As we roll into Fall, we must reflect on the preceding year and take note of incredible moves in our real estate marketplace while still being aware that commodity prices never track straight up without catching their collective ballast.
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 $528 being paid for a single-family home – 10 percent greater than last year at this time. This climb in values is supported by broader metrics too, as the median sold price for a home has risen to $769,000 while the average price paid was reconfirmed at $992,000.
With autumn upon us this month, Our fabled Sonoma Coast has blazed a trail 61 percent ahead of where it was just twelve month earlier, registering average sold values at $817psf barely dismissing the gains realized in the Russian River region where prices on a per square foot level jumped 53 percent to $578psf. Windsor experienced a hardy 27 percent jolt to close the period at $476psf with Healdsburg nipping at its heels touting a 22 percent rise to $830psf. Not to be outdone, Petaluma’s Westside clinged to a 21 percent rise as this market hit $628psf.
In a three-way tie, Northeast and Northwest Santa Rosa along with Cloverdale all caught a 13 percent increase to close August at $469psf, $451psf and $450psf, respectively. Still in double digits, Petaluma’s Eastside followed suit with a 10 percent increase as registered values on closings rang the bell at $477psf.
Cotati and Rohnert Park felt a seven percent surge to $407psf while Southwest Santa Rosa settled for a six percent climb to $429psf. Grabbing an additional four percent, Southeast Santa Rosa wrapped up the period at $431psf while both Sebastopol and Oakmont nudged along with two percent gains to $578psf and $395psf, respectively.
After setting records over the preceding year, the tony town of Sonoma along with Kenwood and Glen Ellen gave back an average of six percent in August as values on sold properties closed out the month at $746psf.
We expect the market to continue to shed existing inventory while also seeing fewer seller’s debut their properties as we propel through the end of the year whereby an expectation for a tighter market for sourcing a new home will ensue in January.
