Steady As She Goes

Steady As She Goes

As interest rates have more than doubled in the last 18 months our markets surprisingly continued to rally back and recapture the values conceded in the last half of 2022, and by this
summer, have essentially surpassed their prior all-time highs once again.

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 $570 being paid for a single-family
home – five percent greater than last year at this time – corroborating the improvements in property value echoed by other metrics. The retrenchment in value is iterated by the median
price still holding at $850,000 by month’s end.

Within the 15 different sub-markets of Sonoma County, sales of single-family homes in Southeast Santa Rosa beat out all market gainers with a 29 percent surge to $548psf surpassing
America’s favorite small town, Healdsburg, which soared 21 percent to $890psf – also reclaiming title to being the most expensive region within Sonoma County once again. Oakmont
claimed a 14 percent advance registering average sold values for at $481psf while its neighbor to the South, Windsor, captured an 11 percent rise to $502psf.

Southwest Santa Rosa notched a nine percent upward move with sold values at $484psf while the coalesced markets of Cotati and Rohnert Park ascended eight percent to $450psf.
Northeast Santa Rosa cruised forward six percent to $498psf with Sebastopol right behind it eking out a two percent improvement to $655psf.

Treading water where it was a year earlier, our stunning Coastal communities weighed in at $808psf while the tony town of Sonoma slipped three percent to $730psf. The Russian River
region ceded four percent to close the period at $527psf while Northwest Santa Rosa witnessed deals closing about five percent less at $444psf.

Retrenching further, Petaluma’s Westside and Eastside both slipped seven percent to $639psf and $476psf, respectively, while this month’s cellar captive was Cloverdale relinquishing 15
percent as sold homes crossed the finish line at $356psf.

Even with the Federal Reserve’s relentless pursuit to push the cost of borrowing higher, Sonoma County’s real estate markets for the most part found a steady rhythm of sales to
compliment intense demands from buyers while even highlighting a few upside surprises in some of the niche’ submarkets; and, with a seemingly non-existent, all-time low-flow of new
inventory the markets likely next move will be higher especially when we see relief from where interest rates have risen too.