The New Home - Future Proofing

The New Home – Future Proofing

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 and our lifestyles - 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 being more efficient to run while taking on the challenges of what lies ahead.

New homes 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 336 recently built single-family homes sold in Sonoma County with an average living area of 2677 square feet - typically consisting of 4 bedrooms and 3 full baths - translating to a value of $519 per square foot (psf), furthermore pegging the average price paid in Sonoma County for new construction at $1,399,187. The marketing periods for properly priced properties have hovered around 80 days – though some of this time is typically attributed to construction being in the waning phase of completion.

Breaking it down further, when you consider the markets as segments the numbers get more meaningful and with properties trading under $1 million, there have been 142 sales over the last year with the average abode bearing 1965 square feet – commonly configured as 3 bedrooms and 2 baths - representing a value proposition of $421psf along with an average price paid of $824,373. These homes are usually situated on lot sizes that range from 3,000 – 10,000 square feet and have been exhibiting marketing periods of 71 days.

Turning our attention to the upper end of our marketplace where values may climb into the several millions, there have been 193 sales of newly constructed homes since December 2023. The living areas within this class of properties averaged 3203 square feet – usually offering 4 bedrooms and 3 full baths – showcasing a valuation of $603psf along with an average price paid of $1,891,886 and with the underlying dirt sized from .25 acre to well over 50 acres. With some of the more unique finishes and rhythms of delivery varying, this segment of new dwellings in Sonoma County have experienced marketing times averaging 87 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 as they look to make a home for themselves in a place that is more “future proof” than where they are now. New homes do not arrive every day though there are premarketing efforts always happening if you know where to look and who to talk with.