Sonoma County Real Estate Market Report July 2014
The big news this month is that the median home price of a single family residence in Sonoma County topped the half million mark during July 2014. The historic median high was $619K in August 2006. This past month the median capped at $506,500.00. The slow but steady climb in home sale values since 2009 is making it easier for sellers to sell, but much harder for buyers to buy. It is becoming hard to find anything less than $400K for buyers who are looking for a move-in ready home.
Here is a summary of the Single Family Residence real estate market in July 2014 vs. 2013.
We didn't see much change in inventory at all during July 2014. Homes are selling about as fast as they are being listed. The biggest take-away is the median sold price, increasing 6% over the last year, and the steadily decreasing number of days it is taking to sell a house. The months supply of inventory is still very low, as a healthy market would have from 4 to 5 months of inventory, not 2.
Now for a summary of the Condominium real estate market in July 2014 vs. 2013.
Here we can see that the condominium market is very active. The overall price has gone up 17% over the last 12 months, and we only have 1.5 months worth of inventory to sell. For those home buyers who have been priced out of the single family residence market, a condominium is still an excellent option to consider.
That's it for the Sonoma County Real Estate Market Report July 2014!
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