is 56% below the inventory a year ago (25) and it is 27% below the supply last month (15).  New sales (9) are 50% above the pace of last year (6) and essentially equal to the 8 sales last month.  There is a 1.2 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 65 days. The median price of the 7 homes that closed in American Canyon in December ($556,000) was 12.5% ahead of the median price of a year ago ($494,000). The average price per square foot of the homes sold in American Canyon remains in the $250 to $300 range.  It remains a tight market in American Canyon.

Napa:  Fifty-one percent of the inventory in Napa County is in the City of Napa.  There are 144 available homes and condominiums in inventory at the end of December in the City of Napa. This is 12% below the supply at the end of December 2018 (163) and it is 32% below the inventory at the end of last month (211).  New sales (52) were 27% ahead of the pace of December 2018 (41) and they were 7% below the pace of last month (56). There is a 2.8 months supply of inventory based on the current sales pace. The Days on Market for the 68 closings last month was 88 days compared to 66 days in December 2018.  The median price of the homes that closed in the City of Napa in December was $703,000. This is 6% ahead of the median price of the homes closed in December 2018 ($662,000).

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 (92) is 21% higher than the level of 76 in December 2018 and it is 29% below the level last month (130). There were just 6 new sales in the month compared to 13 a year ago and 17 last month.  There is now a 15.3 months supply of inventory based on the current sales pace.  The Days on Market for the 16 closings last month was 89 days.  Properties generally take longer to sell in the Up Valley than in the rest of Napa County.  Approximately 60% of the Luxury Market inventory (price in excess of $2,500,000) in Napa County is in the Up Valley Market (44 homes). There was one luxury home (price in excess of $2,500,000) closing in the Up Valley Market last month and one new luxury home sale.

Angwin: The inventory of homes and condominiums for sale at the end of December in Angwin is 7 homes. This compares to 8 homes in December 2018 and 9 homes last month.  There were no new sales in the month of December compared to one a year ago and one last month.  The average asking price of the 7 homes in inventory in Angwin is $1,207,000.

Mobile Homes in Napa County: The inventory of available mobile homes for sale in Napa County at the end of December is 33 homes.  This is essentially equal to the number of mobile homes available in December 2018 (35) and it is 25% below the number of available homes last month (44).  There were 9 new mobile home sales in December.  This is 50% ahead of the pace of sales in December 2018 (6) and also 50% ahead of the pace of sales last month (6).  There is a 3.7 months supply of inventory based on the current sales pace. The average days on market of the 8 mobile homes closed in December was 148 days and the median price was $155,000. This is essentially equal to the median price of $156,000 in December 2018.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of December stands at 247.  This is 29% below the inventory in December 2018 (349) and it is 15% below the inventory last month (291).  New sales (44) in Mendocino County in December were 13% ahead of the pace of December 2018 (39) and they were 10% ahead of the pace last month (40).  There is a 5.6 months supply of inventory in Mendocino County based on the existing sales pace. The average Days on Market for homes sold in Mendocino County in December is 102 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 47 homes closed in December in Mendocino County was $449,000. This is 7% ahead of the median price in December 2018 ($421,000).

Ukiah: The inventory of homes and condominiums for sale at the end of December in Ukiah is 39 homes.  This is the lowest inventory in Ukiah in the past 18 months. It is 40% below the level of December 2018 (65) and it is 9% below the inventory last month (43).  There were 11 new sales for the month of December. This is 10% above the number of sales in December 2018 (10) and it is 21%  below the sales last month (14).  There is a 2.7 months supply of inventory based on the current sales pace. The Days on Market for the 16 closings last month was 73 days.  The median price of the homes sold in Ukiah in the past year has ranged from 360,000 to $480,000. The median price was $403,000 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 12 homes.  This is just below the level of December 2018 (13) and it is also just below the inventory last month (13).  There was one new sale for the month of December.  This compares to 2 sales in December 2018 and one sale last month.  There is a 12 months supply of inventory based on the current sales pace. The Days on Market for the one closing last month was 39 days. The median price of the homes sold in Hopland/Talmage in the past year has ranged from 250,000 to $800,000. The price was $505,000 for the home that closed in December.

