2008 Sonoma County Real Estate: Three Quick Sales Trends
These three graphs tell the quick story of pricing, supply and demand trends for housing in Sonoma County from December 2007 through 2008.Â But the real story for your home depends on the price range for your house and the part of the county in which you live, or seek to live.Â You cannot automatically say that every home in the country dropped 30%.Â The price dropped most steeply in those communities with high rates of distressed housing:Â West Santa Rosa, East Petaluma, Windsor and Rohnert Park/Cotati.
But, on average, and in summary:
The median price dropped 30% year over year.
The number of newly ratified sales contracts grew steadily all year and lead to a 184% increase year over year.
Months supply of inventory dropped dramatically (73%) and steadily all year,Â exceedingÂ the drop in prices.Â
From a very strong buyers market in December ’07, with over 14 months supply of homes at last December’s sales rate, this December saw only 3.7 months supply.Â Six months is considered a balanced market.Â Anything under is a seller’s market–in this case the banks who own nearly half the properties sold.