Where Inventory Goes, So Do Sales
Even with very modest improvements in the overall inventory of homes, Sonoma County is still near its historical trough of available supply. This will always be the limiter or regulator as to the volume of sales that can actually happen as Sonoma County’s volume of home sales hit their slowest pace in over 30 years in 2023.
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 $532 being paid for a single-family home – one percent greater than last year at this time.
Within the 15 different sub-markets of Sonoma County, sales of single-family homes in Southeast Santa Rosa vastly outperformed the balance of our markets from just a year earlier with a 38 percent surge to $520psf outpacing the rugged Coastal marketplace that jumped 26 percent to $726psf. The longtime tourist town of Sonoma, inclusive of the broader valley hamlets of Glen Ellen and Kenwood, chimed in with a nine percent rise to $849psf while Petaluma’s Westside ascended six percent to $544psf. Northwest Santa Rosa improved three percent with closing values at $455psf while Windsor found an incremental one percent gain to close the period at $475psf.
Playing through at par from last year, both our Russian River region as well as the coalesced markets of Cotati and Rohnert Park came in at $469psf and $426psf, respectively. Giving back one percent from a year ago, sales in Oakmont traded out at $444psf while Northeast Santa Rosa shed three percent with values recorded at an average of $497psf.
A bit further afield, Sebastopol surrendered seven percent with completed transactions at $568psf while Petaluma’s Eastside retrenched eight percent to $476psf. Sales in Southwest Santa Rosa wrapped up the month 17 percent lower at $363psf while Cloverdale sacrificed 31 percent with deals consummated at $323psf. Lastly, America’s favorite small town, Healdsburg, saw deals close at an average of $625psf – many of these regions had five or fewer sales which explains the more radical swings noted in this metric this month than in prior years.
Spring is awakening in the vineyards and valleys while the selling season looks to be encouraging with the prognosis of more inventory as well as elevated demands from buyers increasing in lock step as interest rates become more favorable. Get in touch, then let’s discuss how you can be successful in the marketplace this year.
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