Inventory of Available Homes Rises, As Expected
Property owners have been working to prepare homes for the market to take advantage of the Spring selling season and when our weather starts to abate, we expect to see a greater demand from buyers follow through to capture these offerings.
Within the metropolis of Santa Rosa, according to BAREIS MLS, February’s data points indicate a marketplace functioning in cadence with historical norms. Sellers debuted 85 new single-family homes – 25% fewer than last year and, rarely seen, 100% less than the offerings presented just the month before in January within the greater Santa Rosa metro region. Home seekers laid claim to 96 dwellings in February – on par with last year at this same time – while sellers handed over keys on 82 completed sales – also the same amount as it was a year earlier.
Santa Rosa recorded a Months’ Supply of Inventory (MSI) level of 3.1 – keeping a similar rhythm to last month. 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.
Northeast Santa Rosa – the North Bay’s broadest submarket - saw the introduction of 34 new single-family homes last month – 26% fewer than this same period a year ago. The supply of homes was met with weaker demand than last year at this time as there were 92 dwellings for house hunters to consider as March opened up. Buyers managed to absorb 33 homes into new contracts – 18% behind last year - with sellers receiving closing checks on another 30 properties – 12% less than a year earlier, highlighting an MSI of 3.1. Keep in mind that in this submarket some of the new listings posted are offerings for homes under construction, which adds some unrealistic carryover inventory to what is actually available to purchase now, unlike most other sub-markets throughout Sonoma County.
Southeast Santa Rosa saw the supply of listed properties rest at 37 as March got underway – 85% greater than just a year earlier. This submarket saw the launch of 14 new listings in January – the same as in 2024 - while buyers garnered accepted offers on 16 additional dwellings – also the same as pending contracts a year ago. Sellers successfully wrapped up 16 closings in the period resulting in MSI of 2.6.
Oakmont, which has experienced exacerbated demands from buyers steadily throughout last year, found sellers coming to the table with 11 new offerings in February – 45% fewer than last year. Buyers contracted to purchase 11 homes – 15% less than a year earlier - while property owners received closing checks on nine sales leaving this region with 24 available homes for buyers to pursue in March along with an MSI recalibrated to 2.7 – clipping the single month spike seen in January in half.
Northwest Santa Rosa saw buyers advance to control 20 more deals while leaving 67 single-family homes available for sale at the beginning of March. Sellers committed merely 18 new offerings to the market – 65% less than just the month prior though on par with last year at this time - while 18 additional homes crossed the finish line, causing MSI to rise to 3.7.
Southwest Santa Rosa’s activity kept moving along as consumers placed 16 properties into contract during the period while sellers handed over the keys to 11 new homeowners - leaving 34 homes for buyers, once again. to view at the outset of this month along with an MSI of 3.1.
The prior months spike in supply - which was out character - can be attributed to many sellers that had pulled their homes off the market at the end of last year to redress, reprice and reintroduce in the new year. With that surge out of the way, we may now see if there is a rise in first-time inventory introductions over last year or will we witness a market that tightens up once more with a scarcity of homes to select from?
Photo by Thirdman : https://www.pexels.com
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