Sonoma County Real Estate Market Report for March 2011

Sonoma County Real Estate Market Report for March 2011

Sonoma County, with a population of approximately 475,000 residents, is located 50 miles North of San Francisco. The Western border of Sonoma County offers breath taking views of the Pacific Ocean, a fisherman's paradise for crab, salmon and abalone. Wine grapes and dairy products are the two top agricultural bounties in Sonoma County. If you love wine, come for a visit. Some who visit, never leave.

The graphs below will help you understand recent trends in the Sonoma County Real Estate Market. Data for these graphs is derived from the Bay Area Real Estate Information System (BAREIS). Private sales, multi-family homes and mobile/manufactured homes are not included in this report. The data is believed to be reliable but not guaranteed.

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Median For Sale Vs. Median Sold - Single Family Residences only:
The median price of SFRs for sale in March 2011: $395,000 (-5% from March 2010)
The median price of SFRs sold in March 2011: $315,000 (-9% compared to March 2010)
Sonoma County is now within 3 percent of the post-crash low of $305,000 in February 2009!

Median For Sale Vs. Median Sold - Condos only:
The median price of condos for sale in March 2011: $159,900 (-6% compared to March 2010)
The median price of condos sold in March 2011: $149,450 (-16% compared to March 2010)
Condos continue to slide in value. March 2010 median sold was $177,500.

Under Contract Properties by Month - SFR's and Condos:
Properties that had an offer accepted during March 2011: 588 (+25% compared to March 2010)
Of these 588 properties, 377 are distressed (64%)
Buyer activity has been heating up the past 3 months, with a lot of bargains among distressed properties

Sold Properties by Month - SFR's and Condos:
Properties that closed during the month of March 2011: 482 (+11% compared to March 2010)
Of the 482 properties that closed, 279 were distressed (58%)
Average Days On Market (DOM) was 111 days, up from 95 days in March 2010.
This is the highest number of closed deals since June 2010, the market is heating up

New Properties (Listings) by Month - SFRs and Condos:
New properties listed in March 2011: 664 (-21% compared to March 2010)
Of these 664 new properties, 315 are distressed (47%)
This March is a different ballgame from last year, the first-time home buyer tax incentive is no longer

For Sale Properties by Month - SFRs and Condos:
Properties for sale in March 2011: 2429 (-10% compared to March 2010)
Of the 2429 properties for sale, 1107 are distressed (46%)
We are starting out the Spring season with 10% less inventory and a higher buyer demand