Marketplace Has Recaptured Most of Last Years Value Reductions
Our markets have been making a choppy climb out of the depths of last year that witnessed our median sale price fall nine percent over the final seven months of 2022. The renewed vigorous
demands of buyers along with lackluster contributions from property owners has driven us back to within two percent of our regions all-time high median price of $869,000.
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 $580 being paid for a single-family home – one percent less than last year at this time – corroborating the improvements in property value echoed by other metrics. The retrenchment in value is iterated by the median price registering $850,000 by month’s end.
Within the 15 different sub-markets of Sonoma County, Healdsburg surpassed all market gainers with a 39 percent surge to $1068psf out dueling its neighbor to the South, Windsor, which soared 10 percent – on extremely lite volume - to $540psf for the top spot as April closed out. Northwest Santa Rosa claimed a seven percent advance registering average sold values for a single-family home at $521psf while across the 101, Northeast Santa Rosa captured a two percent rise to $516psf.
Staying this side of positive, Sebastopol along with Southeast Santa Rosa rang the bell with a one percent move to $688psf and $478psf, respectively, while the Russian River region was treading water at $612psf.
With the shadow of regression still afoot though lessening, Oakmont ceded two percent with final sold prices for April at $437psf trailed closely by Petaluma’s Westside where three percent was sliced off last year’s values to close at $668psf. Nipping at its heals were both our vaunted Sonoma Coast along with the coalesced submarkets of Cotati and Rohnert Park where buyers paid four percent less as the average sale settled at $838psf and $435psf, respectively.
Retrenching further, Petaluma’s Eastside slipped 10 percent to $446psf while the tony town of Sonoma – inclusive of the Kenwood and Glen Ellen – tumbled 12 percent to $774psf. Southwest Santa Rosa saw a 20 percent collapse with closing values at $414psf by the month’s end. The leader - in the wrong direction for the period - was little Cloverdale on typically light volume though still registering a retreat of 39 percent to close April at $345psf.
Supply chain shortage? You bet. That is our most significant issue both here and around the state and nation aside from a few overbuilt marketplaces. Thus, if you are searching for your new dwelling, just know it may take longer and may cost more moving forward.
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