Redwood Valley and Calpella: The inventory of homes and condominiums for sale at the end of December in Redwood Valley and Calpella is 12 homes. This is 40% below the level of December 2018 (20) and it is 25% below the inventory last month (16).  There were no new sales for the month of December. This compares to 5 sales in December 2018 and 4 sales last month.  There is a 12 months supply of inventory based on the current sales pace. The Days on Market for the seven closings last month was 100 days.  The median price of the homes sold in Redwood Valley/Calpella in the past year has ranged from $400,000 to $550,000. The median price was $495,000 for the homes that closed in December.

Marin County: Marin County’s inventory (198 homes) is 18% below the 241 homes in December 2018 and it is 42% below the 340 homes in inventory last month.  New sales (102) were equal to the number last December and down 42% from last month (175). This creates a 1.9 months supply. The median price of the homes sold in Marin County in December was $1,100,000.  This is the same as it was a year ago.

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Wine Country Real Estate Trends in November 2019

Wine Country Real Estate Trends in November 2019

PAIGE PAIGE expresses our Core Business Values.  This is my last posting re: PAIGE for now.  We do look at these values in every aspect of our business.

E stands for Excellence.  To consistently exceed expectations.

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

Better Homes and Gardens Real Estate |Wine Country Group enjoyed 46 closings in November 2019 compared to 38 last November and 55 last month. In November, we closed homes with a total value of $24.6 million compared to $20 million last year and $33.3 million last month.  The average selling price of the properties sold by the Wine Country Group in November was $536,000.  Last November our average selling price was $526,000.

BHGRE|WCG currently has 47 pending sales with a value of $32 million dollars. We have 81 active listings with a value of $67 million dollars.  Our average listing price is $827,000.

Wine Country Real Estate Trends for November 2019

Median Prices a Mixed Bag in November:  In Sonoma County, the median price of closed single family homes and condominiums in November was 4.5% ahead of a year ago.  In Napa County, the median price was down 4.7% from a year ago.  In Mendocino County, the median price was down 4%.  All markets are experiencing the seasonal trend of less inventory and fewer new sales.  This trend typically prevails through January of next year.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of November stands at 985.  This is 3% below the inventory in November 2018 (1,018) and it is 13% below the inventory last month (1,129).  This is an expected seasonal decline.  New sales (347) in Sonoma County in November were 10% ahead of the pace of November 2018 (316) and they were 14% below the pace last month (401). There is a 2.8 months supply of inventory in Sonoma County based on the existing sales pace.  The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 47 (Windsor) to 125 (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 68 days.  The median price of the 369 homes closed in November in Sonoma County was $623,000.  This is 4.5% ahead of the median price in November 2018 ($596,000).  Over the past four months, Sonoma County homes are selling at roughly 95% of 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 $1,300,000).  There has been a 19% decrease in the number of Luxury Homes closed (371) from 12/1/18 to 11/30/19 compared to 457 closings in the period 12/1/17 to 11/30/18.  Note: Sales in the 12/1/17 to 11/30/18 time period were influenced by fire survivors purchasing replacement homes after the 10/17 fires.  The inventory of luxury homes (237) is 19% ahead of the inventory in November 2018 (199 homes).  The pace of new sales (24) in November this year is essentially equal to the pace of a year ago (23) and it is 14% below the pace last month (28).  The Days on Market for Luxury Home closings was 84 days this November compared to 88 days a year ago. This compares to 68 Days on Market for all closed properties in the County in November.  There is a 9.9 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.8 months supply in the overall Sonoma County market.  Over the past three months, Sonoma County Luxury Homes are selling at roughly 92% of original list price.

Cloverdale:  The inventory of homes and condominiums for sale (31) in Cloverdale at the end of November is 16% below the inventory in November 2018 (37). It is 6% below the inventory of last month (33).  There were 8 new sales in Cloverdale in November.  This compares to 8 sales in November 2018 and 12 new sales last month.  There is a 3.9 months supply of inventory based on the current sales pace.  The Days on Market for the 10 homes that closed in November was 107 days.

Coastal Sonoma:  There are 24 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 22 homes in inventory in November 2018 and 28 homes last month.  There were 5 new sales in November compared to 4 a year ago and 6 last month.  There is now a 4.8 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 5 homes that closed in November was just 57 days.

Healdsburg Trends:  There are 91 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 8% above the inventory in November 2018 (84) and it is 22% below the inventory last month (116).  New sales in November (14) were 56% ahead of the pace of sales in November 2018 (9) and they were 30% below the sales pace last month (20).  The months of available inventory is now 6.5 months based on the current sales pace.  The Days on Market for the 21 homes that closed in November was 92 days.

