Did the Real Estate Market Fizzle in May? 🏡
As summer kicks in people have started planning getaways, celebrations, renovations and for real estate transactions.
In Sonoma County for the first time in several years we have had a pretty typical spring season. There is definitely more inventory on the market than we have had in years, so that is great for buyers.
For sellers, luckily our local market has performed much better over the past month than in other parts of the country where sales have slowed more significantly. 40% of transactions had multiple offers last month.
Even with mortgage rates still dancing around 7%, many seem to view this as a new “normal” and manageable.
Let’s take a look at what happened locally in May…
➡ The number of home sales decreased 3.3% to 318 from the prior month, while the number of available listings increased 14.2% to 1120.
➡ Median sales price increased 1.2% from the prior month and decreased 2.9% from the prior year to $860,000.
➡ Days on market increased 15.2% to 53 days
This Month’s Takeaway:
Overall, we have had a pretty typical spring season in Sonoma County. The current market has balanced out and offers opportunities for both buyers and sellers who are patient, flexible and motivated to move.
The condo market in May looked more optimistic than the prior month, but is still down slightly from this time last year.
For condos, the number of sales increased 28.6% to 27 from the prior month, while the number of available listings increased 11.5% to 107. Days on market increased 45.5% to 64 days. Median sales price increased 2.6% from the prior month and decreased 4.2% from the prior year to $431,000.
Click here to read the full Sonoma County May Market Report.
Whether you’re dreaming about a new place or just keeping an eye on the market, I’m always happy to talk through what the numbers mean for you.
The market may shift, but having the right guidance never goes out of style. Let’s connect about what’s ahead for you and your home.
pambuda@gmail.com | (707) 480-4142
______________________________________________________________________________________
AI: Changing the Fixer-Upper Game
For homebuyers drawn to the charm and potential of fixer-uppers, AI can offer a way to make more informed decisions and ask better questions.
New AI-powered tools are helping buyers estimate renovation costs, visualize design options, and navigate complex zoning laws. In fact, a recent survey from Veterans United Home Loans found that more than a third of today’s homebuyers are already using AI to aid in the process of finding a new home.
Paired with the guidance of a knowledgeable real estate agent, today’s AI tools can help turn a fixer-upper from a risky leap into a well-informed, strategic investment.
