Last year’s story line was a new one our community had not experienced before and this year will likely write another whole new chapter in the Sonoma County housing markets as we look to recreate a significant portion of housing while also trying to establish a rhythm of organically increasing the total number of housing units available at all segments within our county.
With hopes of winter being behind us and the sunnier days of Spring ahead, residents are looking to make definitive decisions this year as to what they want when it comes to serving their requirements for shelter. Will it be a longer runway on the rental path? Will it be the year that gets their new home started? Or, will many be left treading in the waters of indecision?
According to data collected by BAREIS MLS, a current overview of Sonoma County indicates an average sold price per-square-foot (psf) of $415 for a single-family home – off four percent from January 2018. Buried within the statistics you will also see a market that has given back three percent in its median property value to settle at $650,000.
Looking around the Redwood Empire, Petaluma’s Westside topped the charts with explosive demand that sent values 17 percent higher than last year to close January at $514psf for a single-family home, by far eclipsing the broader submarkets where Healdsburg – still Sonoma County’s priciest locale - claimed the number two position with an impressive 13 percent gain, posting values at $644psf. Coastal Sonoma ascended to the third spot with an 11 percent rally to close the month at $513psf.
With less than double digit performance gains, the Eastside of Petaluma added five percent as values rose to $371psf while Northwest Santa Rosa saw prices advance four percent to $391psf.
Rounding out the month’s positive gainers found Northeast Santa Rosa, Cloverdale and the Russian River regions all one percent higher as prices creeped up to $393psf, $367psf and $421psf, respectively.
Trailing just behind, Cotati and Rohnert Park lost two percent as this metric sank to $358psf while Southeast Santa Rosa and the town of Windsor each coughed up five percent to close the month at $415psf and $365psf, respectively. Sebastopol relinquished eight percent to close January at $456psf, not quite as bad as Southwest Santa Rosa where homes came down 10 percent from a year earlier registering fair value at $326psf.
Relegated to the cellar this month, Oakmont saw 22 percent clipped of last year’s values to wrap up January at $359psf while this month’s biggest loser was Sonoma, peeling back 26 percent to finish the period at $456psf.
Best to dust off the plans and pull them out to see what it is you want to accomplish in 2019. If you have not created a plan yet, then consider that it’s time to do so. The market waits for nobody, though it is always here.
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