Oakmont: There are 46 homes and condominiums available in Oakmont at the end of November.  This is 4% below the inventory in November 2018 (48) and it is 12% below the inventory last month (52).  New sales (11) are slightly below the sales pace of a year ago (12) and slightly above the pace of last month (10).  There is a 4.2 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 $610,000 for the 6 homes that closed in November.  The Days on Market for the homes that closed in November was a whopping 125 days.

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of November (75) is 17% ahead of the inventory in November 2018 (64) and it is 25% below the inventory last month (100).  There were 49 new sales for the month.  This is 47% ahead of the 33 sales in November 2018 and it is 18% below the 60 new sales last month.  The Petaluma market currently has 1.5 months of available inventory based on the current sales pace.  This is one of the lowest months of inventory for any of our markets in Wine Country.  The median price of the 45 homes that closed in November was $700,000.  This is roughly the same as the median price last November ($690,000).  The Days on Market for the homes that closed in November was 52 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of November (51) is 11% below the inventory in November 2018 (57) and it is 7% below the inventory last month (55).  There were 32 new sales in Rohnert Park in November.  This is 60% ahead of the 20 sales in November 2018 and it is 20% below the sales last month (40).  There is a 1.6 months supply of inventory based on the current sales pace.  The median price ($519,000) of the 32 homes and condominiums that closed in November is 5% below the median price a year ago ($545,000).  Days on Market for the homes that closed in November was 53 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) (69) is 15% above the level of November 2018 (60) and it is 10% below the inventory last month (77).  There were 20 new sales for the month of November. This is 30% ahead of the pace in November 2018 (15) and it is slightly ahead of the pace last month (19).  There is a 3.5 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 the low $500,000s over the past year. The median was $460,000 for the 18 homes that closed in November.  The homes that closed in the Russian River in November went from listing to pending in 70 days.

Santa Rosa:  Thirty-five percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of November (348) is 15% below the inventory of a year ago (407) and it is 11% below the inventory last month (390). New sales in November (141) are 5% below the pace of last November (149) and they are 12% below the pace last month (160).  There is a 2.5 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 155 homes closed in November in Santa Rosa was $610,000 compared to $560,000 a year ago – a 9% increase.  The Days on Market for the homes that closed in November was 72 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of November in Sebastopol (55) is slightly below the level of November 2018 (57) and it is 13% below the inventory last month (63).  There were 18 new sales for the month of November.  This is equal to the pace in November 2018 and it is 13% ahead of the pace last month (16).  There is a 3.1 months supply of inventory in Sebastopol based on the current sales pace. The 14 homes that closed in Sebastopol in November went from listing to pending in 62 days.

Sonoma Valley: The number of available homes and condominiums for sale (133) at the end of November in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 29% above the inventory last November (103) and it is 12% below the inventory of last month (152).  There were 26 new sales for the month. This is 7% below the 28 sales in November 2018 and it is slightly below the 27 sales last month.  There is a 5.1 months supply of inventory in Sonoma based on the current pace of sales. The average Days on Market for the 27 properties that closed in the Sonoma Valley in November is 86 days.  Sixty percent (80 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 38% of the new sales (10) in November were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of November starts at $2,200,000.  This is down from $2,900,000 last month – so a lot of expensive homes were taken off of the market in November (usually for the Holiday Season).  Twenty-seven homes closed in the top quartile in the past twelve months compared to 41 in the twelve months prior to that. There are 34 homes available in this quartile in November 2019 compared to 37 a year ago and 52 last month. There were 3 new sales in the top quartile in November.   There is now an 11.3 months supply of inventory in this segment of the market based on the current sales pace.  The closed “luxury” homes over the past year closed at a price of roughly $830 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of November equals 39 properties.  This is 26% below the inventory in November 2018 (53) and it is 15% below the 46 homes last month.  There were 19 new sales for the month.  This is slightly below the pace of sales in November 2018 (20) and it is 27% below the pace of last month (26).  There is a 2.1 months supply of inventory based on the current sales pace.  The days on market for the 23 homes that closed in November in Windsor was 47 days. The median price ($650,000) of the homes closed in Windsor in November is 5% above the median price a year ago ($618,000).

