As the volume of buyers continue to outweigh sellers within our marketplace we will continue to find pressure on prices to rise as it becomes one of the primary catalysts for a property owner to determine if they are willing to become a seller, or not.
According to the most recent data collected by BAREIS MLS, a current overview of Sonoma County indicates an average sold price per-square-foot (psf) of $535 being paid for a single-family home – 28 percent greater than last year at this time. This new watermark is supported by broader metrics too, as the median sold price for a home has risen to $778,000 while the average price paid was reconfirmed at $1,008,000.
Topping our charts this month again finds the tony town of Sonoma - inclusive of the hamlets of Glen Ellen and Kenwood - raging ahead 84 percent more than just a year earlier, registering average sold values at $850psf while also laying claim to the title of priciest place to purchase a home within the borders of Sonoma County. Our rugged Coastal region followed with a 46 percent jolt to $682psf narrowly dismissing Healdsburg – America’s favorite small town - where buyers offered up $779psf for their new digs accounting for a 44 percent jump. Nipping at those heals, Sebastopol values surged 42 percent to $654psf.
Still in prominent form, Petaluma’s Westside accelerated 36 percent to close the month at $606psf while the Russian River region captured a 31 percent boost to $519psf. Touting sizable gains, Northwest Santa Rosa rose 21 percent to $420psf while Cotati and Rohnert Park climbed 20 percent to $431psf.
Continuing to register double digits, Southeast Santa Rosa ascended 18 percent to $465psf while Windsor took its bow collecting a 15 percent reward to close May at $433psf. Oakmont continued to pull itself out of the cellar as it rallied 14 percent to $399psf edging out Petaluma’s Eastside and Northeast Santa Rosa where prices climbed 11 percent to $474psf and $464psf, respectively.
Cloverdale laid claim to an eight percent rise while Southwest Santa Rosa gave back 12 percent to finish the month with closed sales averaging $398psf – keep in mind this was more truly associated to a greater proportion of larger square footage homes selling in the period.
In many cases we realize that more sellers would exist in this market if – and that is a big if – there was a desirable place for them to move. This Catch 22 type cycle explains why so many homes are selling quietly off the open market where sellers are typically awarded more generous terms as it relates to vacating their homes – in some case we have seen six and even twelve month rent backs allotted to sellers to entice them into completing a transaction. Get your savvy market intel by reaching out to us when it comes to solving your real estate needs.