Sales of single-family, re-sale homes in Sonoma County surged in September, up 100% year-over-year. This is the largest year-over-year increase in home sales since we've been keeping track. Granted, last year sales were abysmal, but the rebound in sales is a harbinger that we have reached the bottom of this market cycle. Year-to-date, home sales are up 8.6%.
The median price for single-family, re-sale homes in Sonoma County dropped 5.2% from August, and was off 34.9% year-over-year. The average price for homes dropped 6%, month-over-month, and was down 33.6% compared to last September. The next step in this cycle is for prices to stabilize.
Condo sales rose 20% from August, and were up 94.1% year-over-year. The median price for condos fell 14.7% from August, off 50.6% year-over-year. These numbers can, and do, swing wildly because there are so few condo sales.
The time it takes from when a home was listed for sale to when it was put under contract dropped four days to 96. The average days on market for condos also fell four days to 83 days.
The sales price to list price ratio for single family home rose 0.6 of a point to 97.8%. The condo ratio gained 0.1 of a point to 99.3%. The rising ratios point to increased demand.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, or for an evaluation of your home's worth, call me.
Data provided by RE Report
For more information on Real Estate in the Sonoma County area please visit my webpage at:
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