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of November is 480 properties.  This is 4% below the number of lots in November 2018 (501) and it is 4% below the number of available lots last month (500). There were 21 new lot sales in November.  This is 36% below the pace of sales in November 2018 (33) and it is 50% below the pace of lot sales last month (21).  The sales of lots had the brakes put on in November!  There is a 23 months supply of inventory based on the current sales pace. The average days on market of the 27 lots closed in November was 188 days and the median price was $250,000 – 7% below the median price a year ago ($270,000).

Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of November is 95 homes.  This is 28% ahead of the number of mobile homes available in November 2018 (74) and it is 8% below the number of available homes last month (103).  There were 39 new mobile home sales in November.  This is 77% ahead of the pace of sales in November 2018 (22) and it is 30% ahead of the pace of sales last month (30).  There is a 2.4 months supply of inventory based on the current sales pace compared to a 3.4 months supply last month.  The average days on market of the 29 mobile homes closed in November was 86 days and the median price was $160,000.  This median price is 11% below the median price of $180,000 in November 2018.

Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of November (395) is 9% ahead of the inventory in November 2018 (364) and it is 13% below the inventory last month (454).  This is consistent with the seasonal trend that typically sees inventory come down through January of next year.  Nearly 50% of the inventory in Napa County (193 properties) is priced at $1,000,000 or above.  New sales (93) are 16% ahead of the pace of last year (80) and are 18% below the 113 sales last month.  There is a 4.2 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 71 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 94 homes closed in November in Napa County ($655,000) is 5% below the median price of a year ago ($687,000). Over the past four months, Napa County homes are selling at roughly 92% 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 $2,500,000 in Napa County at this time.  The number of closings (50) of Luxury Homes (sales price in excess of $2,500,000) in Napa County for the period 12/1/18 to 11/30/19 compared to 56 closings in the period 12/1/17 to 11/30/18.  There are 98 luxury homes in inventory at the end of November 2019 compared to 95 at the end of November 2018.  There were 6 new Luxury Home sales last month compared to 4 in October.  This results in a 16 months supply of available Luxury Homes based on the current sales pace compared to 4.2 months supply for the County as a whole.  Over the past four months, Napa County Luxury Homes are selling at roughly 87% of original list price.

American Canyon:  There are 15 available homes and condominiums in inventory at the end of November in American Canyon. This is 43% below the inventory a year ago (26) and it is equal to the supply last month.  New sales (9) are 18% below the pace of last year (11) and 37% below the 14 sales last month.  There is a 1.7 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 51 days. The median price of the 15 homes that closed in American Canyon in November ($625,000) was 19% ahead of the median price of a year ago ($524,000).  The average price per square foot of the homes sold in American Canyon remains in the $250 to $300 range.  It’s a tight market in American Canyon at present.

Napa:  Fifty-three percent of the inventory in Napa County is in the City of Napa.  There are 211 available homes and condominiums in inventory at the end of November in the City of Napa. This is slightly ahead of the supply at the end of November 2018 (208) and it is 12% below the inventory at the end of last month (240).  New sales (61) were 15% ahead of the pace of November 2018 (53) and they were 24% below the pace of last month (80). There is a 3.5 months supply of inventory based on the current sales pace. The Days on Market for the 60 closings last month was 72 days compared to 63 days in November 2018.  The median price of the homes that closed in the City of Napa in November was $653,000. This is 7% below the median price of the homes closed in November 2018 ($700,000).

Up Valley Napa County:  The inventory of homes and condominiums for sale in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville) at the end of November (130) is 33% higher than the level of 98 in November 2018 and it is 17% below the level last month (156).  There were 19 new sales in the month compared to 14 a year ago and 16 last month.  There is now an 8.8 months supply of inventory based on the current sales pace.  The Days on Market for the 12 closings last month was 86 days.  Properties generally take longer to sell in the Up Valley than in the rest of Napa County. Approximately 65% of the Luxury Market inventory (price in excess of $2,500,000) in Napa County is in the Up Valley Market (64 homes). There were no luxury home (price in excess of $2,500,000) closings in the Up Valley Market last month and two new luxury home sales.

Angwin:  The inventory of homes and condominiums for sale at the end of November in Angwin is 9 homes. This compares to 10 homes in November 2018 and 13 homes last month.  There was one new sale in the month of November compared to three a year ago and one last month.  The average asking price of the 9 homes in inventory in Angwin is $1,501,000.

