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<strong>Sonoma County: </strong>Sonoma County inventory rose 11% in March 2014 adding 492 new listings for the month compared to 399 new listings in February and 602 last year. The inventory of single-family homes and condominiums for sale in Sonoma County at the end of March stood at 660 compared to 638 a year ago. New sales (497) in March were down18% from last year (609) and were about equal to that of last month (490). There is a 1.3 months supply of inventory based on the existing sales pace – still a tight “Seller’s” market. The median price of homes closed in March in Sonoma County ($470,000) was 25% ahead of the median price of a year ago ($377,000). While the median price was stable from June of last year through last month, the median took a 12% increase over last month bringing up the year over year spread. The median has reached its highest point since January 2008, over six years ago.
<strong>Sonoma County Luxury Homes:</strong> Sales of luxury homes (sales price in excess of $900,000) in Sonoma County have enjoyed a strong growth in the last twelve months. There has been a 38% increase in the number of luxury homes closed (457) from 4/1/13 to 3/31/14 compared to 332 from 4/1/13 to 3/31/13. There were 43 new luxury sales in the County last month compared to 34 in March 2013 and 47 last month. There is a 4.3 months supply of available homes based on the current sales pace compared to 5.5 months supply last year. The inventory of luxury homes in Sonoma County jumped up last month. It was 183 units at the end of March compared to 152 last month and 261 a year ago. Days on Market for closed luxury sales dropped from 146 days last year to 121 days this year.<strong> </strong>
<strong>Sonoma Valley: </strong>The number of available homes and condominiums for sale (99) rose dramatically in March in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood). Inventory was 99 units at the end of March compared to 65 last months. Inventory is the same as it was in March 2013. There were 52 new sales for the month. This is about equal to the sales in March 2013 (51) and 33% ahead of the pace last month (39). There is just a 1.9 months supply of inventory in Sonoma based on the current pace of sales.
<strong>Coastal Sonoma: </strong>Things seem to have settled into a solid pattern in the Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point) market. There were 6 new home sales for the month of March compared to 8 a year ago and 6 last month. The inventory of homes and condominiums for sale in Coastal Sonoma (19) at the end of March was 24% lower than that of a year ago (25) and was slightly ahead of that of last month (17). There is just a 3.2 months supply of available inventory in the Coastal Sonoma market based on the current pace of new sales. The Days on Market (96) remains relatively high when compared to the rest of the County (70).