Home Inventories Rise - Modestly
As inventory levels rise from their all-time low levels experienced last year, buyers are gaining confidence as they have a few more options to select from the dismal period we lived through in 2023.
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 $548 being paid for a single-family home – one percent less than last year at this time.
Within the 15 different sub-markets of Sonoma County, sales of single-family homes in Cloverdale dramatically outperformed the balance of our markets from just a year earlier with a 45 percent surge to $535psf outpacing Windsor’s marketplace which ascended 16 percent to $490psf. Cotati and Rohnert Park posted an 11 percent jump to $447psf while the Russian River region along with Northeast Santa Rosa catapulted eight percent higher to $537psf and $543psf, respectively. Oakmont captured another six percent to close the month at $453psf while Petaluma’s Eastside move ahead three percent to $515psf from this same time last year.
Playing through at Par from March of 2023, Southeast Santa Rosa closed out the period with sales at $497psf while Petaluma’s Westside shed one percent as homes wrapped up the month at $684psf. Sebastopol surrendered six percent from a year earlier to land at $568psf with Southwest Santa Rosa falling further afield at $424psf – off nine percent.
A decades long tourist favorite, the Town of Sonoma, inclusive of the broader valley hamlets of Glen Ellen and Kenwood, lost 11 percent to close the period at $716psf while Healdsburg slashed 34 percent off last years level as homes sold at $646psf. The cellar dweller award goes to our beautifully rugged Coastal region where sold values crossed the finish line at 37 percent less than a year ago at $599psf.
Typically, the most homes sold in any given year will most likely happen again between now and the end of July. If you are not ready for this then get there promptly or consider waiting to sell until February – especially with distractions of the upcoming Presidential election.
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