Mobile Homes in Napa County: The inventory of available mobile homes for sale in Napa County at the end of November is 44 homes.  This is essentially equal to the number of mobile homes available in November 2018 (43) and it is 10% below the number of available homes last month (49).  There were 8 new mobile home sales in November.  This is about the same as the pace of sales in November 2018 (10) and it is equal to the pace of sales last month.  There is a 5.5 months supply of inventory based on the current sales pace.  The average days on market of the 8 mobile homes closed in November was 113 days and the median price was $136,000.  This median price is slightly below the median price of $141,000 in November 2018.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of November stands at 291.  This is 21% below the inventory in November 2018 (366) and it is 4% below the inventory last month (303).  New sales (44) in Mendocino County in November were slightly ahead of the pace of November 2018 (43) and they were 30% below the pace last month (63).  There is a 6.6 months supply of inventory in Mendocino County based on the existing sales pace. The average Days on Market for homes sold in Mendocino County in November is 108 days.  For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The median price of the 67 homes closed in November in Mendocino County was $401,000.  This is 4% below the median price in November 2018 ($418,000).

Ukiah:  The inventory of homes and condominiums for sale at the end of November in Ukiah is 43 homes.  This is the lowest inventory in Ukiah in the past 18 months.  It is 32% below the level of November 2018 (63) and it is 14% below the inventory last month (50).  There were 16 new sales for the month of November.  This is 15% above the number of sales in November 2018 (14) and it is slightly below the sales last month (17).  There is a 2.7 months supply of inventory based on the current sales pace. The Days on Market for the 21 closings last month was 82 days.  The median price of the homes sold in Ukiah in the past year has ranged from 360,000 to $480,000. The median price was $415,000 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 13 homes.  This is 38% below the level of November 2018 (21) and it is equal to the inventory last month.  There was one new sale for the month of November.  This compares to 2 sales in November 2018 and two sales last month.  There is a 13 months supply of inventory based on the current sales pace. The Days on Market for the two closings last month was 71 days. The median price of the homes sold in Hopland/Talmage in the past year has ranged from 250,000 to $800,000. The median price was $550,000 for the homes that closed in November.

Redwood Valley and Calpella: The inventory of homes and condominiums for sale at the end of November in Redwood Valley and Calpella is 16 homes. This is 11% below the level of November 2018 (18) and it is slightly below the inventory last month.  There were 4 new sales for the month of November. This compares to 4 sales in November 2018 and 4 sales last month.  There is a 4 months supply of inventory based on the current sales pace. The Days on Market for the five closings last month was 59 days.  The median price of the homes sold in Redwood Valley/Calpella in the past year has ranged from $400,000 to $550,000. The median price was $510,000 for the homes that closed in November.

Marin County:  Marin County’s inventory (340 homes) is 15% below the 398 homes in November 2018 and it is 32% below the 496 homes in inventory last month. New sales (184) were up 16% from last year (159) and down 25% from last month (244).  This creates a 1.8 months supply.  The median price of the homes sold in Marin County in November was $1,050,000.  This is the same as it was a year ago.

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Wine Country Real Estate Trends in October 2019

Wine Country Real Estate Trends in October 2019

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

G stands for Growth.  To have increasing influence.  We have a commitment at BHGRE|WCG to grow not only our business, but to grow each of ourselves, owners, agents and staff, personally.

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

Better Homes and Gardens Real Estate |Wine Country Group enjoyed 55 closings in October 2019 compared to 38 last October and 55 last month. In October, we closed homes with a total value of $33.3 million compared to $20 million last year and $34.5 million last month.  The average selling price of the properties sold by the Wine Country Group in October was $606,000.  Last October our average selling price was $520,000.

BHGRE|WCG currently has 54 pending sales with a value of $32 million dollars. We have 91 active listings with a value of $77 million dollars.  Our average listing price is $846,000.

