Moving Past Last Year’s Slip in Values
It appears, that since our markets have relinquished nine percent on average from the highs of May 2022, that there is renewed enthusiasm from buyers who now look at interest rates hovering in a tight range along with a downward bias as a sign to get on with making their purchases now.
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 $540 being paid for a single-family home – two percent greater than last year at this time though eight percent below the all-time peak noted just this past May - indicating a slippage in property values already echoed by other metrics. The fall in value is iterated by the median price registering $790,000 at month’s end – nine percent below the peak we experienced last May while hinting at a trough that the market may build back upon.
Within the 15 different sub-markets of Sonoma County, Southeast Santa Rosa stunned broader markets with its’ 40 percent surge to $633psf out jousting our vaunted Coastal region which soared 36 percent to $996psf for the top spot as December closed out. Oakmont laid claim to a 16 percent advance registering average sold values for a single-family home of $456psf while Northeast Santa Rosa punctuated the period with an eight percent rise to $500psf.
Making a six percent move upwards, Sebastopol wrapped up the year with homes crossing the finish line at $600psf narrowly out maneuvering Windsor where values rose five percent to $447psf. Staying just this side of positive, Petaluma’s Eastside improved three percent to $483psf while Northwest Santa Rosa added two percent with prices tabulating at $426psf. Treading water, Southwest Santa Rosa was flat at $448psf.
Retrenching past last year’s values, Healdsburg ceded two percent to close the period at $841psf while Cotati and Rohnert Park slipped six percent to $409psf. The Russian River region surrendered 11 percent to close December at $419psf while the tony town of Sonoma – inclusive of Glen Ellen and Kenwood - coughed-up 15 percent to close sales out in 2022 at $691psf. In the cellar this month was Cloverdale where prices retreated 27 percent to $357psf.
As markets in general are operating at their lightest volumes ever recorded it makes for bigger swings in monthly data metrics like those noted above. We expect to see a base establishing over the next few months that affirms we are bouncing off the near-term bottom thereby denoting a shift from the trend that closed out last year. Reach out to get the inside scoop now.
Stay up to date on the latest real estate trends.