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Wine Country Real Estate Trends September 2012

 

Sonoma County: The County has the lowest inventory of available homes (936) since February 2005, seven and a half years ago when the market was red hot.  The inventory is just about half of the amount it was in September 2011 (1813).  New sales (470) dropped 22% from last month and 12% from last year.  This is the first drop in sales on a year over year basis since December 2010.  There is a two months supply of inventory based on the existing sales pace – sign of a “seller’s market”.   The median price of homes closed in September in Sonoma County ($338,000) was 6% ahead of the median price of a year ago.

 

Distressed properties (foreclosures and short sales) currently make up 15% of the inventory and 36% of the new sales.  At 170 distressed sales for the month, it is the lowest level since February 2008 when there were 133 sales.  There is .8 months supply of inventory of distressed properties based on the current sales pace.  The median price of distressed properties that sold in the month of September ($280,000) was 10% higher than September a year ago.

 

Sonoma Valley: There were 132 available homes in inventory at the end of September in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood).  This is the lowest level of inventory for any month since March 2005.  There were 37 new sales for the month.  This is almost half of the sales for last month (71) and 25% lower than the sales pace in September 2011.  There is a 3.6 months supply of inventory based on the current sales pace.

 

Distressed properties (foreclosures and short sales) represent 8% of the inventory (11 units) and 16% of the new sales for the month.  There were just 6 distressed sales in the month.  This is the lowest level since April 2008.

 

Napa County: The inventory and sales pace in Napa County have been very stable over the past nine months ranging from 441 units (March) to 489 units (June).  The inventory is currently 446 units.  Sales have ranged from 139 units for this month to 197 in March.  There is currently a 3.2 months supply of inventory based on the current sales pace.  The median price for homes sold in September in Napa County ($360,000) was 7% ahead of the median price a year ago.

 

Distressed properties (foreclosures and short sales) currently make up 10% of the inventory and 30% of the new sales.  At 42 distressed sales for the month, it is the lowest level since April 2008.  There is 1.1 months supply of inventory of distressed properties based on the current sales pace.  The median price of distressed properties that sold in the month of September ($295,000) was 18% higher than September a year ago.

 

Up Valley: The Up Valley Napa Valley market (St. Helena, Calistoga, Angwin, Rutherford, Oakville and Yountville) had a strong month in September with 27 sales.  This was 35% ahead of the pace a month ago (20) and 108% ahead of the pace in September 2011 (13).  There remains a 6 months supply of inventory based on the current sales pace.  Distressed properties (foreclosures and short sales) make up only 7% of the inventory and 18% of the new sales.

 

If you would like a monthly update of this information, or information on other market areas, please drop me an e-mail at gsned@winecountrygroup.com,