Wine Country Real Estate Trends for October 2019

Median prices appreciating again:  Throughout the region, median prices for single family homes and condominiums appreciated on a year over year basis comparing closings in October 2019 to October 2018.  This is a reversal to the year to date trend of decreasing median prices. It will be interesting to see where the year-end data lands.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of October stands at 1,129.  This is 3% below the inventory in October 2018 (1,198) and it is 9% below the inventory last month (1,129).  This is an expected seasonal decline.  New sales (432) in Sonoma County in October were 6% ahead of the pace of October 2018 (409) and they were 8% below the pace last month (468). There is a 2.6 months supply of inventory in Sonoma County based on the existing sales pace. The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 49 (Petaluma) to 131 (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 68 days.  The median price of 418 homes closed in October in Sonoma County was $649,000.  This is 5% ahead of the median price in October 2018 ($617,000).  Over the past three months, Sonoma County homes are selling at roughly 95% of 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 $1,400,000).  There has been a 28% decrease in the number of Luxury Homes closed (289) from 11/1/18 to 10/31/19 compared to 399 closings in the period 11/1/17 to 10/31/18.  Sales in the 11/1/17 to 10/31/18 period were influenced by fire survivors purchasing replacement homes after the 10/17 fires.  The inventory of luxury homes (270) is 37% ahead of the inventory in October 2018 (197 homes).  The pace of new sales (23) in October this year is 23% below the pace of a year ago (30) and it is 21% below the pace last month (29).  The Days on Market for Luxury Home closings was 82 days this October compared to 79 days a year ago. This compares to 68 Days on Market for all closed properties in the County in October. There is an 11.7 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.6 months supply in the overall Sonoma County market.  Over the past three months, Sonoma County Luxury Homes are selling at roughly 93% of original list price.

Cloverdale:  The inventory of homes and condominiums for sale (33) in Cloverdale at the end of October is 28% below the inventory in October of 2018 (46). It is 15% below the inventory of last month (39).  There were 13 new sales in Cloverdale in October.  This compares to 11 sales in October 2018 and 12 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 13 homes that closed in October was 93 days.

Coastal Sonoma:  There are 28 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 25 homes in inventory in October 2018 and 27 homes last month.  There were 6 new sales in October compared to 4 a year ago and 3 last month.  There is now a 5 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 5 homes that closed in October was 113 days.

Healdsburg Trends:  There are 116 homes and condominiums available for sale in Healdsburg at the end of the month.  It is 35% above the inventory in October 2018 (86) and it is 10% below the inventory last month (129).  New sales in October (23) were 53% ahead of the pace of sales in October 2018 (15) and they were 92% above the sales pace last month (12). The months of available inventory is now five months based on the current sales pace.  This is down from eleven months a month ago.  The Days on Market for the 15 homes that closed in October was 131 days.  This compares to 72 days a year ago.

Oakmont: There are 52 homes available in Oakmont at the end of October.  This is 16% higher than the inventory in October 2018 (45) and it is essentially equal to the inventory last month (53).  New sales (12) are 14% below the sales pace of a year ago (14) and 25% below the pace of last month (16).  There is a 4.3 months supply of inventory based on the current sales pace. The median price of the homes sold in Oakmont in the past year has ranged from the high-$500,000’s up to $800,000. The median price was $716,000 for the 18 homes that closed in October.  The Days on Market for the homes that closed in October was 93 days.

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of October (100) is 21% ahead of the inventory in October 2018 (83) and it is 7% below the inventory last month (107). There were 63 new sales for the month.  This is 31% ahead of the 48 sales in October 2018 and it is 7% below the 68 new sales last month. The Petaluma market currently has 1.6 months of available inventory based on the current sales pace.  This is the one of the lowest months of inventory for any of our markets in Wine Country.  The median price of the 65 homes that closed in October was $665,000. This is 11% below the median price last October ($750,000).  The Days on Market for the homes that closed in October was 49 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of October (55) is 10% below the inventory in October 2018 (61) and it is 24% below the inventory last month (72).   There were 43 new sales in Rohnert Park in October.  This is 16% ahead of the 37 sales in October 2018 and it is 30% ahead of the sales last month (33).  There is 1.3 months supply of inventory based on the current sales pace. The median price ($579,000) of the 22 homes and condominiums that closed in October is 8% ahead of the median price a year ago ($535,000). Days on Market for the homes that closed in October was 53 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) (77) is 12% above the level of October 2018 (69) and it is 15% below the inventory last month (91).  There were 21 new sales for the month of October. This is 17% ahead of the pace in October 2018 (18) and it is 30% below the pace last month (30).  There is a 3.7 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 the low $500,000s over the past year. The median was $519,000 for the 29 homes that closed in October.  The homes that closed in the Russian River in October went from listing to pending in 61 days.

