Join the "Kelly-Norman Team" at Keller Williams Realty on our weekly radio show as we keep you up-to-date on the Sonoma County,California real estate marketplace. Below is a synopsis of our monthly $1,000,000 report and the Luxury Home market for Sonoma County, California.
How many properties to choose from, vineyards, Equestrian ranches, weekend estates, we have it all in the $1,000,000 report. Sonoma County, California is a "Destination" area with the quintessential wine country experience of Healdsburg and Sonoma plus the dramatic coastal regions with luxury homes at Bodega Harbour with world class golf course or snug vacation rentals along the coast--we have it all!
The report for February show a steady surge in the luxury home market that is the $1,000,000+ price point. Since November the number of sales have steadily marched upward doubling in just 4 months from 9 to 20 properties "Under Contract" or in escrow. Why is this?
Let's look at the "Buyer" of in this price point; affluent, self-directed, can move quickly if they wish and in the KNOW when it comes business and investment trends. This BUYER knows the market has turned and realize that appreciation in this price point can be significant. So they don't WAIT for the "spring market" but invest boldly and quickly. Hence the upswing in purchases over the relatively "dead" time of winter.
The "Hot Areas"--as you would suspect for Sonoma County the the "Wine-Country" experience--the towns which MOST reflex the lifestyle of our county--Healdsburg and Sonoma. These towns are loaded with character, have a down-home "Square" and world class restaurants and wineries nearby. However, Santa Rosa--the financial hub of Sonoma County-also has dominance in this price point--Fountaingrove, Shiloh Ranch, Montecio Meadow and Heights, Rielbi Valley--all boast many a $1,000,000+ property.
The area of high activity currently? Sonoma with 10 properties under contract, Santa Rosa withi 7 followed by 4 for Healdsburg. Now this may NOT sound like a super hot market but for this time of year it bodes well for the "Spring/Summer" marketplace. But let's NOT forget that currently 172 propeties populate the $1,000,000 + price point with "Active" listings. WE had total sales in February of 17 so you can say these folks have a 1 in 10 chance of SELLING their Homes. Or when you look at the Under Contract sales about a 8 months supply.
Join Allison Norman and Mike Kelly of the Kelly-Norman Team ,every Sunday, 9 to 10am PST 1350AM, KSRO or Tune us in via the web at www.KSRO.com. The “News and Talk of Sonoma County" KSRO radio. Also, check out our blog: http://www.TheRealEstateHourblog.com for more details.
Preview: Below is a chart showing those properties "Under Contract" or in escrow for the past year. Note the escalation since December--a march upwards. Why? Those who are buying $1,000,000+ properties are NOT tied to the seasons and have resources to move quickly. The marketplace in Sonoma County is in "lift-off" and as you can see a 100% increase is a leading indicator of the health of the $1,000,000 PLUS Sonoma County,California marketplace.