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Wine Country Market 
Real Estate Trends January 2014

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By

Garret Snedaker

Garret Snedaker

Sonoma County: Sonoma County inventory rebounded in January 2014 adding 384 new listings for the month.  The inventory of single-family homes and condominiums for sale at the end of January stood at 600 compared to 592 a year ago.  The inventory was 4% higher than last month (575).  New sales (383) were 14% lower than last year (445) but were 19% higher than that of last month (323).  There is a 1.6 months supply of inventory based on the existing sales pace – still a tight “Seller’s” market.  The median price of homes closed in January in Sonoma County ($425,000) was 20% ahead of the median price of a year ago ($350,000) but it has been generally stable since June of last year ranging from $420,000 to $450,000.
Distressed properties (foreclosures and short sales) currently make up 7% of the inventory and 15% of the new sales.  One year ago, the distressed property inventory represented 15% of the overall inventory and distressed sales represented 30% of all new sales.  There is 0.8 months supply of inventory of distressed properties based on the current sales pace.  The median price of 32 distressed properties that sold in the month of January ($367,000) was 29% higher than January a year ago ($285,000).
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 40% increase in the number of luxury homes closed (430) from 2/1/13 to 1/31/14 compared to 306 from 2/1/13 to 1/31/13.  There were 28 new luxury home sales in January 2014 compared to 23 in January 2013.  There is a 5.4 months supply of available homes based on the current sales pace compared to 8.1 months supply last year.  The inventory of luxury homes in Sonoma County at the end of January was 150 units which is the lowest in the past 14 years.  Days on market for closed luxury sales dropped from 164 days last year to 126 days this year.
Sonoma Valley: The number of available homes and condominiums for sale at the end of January in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) rose to 61 units from 55 the month before.  This is 25% lower than the inventory a year ago (81).  There were 31 new sales for the month.  This is 18% below the sales in January 2013 (38) and 11% behind the pace last month (35).  There is just a two months supply of inventory in Sonoma based on the current pace of sales.
Coastal Sonoma: Things continued to be busy in the Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point) market.  Sales for the month of January were 8 homes compared to 7 a year ago and 8 last month.  The inventory of homes and condominiums for sale in Coastal Sonoma (17) at the end of January was 29% lower than that of a year ago (24) and was 26% lower than last month (23).  There is just a 2.1 months supply of available inventory in the Coastal Sonoma market based on the current pace of new sales 3.4 months supply in January 2013.  The days on market (101) remains relatively high when compared to the rest of the county (79).
Healdsburg Trends: The inventory of homes and condominiums for sale (41) in Healdsburg at the end of January was down 21% from that of last year (52) and it was down 7% from that of last month (44).  This is the lowest inventory in Healdsburg in the past 13 years.  New sales (21) were equal to the 22 new sales in January 2013 and were nicely ahead of the 15 sales last month.  The months of available inventory based on the current sales pace is 2 months.   The 17 homes that closed in January were on the market a bit longer (101 days) than the county average of 79 days.
Sebastopol Trends: The inventory of homes and condominiums for sale (39) in Sebastopol at the end of January was 19% lower than that of January 2013 (48) but it was 11% higher than that of last month (35).  There were 15 new sales for the month of January compared to 21 in January 2013 and 11 for last month. There is a 2.6 months supply of inventory based on the current sales pace.  The “Days on Market” for the 15 homes that closed in January was 103, which is above the average in the county of 79 days.
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