Santa Rosa:  Thirty-five percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of October (390) is 17% below the inventory of a year ago (471) and it is 8% below the inventory last month (422). New sales in October (170) are about equal to the pace of last October (173) and they are 9% below the pace last month (187).  There is a 2.3 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 157 homes closed in October in Santa Rosa was $600,000 compared to $587,000 a year ago – a two percent increase.  The Days on Market for the homes that closed in October was 66 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of October in Sebastopol (63) is 11% below the level of October 2018 (71) and it is 15% below the inventory last month (74).  There were 19 new sales for the month of October.  This is 14% below the pace in October 2018 (22) and it is 32% below the pace last month (28).  There is a 3.3 months supply of inventory in Sebastopol based on the current sales pace. The 33 homes that closed in Sebastopol in October went from listing to pending in 73 days.

Sonoma Valley: The number of available homes and condominiums for sale (152) at the end of October in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 11% above the inventory last October (137) and it is slightly below the inventory of last month (156). There were 31 new sales for the month. This is 9% below the 34 sales in October 2018 and it is also 9% below the 34 sales last month.  There is a 4.9 months supply of inventory in Sonoma based on the current pace of sales. The average Days on Market for the 32 properties that closed in the Sonoma Valley in October is 65 days. Sixty-eight percent (104 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 42% of the new sales (13) in October were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of October starts at $2,900,000.  15 homes closed in the top quartile in the past twelve months compared to 25 in the twelve months prior to that. There are 38 homes available in this quartile in October 2019 compared to 35 a year ago and 38 last month. There was one new sale in the top quartile in October.  This results in a 38 months supply of inventory in this segment of the market based on the current sales pace.  The seven new high end sales in September was not replicated in October.  The closed “luxury” homes over the past year closed at a price of roughly $1,000 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of October equals 46 properties.  This is equal to the inventory in October 2018 and it is 6% below the 49 homes last month.  There were 28 new sales for the month. This is 17% ahead of the pace of sales in October 2018 (24) and it is 13% below the pace of last month (32).  There is a 1.6 months supply of inventory based on the current sales pace. The days on market for the 27 homes that closed in October in Windsor was 57 days. The median price ($665,000) of the homes closed in Windsor in October is 11% above the median price a year ago ($604,000).

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of October is 500 properties.  This is 4% below the number of lots in October 2018 (519) and it is 4% below the number of available lots last month (523). There were 43 new lot sales in October.  This is 6.5% below the pace of sales in October 2018 (46) and it is 7% below the pace of lot sales last month (46).  There is a 12 months supply of inventory based on the current sales pace.  The average days on market of the 40 lots closed in October was 127 days and the median price was $268,000 – 8% below the median price a year ago ($290,000).

Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of October is 103 homes.  This is 36% ahead of the number of mobile homes available in October 2018 (76) and it is slightly ahead of the number of available homes last month (99).  This is the highest level of inventory of Mobile Homes in Sonoma County in the past seven years.  There were 30 new mobile home sales in October.  This is 19% below the pace of sales in October 2018 (37) and it is 12% below the pace of sales last month (34).  There is a 3.4 months supply of inventory based on the current sales pace. The average days on market of the 33 mobile homes closed in October was 80 days and the median price was $130,000. This median price is 7% below the median price of $140,000 in October 2018.

Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of October (454) is 9% ahead of the inventory in October 2018 (417) and it is 7.5% below the inventory last month (491).  This is likely a start to the seasonal trend that typically reduces inventory through January of the coming year.  Nearly 50% of the inventory in Napa County (224 properties) is priced at $1,000,000 or above.  New sales (124) are 7% ahead of the pace of last year (116) and are 3% below the 128 sales last month.  There is a 3.7 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 90 days.  For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The median price of the 131 homes closed in October in Napa County ($730,000) is 11% ahead of the median price of a year ago ($655,000).  Over the past three months, Napa County homes are selling at roughly 91% 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 $2,300,000 in Napa County at this time.  The number of closings (67) of Luxury Homes (sales price in excess of $2,300,000) in Napa County for the period 11/1/18 to 10/31/19 compared to 65 closings in the period 11/1/17 to 10/31/18.  There are 114 luxury homes in inventory at the end of October 2019 compared to 95 at the end of October 2018.  There were only 4 new Luxury Home sales last month compared to 12 in September.  This results in a 28 months supply of available Luxury Homes based on the current sales pace compared to 3.7 months supply for the County as a whole.  Over the past three months, Napa County Luxury Homes are selling at roughly 85% of original list price.

