Home…Essential to Each of Us
As Dorothy said in The Wizard of Oz, “There’s no place like home!” We can all acknowledge the overwhelming feeling we have when considering the place’s we dwell within. It is our shelter, our place of solitude, where we make a lifetime of memories along with decisions that impact the rest of our lives and of those around us. For these reasons - and so many more - this is why a home is so valuable to each of us.
According to BAREIS MLS, Sonoma County had exactly 232 single-family homes left for sale at January’s conclusion – 50 percent fewer than this same period last year and another new historic inventory low. Sellers delivered just 128 new listings to the market during the month – 49 percent less than in 2021 - and, if this trend continues, sales will have no choice but to fall as inventories continue to be depleted and options are drying up for purchasing. This January, buyers gained control of another 281 new deals – 25 percent off from a year earlier though due only to available inventory being half of what it was last year at this time. In support of these metrics, completed sales tipped the scales at 242 this last month – 23 percent fewer than the prior year - due to the lack of sellers participating in the marketplace.
The continued pace of the markets can be measured by the months’ supply of inventory (MSI) and, with vastly growing demands from buyers in our region along with extremely attractive interest rates driving our markets, the data shows MSI now at 1.0 as of last month. This display of liquidity and activity is among the highest in the seven Bay Area counties we track and, in part, due to the native demands of households, unique to our region, who are still replacing the 6000 plus homes they lost in the Tubbs, Nuns, Kincade, Glass and Wallbridge Fire calamities.
MSI is the metric that indicates the number of months it would take to sell the current inventory at the current rate of sales. An MSI ranging from 4.0 to 6.0 is indicative of a balanced market, with lower numbers increasingly favoring sellers and vice versa.
Getting down to the details in the town of Sonoma, which submarket includes the hamlets of Kenwood and Glen Ellen, there were 26 homes reported for sale as January ended – 47 percent less than this same period a year ago. This region experienced the addition of 13 new listings during the period – 66 percent fewer than last year - while buyers garnered accepted contracts on 20 more properties. Sellers in the valley awarded keys to another 25 new homeowners – the same as last year - steadying the MSI at 1.0.
Healdsburg witnessed just 12 new listings arrive to the market last month – 63 percent fewer than in 2021. Buyers absorbed 16 homes in new deals while sellers closed out another 16 transactions leaving this submarket with 29 homes for presentation to buyers in February, along with an MSI of 1.8.
Petaluma’s Westside attracted 11 new sellers in January which allowed available inventory to begin the new month with 11 homes for buyers to select from. Home seekers grabbed 15 new deals in the period while sellers closed out 10 purchases pushing the MSI to 1.1.
In West County, Sebastopol’s supply of inventory is still being measured in weeks not months. January wrapped up with merely 11 available homes for buyers to consider – 65 percent less than last year and this is inclusive of the 13 additional offerings unveiled during the period. Home shoppers placed 17 more dwellings into contract while sellers also completed 13 sales. With an MSI of 0.8 – equal to a three-week supply of homes available – continue to expect values to rise to encourage more sellers into the market.
Windsor property owners delivered just nine new listings in the first month of 2022 - falling significantly short of demand as buyers captured another 13 deals during the period. Sellers closed out 12 more sales leaving nine single-family homes available for buyers to peruse in February while highlighting an MSI now at 0.8.
Our personal mission is to help everyone find their place in this world…Seemingly, a mission without end these days, though one never to give up on either. Finding each soul a place that brings them joy and serenity is a mission we do not take lightly and feel privileged that we are called upon to do so. Now, where do you want to live?
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