[caption id="attachment_881" align="alignleft" width="150"] Garret Snedaker[/caption]
2013 Results for Sonoma County, Napa County and Wine Country: According to figures from BAREIS MLS system, for the year, Sonoma County had 5,599 residential properties sold. This compares to 6,125 a year ago – a decrease of 8.6%. The dollar volume for 2013 was $2.8 billion, 11.7% higher than the sales volume of $2.5 billion in 2012. The average price increased 22% from $416,000 in 2012 to $508,000 in 2013.
For Napa County, there were 1,633 closed residential properties in 2013 compared to 1,642 in 2012. This is a decrease of less than 1%. The sales dollar volume increased 14% from $892 million to $1.2 billion. The average price increased 15% from $543,000 in 2012 to $623,000 in 2013.
Combining the two for a Wine Country total, the number of units sold decreased by 7% from 7,767 to 7,232. The total sales volume increased by 14.7% from $3.44 billion to $3.86 billion and the average selling price increased 20.5% from $443,000 to $534,000.
For the Month of December:
Sonoma County: Sonoma County has the lowest inventory of available homes (575) for any month going back as far as my database does – January 2000. Even in the height of the boom market in 2004-05, we had more inventory than we do now. The inventory is 5% lower than it was in December 2012 (605). For the past decade, our inventory peaked at 3,552 units in September 2007. We currently have less than 20% of that amount. The available inventory dropped from 702 units last month – a 18% drop – but this mirrors the trend of most years when inventory drops for the holidays.
New sales (297) were 22% lower than last year (380) and 34% below that of last month (450). This is the lowest pace of sales for any month going back to January 2008. There is a 1.9 months supply of inventory based on the existing sales pace – an indication of a “Seller’s market”. New listings for the month (194) were 28% lower than the pace in December 2012 (269). The median price of homes closed in December in Sonoma County ($425,000) was 20% ahead of the median price of a year ago ($355,000) but it has been generally stable since June of this year.
Distressed properties (foreclosures and short sales) currently make up 8.5% of the inventory and 16% of the new sales. One year ago, the distressed property inventory represented 14% of the overall inventory and distressed sales represented 37% of all new sales. There is 0.9 months supply of inventory of distressed properties based on the current sales pace. The median price of 56 distressed properties that sold in the month of December ($321,000) was 19% higher than December a year ago ($270,000).
Sonoma County Luxury Homes: Sales of luxury homes (sales price in excess of $900,000) in the Sonoma County have enjoyed a strong growth in activity in the last twelve months. There has been a 31% increase in the number of luxury homes closed (428) from 1/1/13 to 12/31/13 compared to 327 from 1/1/12 to 12/31/12. There were 28 new luxury home sales in December 2013 compared to 14 in December 2012.