Sellers Go Dormant
As if we had not already been experiencing a market woefully lacking new sellers, now we roll into the typical seasonal lows that we have seen every year since this metric has been measured. What fruit will the winter hibernation bare come February? Will prices accelerate even more than the previous year to entice property owners into becoming sellers?
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 $515 being paid for a single-family home – nine 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 $750,000 while the average price paid was reconfirmed at $935,000.
Within the sub-markets of Sonoma County our rugged Pacific Coastline has continued to blaze a trail 34 percent ahead of where it was just twelve months earlier, registering average sold values at $812psf outpacing the gains realized in the tony town of Sonoma where prices on a per square foot level jumped 24 percent to $818psf while also capturing claim to being the priciest market within our borders. Tracking closely behind with a 21 percent jump was the Russian River region where closed sales averaged $544psf.
Still reporting double-digit gains, Windsor sales wrapped up the period at $454psf – a 17 percent bounce - narrowly dismissing the 16 percent ascension of Northwest Santa Rosa where dwellings averaged $442psf. Rounding out this tier of successes, Petaluma’s Eastside along with the Cotati and Rohnert Park markets touted 12 percent moves to $464psf and $389psf, respectively.
Just off that pace, Sebastopol raked in a nine percent gain to $609psf while Healdsburg added eight percent to the previous year to close the month at $680psf. Northeast Santa Rosa felt values climb six percent to $465psf while both Southeast Santa Rosa and Oakmont heralded in four percent increases to $433psf and $395psf, respectively. Southwest Santa Rosa eked out a two percent bump from a year earlier with sales ringing the register at $388psf.
Petaluma’s Westside gave back a modest three percent to $571psf while Cloverdale was clobbered 41 percent due to very strong comparison sales from the previous year as closing values hit $362psf – keep in mind that micro markets like this are impacted by a lower volume of sales which can exacerbate moves in either direction percentagewise.
The key for most sellers when they weigh whether to sell or not is knowing what their next step is or where their next home will be. The Catch-22 of it all is that most will avoid coming to market until they know this answer…which is why we see such a high percentage of “off-market” deals taking place as those typically create more favorable winds for a seller to say yes to as they provide more gracious timing and terms. Do you want to know how to take advantage of this to affect the results you want? That’s what we can do for you.
