Current Market Trends!

Sonoma County Home Sales Stall and Median Price Rises

Sales of single-family, re-sale homes were flat in June. Year-over-year, home sales were off 20.9%. Year-to-date, home sales are down 18%.

The median price for single-family, re-sale homes in Sonoma County rose 4.3% in June from May, but was off 2.4% year-over-year. The average price for homes fell 3.2%, month-over-month, but was up 0.1% compared to last June. The median price is now down 3% from the high of $618,450 reached in August 2005.

The tightening of underwriting standards due to the sub-prime mortgage debacle is still affecting the lower end of the market, and, we expect this to continue for at least the next year. The effect on the market is lower sales and, seemingly, higher statistical prices. In fact, in the lower end of the market, under $500,000, the median price dropped 3% from the month before and home sales were down 11.8%.

The median price for condos fell 1.7% to $345,000, down 10.4% compared to last June. The median price is now down 12.3% from the high of $394,000 reached in October 2005. Condo sales rose 54.5%, month-over-month, but were down 13.9% compared to June 2006.

Median Sales Price in June

2005:        $605,000
2006:        $610,000
2007:        $600,000

Days on Market in June

2005:            31
2006:            60
2007:            74

Number of Listings Sold in June

2005:            695
2006:            435
2007:            316