Sales of $1Million Dollar Price Homes in Sonoma County up and Inventory is Down
It is no longer just the entry level homes that are selling like hot cakes in Sonoma County. This spring there has been a decided improvement in the market for homes price over a million dollars, with inventory down 25% and the rate of CLOSED sales up 67% when compared to the April 2010. The chart below shows the progression over the last two years. Typically when the supply curve and the demand curve start to converge, there is upwards pressure on prices.
Listing Inventory is Down and Sales are UP at the Higher Price Ranges in Sonoma County
This data is based upon the sales records from the BAREIS MLS (Bay Area Real Estate Information Services Multiple Listings Service–you can see why we abbreviate it!). CAVEAT: Since the sample size of homes in this price range, one million and up, which would be considered the beginning of our upper end market, it is a bit difficult to draw conclusions, particularly regarding prices, as one $6 million or $12 million dollar sale will really affect price trends. Nevertheless, there is much higher activity in these price ranges, with many all cash purchases. I heard of one six point two million dollar country property in Dry Creek Valley, Healdsburg that went in to escrow almost immediately after coming on the market, with an all cash buyer.