The Roadmap for Plotting Your Next Move
As we migrate through the Spring selling season, we see some tells on the horizon. We have been blessed with rain, intense snowfall and hopefully new housing inventory will follow suit.
According to BAREIS MLS, Sonoma County had exactly 357 single-family homes left for sale at March’s conclusion – 27 percent fewer than this same period last year. Sellers delivered just 346 new listings to the market during the month – 45 percent less than in 2021 - and, if this trend continues, sales will have no choice but to fall as inventories continue to be depleted and options are drying up for purchasing. This March, buyers gained control of another 480 new deals – 17 percent off from a year earlier though due only to available inventory being 45 percent off what it was last year at this time. In support of these metrics, completed sales tipped the scales at 382 this last month – 14 percent fewer than the prior year - due to the lack of more sellers not participating in the marketplace. This data reveals a marketplace selling a greater percentage of available inventory than during any other historical period.
The continued pace of the markets can be measured by the months’ supply of inventory (MSI) and, with vastly growing demands from buyers in our region along with extremely attractive interest rates driving our markets, the data shows MSI now at 0.9 as of last month. This display of liquidity and activity is among the highest in the seven Bay Area counties we track and, in part, due to the native demands of households, unique to our region, who are still replacing the 6000 plus homes they lost in the Tubbs, Nuns, Kincade, Glass and Wallbridge Fire calamities.
MSI is the metric that indicates the number of months it would take to sell the current inventory at the current rate of sales. An MSI ranging from 4.0 to 6.0 is indicative of a balanced market, with lower numbers increasingly favoring sellers and vice versa.
Getting down to the details in the town of Sonoma, which submarket includes the hamlets of Kenwood and Glen Ellen, there were 59 homes reported for sale as March ended – 31 percent less than this same period a year ago. This region experienced the addition of 30 new listings during the period – 52 percent fewer than last year - while buyers garnered accepted contracts on 49 more properties. Sellers in the valley awarded keys to another 33 new homeowners – 20 percent off last year at this time - steadying the MSI at 1.8.
Healdsburg witnessed just 26 new listings arrive to the market last month – 40 percent fewer than in 2021. Buyers absorbed 25 homes in new deals while sellers closed out another 19 transactions leaving this submarket with 39 homes for presentation to buyers in April, along with an MSI of 2.1.
Petaluma’s Westside attracted 24 new sellers in March which allowed available inventory to begin the new month - just like the prior month - with 15 homes for buyers to select from. Home seekers grabbed 28 new deals in the period while sellers closed out 18 purchases pushing the MSI to 0.8.
In West County, Sebastopol’s supply of inventory is still under siege. March wrapped up with 19 available homes for buyers to consider inclusive of the 17 additional offerings unveiled during the period. Home shoppers placed 30 more dwellings into contract while sellers also completed 20 sales. With an MSI of 1.0 – equal to a four-week supply of homes available – continue to see prices being pressured higher to encourage more sellers into the market.
Windsor property owners delivered 26 new listings in March - falling significantly short of demand as buyers captured another 34 deals during the period. Sellers closed out 30 more sales leaving 17 single-family homes available for buyers to peruse in April while highlighting an MSI now at 0.6.
The roadmap to your success is navigated best by having a savvy agent as your co-pilot…make this your time to achieve your goals. So, let’s get in touch!
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