Sonoma County: Sales recovered in July after a drop in June and inventory of unsold homes rose for the sixth month in a row in the County of Sonoma. Inventory was 866 units at the end of July compared to 822 units at the end of June. Inventory is 14% below the inventory of July 2012 (1,003). New sales in July (608) were 4% higher than last month (587) and 4% higher than that of July last year (586). There is a 1.4 months supply of inventory based on the existing sales pace. Properties continue to sell at a quick pace with the closings last month being on the market an average of 70 days compared to 95 days on market a year ago. The median price of homes closed in July in Sonoma County ($450,000) was 38% ahead of the median price of a year ago ($326,000). The average price per square foot for the sold properties in July ($313) continued a generally increasing trend that goes back 28 months. The low median price over recent years was $292,000 in February 2011. The market has rebounded 54% since that low.
Distressed properties (foreclosures and short sales) currently make up 8% of the inventory and 13% of the new sales – this continues to trend down month over month. One year ago, the distressed property inventory represented 12% of the overall inventory and distressed sales represented 35% of all new sales. There is 0.7 months supply of inventory of distressed properties based on the current sales pace. The median price of the 68 distressed properties that sold in the month of July ($326,000) was 23% higher than July a year ago ($265,000).
Sonoma Valley: There were 112 available homes in inventory at the end of July in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood). The inventory is 22% lower than the inventory a year ago (143) and 4% lower than the inventory last month (117). There were 61 new sales for the month, about equal to the pace in July 2012 (62) and 15% below the pace of last month (72). Days on market remained relatively low in June at 69 days. There is a 1.8 months supply of inventory based on the current sales pace. Of the 65 closings in the Sonoma Valley in July, they averaged 100% of the last listing price. There are only 5 available distressed properties (foreclosures and short sales) in the inventory. 7% of the new sales and 8% of the closings were distressed properties for the month.
Healdsburg Trends: The inventory of homes and condominiums for sale (65) in Healdsburg at the end of July was 34% lower than last July (98) and it was down slightly from last month (67). New sales (23) were up 53% from the 15 new sales in July 2012 and were equal to the 23 sales last month. Sales have been at the same pace over the past four months. The months of available inventory based on the current sales pace is 2.8 months. Healdsburg is essentially out of distressed properties at this time – there are no distressed properties in the inventory.
Sebastopol Trends: The inventory of homes and condominiums for sale (61) in Sebastopol at the end of July fell after six straight months of increase. It was 33% lower than that of July 2012 (91) and it was 14% below that of last month (71). There were 41 new sales for the month of July. This is a whopping 42% higher than the new sales in July 2012 (29) and 9% below the 45 sales last month. There is a 1.5 months supply of inventory based on the current sales pace. There are only four distressed properties (bank-owned, short sale or foreclosure) available in Sebastopol. There were three distressed sales and one distressed closing. This market is essentially out of distressed properties at the current time. If they come on the market, they sell right away.
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