A Summer of Distractions
As we work to claw our way out from the restrictive years of the pandemic, people are seeking to make this summer one to remember by trying to fit in long lost leisure and travel experiences to remind themselves that life is worth living and to not take it for granted.
According to the most recent data collected by Compass, a current overview of Sonoma County shows an average sold price per-square-foot (psf) of $652 being paid for a single-family home – seven percent greater than last year at this time. This climb in values is supported by broader metrics too, as the median sold price for a home has risen to $863,000 while the average price paid was confirmed at $1,120,000.
Within the sub-markets of Sonoma County, our venerable Coastal region conquered all gainers as it surged ahead 38 percent from just twelve months earlier registering an average sold value for a single-family home at $904psf. Nipping at its heels was Windsor with prices climbing 36 percent to $589psf while Southwest Santa Rosa captured a 27 percent jump to $505psf. Accelerating 19 percent was Southeast Santa Rosa reporting closing values at $546psf while Northwest Santa Rosa and Oakmont rallied 17 percent to $488psf and $467psf, respectively.
Experiencing robust activity, Sebastopol accumulated a 12 percent gain wrapping up the period at $732psf while Petaluma’s Eastside joined the party with a 10 percent spike to $525psf. The Russian River region along with Cloverdale rang the bell with eight percent escalations as the average property crossed the finish line at $568psf and $463psf, respectively. Trailing behind with a seven percent jump over just a year earlier was Petaluma’s Westside at $642psf while Northeast Santa Rosa managed to record a five percent improvement to $487psf.
In the cellar this month, the tourist haven of Sonoma gave back eight percent from a year earlier to close at $779psf while Healdsburg saw closing values 16 percent behind as the average home sold for $687psf in May.
Historically our markets exhibit a phenomenon we refer to as the “Summer pause.” This typically refers to the month of August, whereby by we all try to fit in our last dose of summer to experience time with family and friends engaging in activities that fill our souls with joy. Having been essentially forbidden to do so through the pandemic years, many are extending this pause to include a broader swath of time, and this is being exhibited in buyer behaviors throughout the region and various niches of the marketplace. So, if you are an active buyer now, you may find yourself more comfortable with the pace of the markets and ability to secure your next home – time to get it done!
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