More Inventory + More Sales
A welcomed relief from the 30-year lows we hit last year regarding the available stock of homes for sale, though with it, more buyers are showing up as well.
Within the metropolis of Santa Rosa, according to BAREIS MLS, April’s data points to a marketplace continuing with a steady seasonal demand level with 249 single-family homes remaining for sale in the city and its environs – 58 percent greater than this same time last year and a solid bounce from where inventory levels have stood. Home seekers laid claim to 136 single-family homes during the past month – just one more than last year at this same time - while the entire municipality introduced 151 new listings to the market during this period – 10 percent less than in 2023. The most recent period also found Seller’s handing over keys on another 128 completed sales – 14 percent ahead of the 112 dwellings that traded hands twelve months prior.
Santa Rosa recorded a Months’ Supply of Inventory (MSI) level of 1.9 – continuing to affirm that sellers are exerting more influence on the marketplace than buyers. 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 most active submarket - saw the introduction of 64 single-family homes in April – five percent fewer than this same period a year ago. The supply of homes was met with steady demand as there were 117 dwellings for house hunters to consider by months end – 46 percent more than during the same period last year. Buyers managed to absorb 49 homes into new contracts – 44 percent ahead of last year - with sellers receiving closing checks on another 51 properties – 46 percent greater than in 2023 with these number culminating in a MSI of 2.3, exactly where it was a year earlier. Keep in mind that in this sector some of the new listings posted are offerings for homes under construction, which adds some unrealistic bulk to what is really available to purchase now, unlike most other sub-markets throughout the County.
Southeast Santa Rosa saw the supply of listed properties rest at 46 when May opened – 59 percent more than just a year earlier. This submarket debuted 27 new listings in April – 21 percent behind last year’s figures - while buyers garnered accepted offers on 22 additional dwellings – 27 percent fewer than a year earlier. This coveted corner of the city experienced 19 formal transfers in the period resulting in MSI rising further to 2.4.
Busier than everywhere else in our region, Oakmont has been experiencing exceptional demand from buyers and seeing sellers respond with greater offerings as 17 new listings made their debut in April. Buyers jumped in and grabbed 14 new deals while sellers closed out 22 sales leaving this region with 26 available homes for buyers to pursue in May and holding MSI at 1.2.
Northwest Santa Rosa saw buyers advance to control 26 more deals while leaving 38 single-family homes available for sale at the beginning of May. Sellers committed 30 new offerings to the market in the period while 21 more homes crossed the finish line leaving this regions MSI at 1.8.
Southwest Santa Rosa experienced robust activity this past month as consumers placed 25 dwellings into contract during the period just as sellers handed over the keys to 15 newly minted homeowners. With 22 abodes available for buyers to view in May this market is staring down a MSI of 1.5 – continuing to hold sellers in the driver seat.
With the Federal Reserve signaling more clearly that interest rate hikes are in the rearview mirror and as the months go by they will be taking a more doveish look at the economy to determine when, and at what degree, they will allow interest rates to abate and become more consumer friendly thus forecasting a “soft-landing” scenario - this will surely impact the overall marketplace and pull more buyers into play. For your inside look at how this market affects you just reach out – I got you there!
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