Sonoma County Home Sales - Apr 2015
Last month, I predicted that the median price of Sonoma County homes sales would stay above the $500K mark for quite awhile, after watching the price dip back down into the $400's time and time again. It looks like that prediction is holding true.
Sonoma County hit a median high of $538K, the highest since the market crash of 2007. The record median high for Sonoma County was $619K back in August of 2005. Here we are almost 10 years later with prices still inching up and up again.
Like all markets, the real estate market tends to be cyclical. So what do we know about these cycles? It all goes back to supply and demand. Right now, housing is very tight in Sonoma County. We haven't had much new construction since the market crash, so we have had to play musical chairs with existing housing. To complicate matters, a casino opened in November 2013, bringing close to 2,000 new jobs to Sonoma County. Since then, rents have gone through the roof!
Even with the median price of $538K, buying a home in Sonoma County is still a bargain, considering the home prices 45 miles south of us ... in a special little city called San Francisco.
Sonoma County Home Sales - Apr 2015
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