The "red-hot" condo and PUD (Planned Unit Development) market in Sonoma County, California "Wine Country" is still roaring right along. The reason--affordability. With a county-wide median home price of $550,000, up +15% over last year, this marketplace is a bargain. However, the median home price for this segment beats the "detached" home market with a median home increase of +25%.
Scarcity rules the roost in all price segments in Sonoma County except the $1,000,000+ range. The Condo/PUD segment the DOM or Days on the Market is ONLY 26 Days compared to 37 days for the "Detached" homes and a MSI or Month's Supply of inventory standing at a paltry 0.8 months supply compared to the 1.2 MSI for "Detached" homes. The Under Contracts or those in escrow is up, +38% over last year. The drivers for this "hot" market is also the County's red-hot issue-- affordability.
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