Where did summer go?
We’re officially in that in-between season of summer fun and fall productivity. I don’t know about you, but I’d personally like a few more days of beach, pool and sunshine! But alas, the season is changing, and so is the Sonoma County housing market!
This year, real estate has seen some crazy twists and turns. From roller coaster interest rates, inventory shortages to fluctuating pricing, and a two-week MLS outage, what have we not seen?
Welcome to July! Can you believe we’re already in the thick of summer in Sonoma County? I’m loving the blue skies and a healthy dose of sunshine, however the summer months can be a busy time.
Our calendars fill up fast with vacation plans, a plethora of new outdoor events to attend and additional time spent working on the house and in the garden.
It’s important to remember to slow down and literally “smell the roses.” Enjoy the longer days, savor a glass of wine and carve out time to reflect on our goals for the year.
How are we progressing? How do we feel? What’s working and what’s not?
If real estate is a goal that’s on your mind, you’re not alone! This year has been a change of pace for both buyers and sellers. Many have put their plans on hold as they wait out the interest rate hikes and rising home prices.
Keep reading below for more on how our housing market is performing and a list of ways to enjoy summer in Sonoma County!
Market Talk It’s officially fall and inventory is on the rise around the country. View the full report here: September 2022 Sonoma County Market Update. We are seeing the typical seasonal bump in new listings in the Wine Country. However, rising interest rates affect some would-be sellers too. They are holding off putting their homes on the market since they would be doubling their interest rate when buying a replacement home unless they purchase cash of course. And, there are still plenty of buyers in the market place searching for homes! Mortgage interest rates are at their highest level in more than 14 years, sales inventory has ticked up a bit but is still historically low, and fear of a looming recession is still a topic of discussion in the media. What we do know is there are still buyers actively shopping for homes, and desirable properties that show well and are priced correctly have been going into contract, in some cases even with multiple offers and well over asking. One recent country property in Sebastopol priced at $2 million sold for $3,150,000! It’s very important that buyers understand there are a number of loan programs out there that can help offset the higher monthly payment at today’s rates, and rates can vary significantly from lender to lender. You want to make sure you shop around and look at all options, from 2-1 rate buy down programs to credit union rates and special institutional lending programs. Be diligent in your research before choosing a lender to work with. And a flashback to earlier years, some sellers may even have mortgages that are assumable at yesterday's low rates. In the past those were typically adjustable mortgages so again it is important to do careful research. Traditionally, markets like this will stabilize, but when that happens and what "stability" looks like is up in the air. Reach out to your trusted real estate professional to help you decide if it makes sense to make a move now or wait! ...
Sonoma County Market Update: It's our pleasure to bring you the Corcoran 2021 Q4 Real Estate Market Report. Flip through this album depicting real estate sales stats town by town and county wide! Even though we're well on our way to a busy market in 2022, it's important to pause and reflect on how the last quarter provides context for the housing market trends we see today in Sonoma County. Here is a quick recap. Sales activity remained steadfast in Q4. Sales did slow down a bit over the holidays, which is a typical seasonal pattern. The median home price reached $769,000, which was a 9.9% year-over-year increase. Overall, we ended 2021 with solid growth (exceeding predictions) for Sonoma County real estate and the promise of another fruitful year ahead. Some of the hottest local markets right now include: Sebastopol (29.9% median price increase!), Sonoma & Healdsburg! Throughout the county home prices saw significant price appreciation although unit sales were down when compared to 2020. Sonoma County Market Update | Q4 Market Highlights: >>>VIEW THE FULL MARKET REPORT<<< Home prices continued to trend upward in most Sonoma County communities as inventory constraints remain. For example, year-over-year prices in Sonoma exponentially increased in the fourth quarter to a median sales price of $1.2 million (+42.4% increase year over year). Sebastopol and Sonoma were tied for the highest median sales price in the county at $1.2 million. What To Expect This Year...
After the coronavirus pandemic sent Sonoma County homebuying into a tailspin last spring, the local housing market rebounded to have a banner year, posting a record annual median home price and the most houses and condos sold in seven years! As we embark on a new year (we can’t believe it’s already February), let’s take a look at some of the important real estate highlights from 2020 and what experts are forecasting for the spring season. [caption id="attachment_21108" align="aligncenter" width="408"] *Note: The median price for single family homes in Sonoma County is $700,000, slightly higher than $675,000 mentioned in this report which includes condominiums.[/caption] What This Means For Buyers & Sellers: Low inventory, high buyer demand and increasing home prices have resulted in a seller’s market as we enter 2021. Historic low interest rates are drawing more buyers, especially millennials, into the marketplace. Buyers are flocking to Sonoma County from the Bay Area due to changing household needs and work-from-home flexibility. Despite home prices increasing, Sonoma County is still considered an affordable option compared to the Bay Area with a median single family home price of $700,000 vs $1.06 million. What To Expect As We Look Ahead to Spring 2021...