The most sought product line in real estate in our region these days is the newly constructed home. As our markets deal with a new set of normal conditions – pandemic, power outages, wildfires and requirements for a hardier housing stock meant to evolve with our climate - many are turning towards the future and placing greater value on newly designed homes that will help them live more comfortably and with less anxiety while taking on the challenges of our times.
New houses come in so many different sizes with respect to not only the home itself but the lot dimensions and location as well. You will find an array of finishes and features from basic to unabashedly artsy and each property value is heavily influenced by the type of view or usability and privacy associated with the parcel it occupies.
According to BAREIS MLS, over the course of the last twelve months, we have seen 344 newly built single-family homes sold in Sonoma County with an average living area of 2159 square feet - typically consisting of 4 bedrooms and 3 baths - translating to a value of $431 per square foot (psf), furthermore pegging the average price paid in Sonoma County for new construction at $1,028,924. The marketing periods for properly priced product has hovered around 78 days – though some of this time is typically attributed to construction still being in the waning phase of completion.
More specifically, when we consider the markets as segments the numbers get more meaningful as with properties trading under $1 million there have been 268 sales over the last year with the average abode bearing 1873 square feet – commonly configured as 3 bedrooms and 2.5 baths - representing a value proposition of $373psf along with an average price paid of $681,616. These homes are usually situated on lot sizes that range from 3,000 – 10,000 square feet and have been exhibiting marketing periods of 74 days.
Turning our attention to the upper end of our marketplace, there have been 76 sales of newly constructed homes since August 2019. The living areas within this class of properties has averaged 3211 square feet – usually offering 4 bedrooms and 4 full baths – showcasing a valuation of $641psf along with an average price paid of $2,253,643 and with the underlying dirt ranging in mass from .25 acre – 35 acres. With some of the more unique finishes and rhythms of delivery varying, this segment of new dwellings in Sonoma County has experienced marketing times averaging 94 days before handing over the keys to the ultimate buyer.
As these beautiful and more highly efficient homes are finished, we are seeing customers clamor for more and putting up the dollars to match their sense in electing to move forward on securing a preferred future for where and how they choose to live. New homes do not arrive everyday though we have a great handle on the frequency and locale of each ahead of their debut. So, when it comes to finding just the right new home for you, we can help you find that opportunity ahead of their formal market arrival.
