Sonoma County Real Estate Closing 2021 Strong!🏠
It’s our pleasure to bring you the Corcoran 2021 Q3 Real Estate Market Report. As we approach the end of a historic year for SonomaCounty real estate, 2021 sales activity remains steadfast. Home sales saw an increase by 4.5% since 2020’s third quarter and communities throughout Sonoma County continue to boast strong housing market sales.
Watch the video below for a quick recap on what’s happening in our local real estate market.
The big news for Q3 is our market has fallen back into a more predictable seasonal pattern. We experienced a slight dip in the late summer months, due to vacation plans, and since Labor Day sales have picked back up debunking the myth that we may be headed for a market crash.
By the end of September home sales were up 4.5% year-over-year and days on market fell 33.3% to 42 days. Additionally, homes sold for 101% of their asking price and inventory remained low at 1.2 months.
What To Expect This Winter…
This winter should look much like the last few months. Homes that are priced right and show well will continue to receive multiple offers–just not at the the crazy rate we saw earlier this summer. Given the current inventory shortages and supply chain issues impacting building costs, it’s unlikely new inventory will outpace buyer demand any time soon, which should prevent a market decline.
While it’s still very much a sellers’ market, buyers continue to enjoy low interest rates, increased buying power and a little less competition from what they experienced earlier in the year. Overall there remains much to be optimistic about as we prepare for the winter and spring 2022 market!
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When you come across an opportunity, we’d appreciate you referring us to great people like yourself, who would benefit from the excellent service and personal attention we provide!