Like most in our country, we had a quiet and small Thanksgiving celebration this year and, likely as many of you are noticing, what is left behind is a much smaller supply of turkey and trimmings to enjoy over the ensuing days. Such is the case within our real estate marketplace as well, much less to pick from as we roll into winter.
According to data collected by BAREIS MLS, a current overview of Sonoma County indicates an average sold price per-square-foot (psf) of $472 for a single-family home – six percent greater than last year coupled with a median property value now at $725,000 – an all-time record high.
Deurbanization, the story of 2020 in the real estate marketplace, continues with the election behind us and wildfires abated. With a vaccine on the horizon people have still decided to continue to forge ahead on a path of locating their homes in less populous areas – read, away from mega cities – in pursuit of more interior space and exterior amenities, especially since their employers have seen productivity remain steady during this pandemic.
Topping our charts this month is Cloverdale which received a 47 percent boost from last year as average sold values hit $513psf – due primarily to one standout sale ringing the register at $1,728psf. Steeping in right behind is our fabled Coastline which experienced a 26 percent jump to $600psf while Petaluma’s Westside ascended 24 percent to $575psf. Our region’s most active marketplace, Northeast Santa Rosa, jumped 10 percent bringing prices paid to $436psf.
Touting a nine percent rise, Petaluma’s Eastside closed October at $413psf while in a three-way tie - climbing seven percent - were Sebastopol, the Russian River and Southeast Santa Rosa marketplaces where sale prices wrapped up the period at $561psf, $441psf and $417psf, respectively.
Staying just this side of positive, Windsor and Southwest Santa Rosa both posted two percent increases to $389psf and $362psf, respectively, while Healdsburg nudged one percent higher to close October at $647psf.
Playing at par, Cotati and Rohnert Park reported values at $348psf while Northwest Santa Rosa – even with multiple offers being essentially the rule – conceded three percent to end the month at $385psf.
Slightly further afield was Oakmont slipping five percent to $377psf while deepest in the cellar honors for this reporting period go to the tony town of Sonoma – inclusive of the chic hamlets of Glen Ellen and Kenwood – where values fell eight percent to $667psf, still not too shabby as this region recorded the highest value per square foot again this month.
As we witnessed a condensed pause in activity this summer - unlike all previous ones - we anticipate a similar December and January where the slumbering will be much less and the demands and subsequent activities will be greater than those experienced over the last three decades that we have been serving our clientele. Someone please get me a double espresso shot!
