Sonoma County real estate markets rode waves of activity to date this year as the supply of inventory year-over-year dropped each month while interest rates made our real estate markets look more friendly to those completing their purchases than over the prior two years. We do know this, housing markets behave differently everywhere, which is why we always say real estate is a very local game - heavily influenced by each micro-economy.
According to data collected by BAREIS MLS, a current overview of Sonoma County indicates an average sold price per-square-foot (psf) of $429 for a single-family home – slightly off the all-time peak. That, coupled with a median property value bouncing around each month between $615,000 to $715,000, is indicative of a market working to make new highs as will be demonstrated in the following months as more brand new homes in the upper end of the market get delivered to new owners and pull this weighted value higher.
As our region works to push through prior high’s we see a mixed bag of results from this same time last year with Northeast Santa Rosa leading the charge - and gaining momentum – delivering a strong 13 percent jump as values rose to $429psf. With a gain of five percent, the Sonoma Coast saw prices swell to $514psf. Followed closely by Sebastopol where a four percent rise pushed this market to $504psf. Remaining just this side of positive, Northwest Santa Rosa rose two percent to $363psf.
Tapping the brakes and slipping one percent found Oakmont at $391psf while competition was fierce for this next position where several separate regions coughed up four percent as Southwest Santa Rosa displayed a value of $354psf, the coalesced markets of Cotati & Rohnert Park slipped to $366psf, Windsor fell to $387psf and Petaluma’s Eastside declined to $399psf.
Southeast Santa Rosa felt a nip and tuck pull it five percent lower in November to $376psf while the Westside of Petaluma slid six percent to close the period at $479psf. Sloughing off 10 percent was the tony town of Sonoma where values found buyers at $598psf – currently Sonoma County’s priciest submarket.
Now with winter upon us sellers found themselves retreating to meet buyers at $380psf in the Russian River region while Healdsburg was easily the cellar dweller this month as prices paid for the period reflected a 24 percent collapse from the prior November to $571psf.
Real estate around the globe is always in flux. While some markets – countries, states and even regions – may be experiencing a bountiful rise, others – at the same time – can be having complete chaos. Listening to too much talk outside your region or relying on global predictions as to the status of the real estate markets waters down your own local truth. Wherever you own real estate is where you really need to tune in to better understand the heartbeat of the marketplace.