The most sought product line in real estate in our region these days is still the newly constructed home. With so many channels of medium dangling the newest architectural styles and finishes in front of us -plus the updated building code requirements of constructing homes to a more resilient standard – consumers are preferring the attributes of new homes over older resale homes built prior to 2018.
Today’s hottest dwellings come in so many different sizes with respect to not only the home itself but the lot dimensions and location as well. You will find an array of finishes and features from basic to unabashedly artsy and each property value is heavily influenced by the type of view or usability and privacy associated with the parcel it occupies.
According to BAREIS MLS, over the course of the last twelve months, we have seen 214 newly built single-family homes sold in Sonoma County with an average living area of 2612 square feet - typically consisting of 4 bedrooms and 3 baths - translating to a value of $532 per square foot (psf), furthermore pegging the average price paid in Sonoma County for new construction at $1,455,200. The marketing periods for properly priced product has hovered around 65 days – though some of this time is typically attributed to construction still being in the waning phase of completion.
More specifically, when we consider the markets as segments the numbers get more meaningful as with properties trading under $2 million there have been 177 sales over the last year with the average abode bearing 2238 square feet – commonly configured as 4 bedrooms and 3 baths - representing a value proposition of $451psf along with an average price paid of $999,804. These homes are usually situated on lot sizes that range from 3,000 – 12,000 square feet and have been exhibiting marketing periods of 59 days.
Turning our attention to the upper end of our marketplace, there have been 37 sales of newly constructed homes since January 2022. The living areas within this class of properties averaged 4164 square feet – usually offering 4 bedrooms and 4 full baths – highlighting a valuation of $912psf along with an average price paid of $3,575,882 and with the underlying dirt ranging in mass from .25 acre – 24 acres. With some of the more unique finishes and rhythms of delivery varying, this segment of new dwellings in Sonoma County has experienced marketing times averaging 89 days before handing over the keys to the ultimate buyer.
As these beautiful and more highly efficient homes are finished, we are seeing buyers asking for more and putting up the dollars to match their sense in electing to move forward on securing a preferred future for where and how they choose to live. New homes do not arrive everyday though we have a great handle on the frequency and locale of each ahead of their debut. So, when you are determined to find just the right brand-new home, we have insight and access to what is coming soon that will give you the leg up on the competition and get you home now!
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