Another Rung Up the Ladder
Even with talk of the Endemic being closer we are still seeing recurring favor for suburban locales over urban marketplaces. The forces we are seeing at play on the street currently will become strong data points months from now.
According to the most recent data collected by BAREIS MLS, a current overview of Sonoma County shows an average sold price per-square-foot (psf) of $522 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 $799,000 while the average price paid was confirmed at $1,026,000.
Within the sub-markets of Sonoma County, Petaluma’s Westside and Southeast Santa Rosa – two of the regions most prized segments - surged ahead 28 percent from just twelve months earlier registering average sold values of $631psf and $522psf, respectively. Experiencing robust activity, the Cotati and Rohnert Park markets jumped 19 percent to close out the period at $442psf while Northwest Santa Rosa climbed 17 percent to $452psf. Sebastopol accelerated 16 percent to $487psf with Oakmont adding 11 percent as the average sale closed at $409psf.
Recording 10 percent gains, Northeast Santa Rosa along with Southwest Santa Rosa wrapped up January at $465psf and $403psf, respectively. Still recording the highest average price per square foot in Sonoma County, Healdsburg heralded in a nine percent gain to $832psf while the tony town of Sonoma, inclusive of the villages of Glen Ellen and Kenwood, saw sold prices increase three percent from a year ago to $684psf.
Giving a little something back – though attributed to a very slim level of transactions – Windsor lost eight percent with the average closing posting at $468psf. Petaluma’s Eastside fell 10 percent to $472psf while the Russian River region conceded 16 percent to end the month at $429psf.
In the cellar this month, our stunning Coastal market stepped off 25 percent to $616psf with Cloverdale collapsing 31 percent from last year at this time to $341psf – both markets registered minimal sales thereby wholly contributing to the dramatic change which we expect to bounce back once inventory reappears to allow for broader sales figures.
With buyers greeting new sellers with enthusiasm, we are likely to see significant metrics unveiled in the months to come. So how are you going to get what you want? You need professional guidance by a real fiduciary – you need a Realtor!
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