February 2023 Sonoma County Market Update
The spring housing market is heating up! With inventory in the North Bay down 50 percent year-over-year, we are continuing to see multiple offer situations and sales prices going over asking. While it’s usually not at the same rate or increase that we saw over the last few years, it does tell us that buyers have entered back into the market and sticker shock of the sharp rise in interest rates has settled a bit.
Buyers are taking their time in making offers, the luxury listings are increasing in days on market and well priced, turn-key listings are selling quickly. Prices will continue to remain stable until we see an influx of inventory. We continue to see migrations of buyers into the North Bay as employers settle on allowing their employees to work from home (at least part of the time.)
Homeownership will continue to be seen as a great way to increase wealth. Lenders are starting to get creative to help buyers with down payment programs and mortgage options. It’s worth meeting with the professionals to determine if now is the right time for you to sell or purchase a property as every situation is unique.