Summer Markets Checked Out
The most unusual summer we have seen in 32 years in relation to seller and buyer activity is finally coming to an end.
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 $555 being paid for a single-family home – five percent greater than last year at this time, though less than the preceding two months. This climb in values is supported by broader metrics too, as the median sold price for a home has risen to $820,000 while the average price paid was confirmed at $1,026,000.
Within the sub-markets of Sonoma County, Northeast Santa Rosa laid claim to the greatest advance year-over-year as it surged ahead 26 percent registering an average sold value for a single-family home at $586psf, narrowly beating out our senior haven – Oakmont – where prices climbed 22 percent to $466psf.
Still touting double digit gains, Petaluma’s Westside captured a 16 percent jump to $692psf while the tony town of Sonoma rallied 15 percent to $804psf. Nipping at their heals, Petaluma’s Eastside caught a 14 percent tailwind from a year earlier to settle at $527psf. Accelerating 10 percent was Southeast Santa Rosa reporting closing values at $515psf while, staying just this side of neutral, the Sonoma Coast managed a two percent improvement to $841psf – recapturing the title of most expensive living space in relation to this metric within The County.
Holding values at par from last summer, both Northwest Santa Rosa along with Cotati and Rohnert Park wrapping up the period at $447psf and $418psf, respectively. Windsor relinquished two percent to close the month at $456psf while Sebastopol gave back five percent with sales tipping the scales at $663psf.
Southwest Santa Rosa conceded six percent from where it was in 2021 with sales settling out at $424psf while the Russian River region trimmed 10 percent off with the average escrow concluding at $485psf.
In the cellar this month, the tourist haven of Healdsburg saw closings retreat to $552psf, 24 percent less than a year ago while Cloverdale felt the market shift 33 percent as sales crossed the finish line at $334psf.
We expect another month of data coming at us this next week which should reveal very similar findings as noted above…though the beat of the market is shifting again to more robust activity as the “Great American Summer” comes to a close and activity finds its’ new cadence. Lock-in your future today by harnessing it to a leading source in your market that will deliver the truth you need and the results you want.
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