June, 2008
Sonoma Valley housing market was active in June due to many short sale and REO properties having closed. The result was a decline in the median sales price to $525,000,a 22% decline or $113,000 drop from the prior month in May. The number of units sold in the Sonoma Valley were 51 homes and the average days on market (DOM) were 89 days in June.
For Sonoma Valley, the months supply of inventory (MSI) and days on market (DOM) are listed below:
--For all home sales in Sonoma Valley average MSI, 5.6 months and DOM, 89 days.
--For home sales selling below $600,000 the average MSI was 4.3 months and DOM was 67 days. This segment was the strongest as reflected by inventory supply and time on market
--For home sales selling between $600,000 to $1,000,000 average MSI was 9 months and DOM was 164 days.
--For homes sold between $1,500,000 and $2,000,000 the MI was 12 months and DOM, 95 days.
Country Property in Sonoma Helpful Reminder
Remember, if you want to build a second residence with a kitchen totaling 840 sq ft in the countryside you need to identify a lot size greater than 2 acres. Once you have the 2 acres, county approval of the second unit will still be predicated on their approving the existing septic and/or expansion. Also the well capacity may become an issue depending on zoning.
Real Estate Definitions:
Median sales price is the midpoint between the most expensive house and the least expensive house sold in an area during a specific time. The median sales price varies widely by location and geography. The information source is based on MLS recorded sales.
Units sold are the total single family residences that closed escrow in June.
Average DOM (Days on Market) is the total days the listing was on the market until close of escrow.
Please click on any of the following community guides to easily search for real estate by feature, price and community interest:
Glen Ellen, CA Real Estate and Visitor's Guide
Healdsburg, CA Real Estate and Visitor's Guide
Kenwood, CA Real Estate and Visitor's Guide
Petaluma, CA Real Estate and Visitors Guide
Santa Rosa, CA Real Estate and Visitor's Guide
Sonoma, CA Real Estate and Visitor's Guide
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