What's My Sonoma Valley Home Worth? July 2014
Single Family Residences:
60 - Number of SFR's sold in July
79 - Average Days on Market
$759,500 - Median sales price
$1,019,444 - Average sales price
1889 - Average square footage
$528 - Average price per square foot
Sonoma Valley, like many areas in Sonoma County, has experienced a low amount of inventory which has driven Single Family Home prices up 90% in the last 24 months. As of this writing, the absorption rate is 2.7 (months), meaning if no new listings were introduced to the market, there would be no homes left for sale within 82 days.
The absorption rate, which is the # of properties currently available compared to the average # of sales in previous months, is the indicator of whether we are experiencing a buyer or sellers market. We are in a sellers market right now in Sonoma Valley, since a "normal" market would have roughly 6 months of inventory.
I included a median sales price for Sonoma Valley since there can be many properties that sell for several million dollars during the month. This is to illustrate that even though the average sales price was $1,019,444 during July 2014, over half of the homes sold were under $760,000.
If you would like more information about Sonoma Valley, you can visit my website for community information and an up-to-date view of available Sonoma Valley homes for sale.
What's My Sonoma Valley Home Worth? July 2014
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