American Canyon:  There are 15 available homes and condominiums in inventory at the end of October in American Canyon. This is 55% below the inventory a year ago (33) and it is 25% below the supply last month (20).  New sales (15) are 15% ahead of the pace of last year (13) and 50% ahead of the 10 sales last month.  There is just a one months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 49 days. The median price of the 13 homes that closed in American Canyon in October ($600,000) was 10% ahead of the median price of a year ago ($543,000). It’s a very tight market in American Canyon at present.

Napa:  Fifty-three percent of the inventory in Napa County is in the City of Napa.  There are 240 available homes and condominiums in inventory at the end of October in the City of Napa. This is 6% ahead of the supply at the end of October 2018 (226) and it is 5% below the inventory at the end of last month (252).  New sales (88) were 19% ahead of the pace of October 2018 (74) and they were 6% below the pace of last month (94). There is a 2.7 months supply of inventory based on the current sales pace. The Days on Market for the 93 closings last month was 83 days compared to 62 days in October 2018.  The median price of the homes that closed in the City of Napa in October was $739,000. This is 13% ahead of the median price of the homes closed in October 2018 ($652,000).

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 (156) is 23% higher than the level of 127 in October 2018 and it is 9% below the level last month (172). There were 18 new sales in the month compared to 24 a year ago and 19 last month.  There is now an 8.7 months supply of inventory based on the current sales pace.  The Days on Market for the 20 closings last month was 130 days.  Properties generally take longer to sell in the Up Valley than in the rest of Napa County.  Approximately 61% of the Luxury Market inventory (price in excess of $2,300,000) in Napa County is in the Up Valley Market (69 homes). There were six luxury home (price in excess of $2,300,000) closings in the Up Valley Market last month and three new luxury home sales.

Angwin:  The inventory of homes and condominiums for sale at the end of October in Angwin is 13 homes. This compares to 15 homes in October 2018 and 14 homes last month.  There were two new sales in the month of October compared to four a year ago and one last month. The average asking price of the 13 homes in inventory in Angwin is $1,426,000.

Mobile Homes in Napa County: The inventory of available mobile homes for sale in Napa County at the end of October is 49 homes.  This is essentially equal to the number of mobile homes available in October 2018 (50) and it is also equal to the number of available homes last month (49).  There were 10 new mobile home sales in October.  This is about the same as the pace of sales in October 2018 (11) and it is 38% below the pace of sales last month (16).  There is a 4.9 months supply of inventory based on the current sales pace. The average days on market of the 15 mobile homes closed in October was a whopping 175 days and the median price was $175,000.  This median price is 29% ahead of the median price of $135,000 in October 2018.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of October stands at 303.  This is 24% below the inventory in October 2018 (397) and it is 9% below the inventory last month (334).  New sales (66) in Mendocino County in October were 12% ahead of the pace of October 2018 (59) and they were 15% below the pace last month (78). There is a 4.6 months supply of inventory in Mendocino County based on the existing sales pace. The average Days on Market for homes sold in Mendocino County in October is 103 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 58 homes closed in October in Mendocino County was $411,000.  This is 3% below the median price in October 2018 ($425,000).

Ukiah:  The inventory of homes and condominiums for sale at the end of October in Ukiah is 38 homes.  This is the lowest inventory in Ukiah in the past 18 months.  It is 39% below the level of October 2018 (62) and it is 7% below the inventory last month (41).  There were 15 new sales for the month of October.  This is 17% below the number of sales in October 2018 (18) and it is 44% below the sales last month (27).  There is a 2.5 months supply of inventory based on the current sales pace. The Days on Market for the 18 closings last month was 81 days.  The median price of the homes sold in Ukiah in the past year has ranged from 360,000 to $480,000. The median price was $370,000 for the homes that closed in October.

Marin County:  Marin County’s inventory (496 homes) is essentially equal to the 498 homes in October 2018 and it is 14% below the 574 homes in inventory last month.  New sales (247) were up 6% from last year (233) and down slightly from last month (252) creating a 2.0 months supply.  The median price of the homes sold in Marin County in October was $1,250,000. This is 4% above the median price of $1,200,000 a year ago.

 

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