Sonoma County Real Estate Market Report March 2014
We had a slight uptick in the number of new listings for Single Family Residences during March 2014, compared to March 2013. But there are still more buyers out there than available homes, creating a supply and demand situation that has continued to worsen in Sonoma County over the past two years.
Even with the new listing uptick, the supply of inventory stood at 1.7 months during March. What this means is if no more listings were introduced to the market, ALL homes would be sold within 51 days. It also means that Sonoma County is in what is called a seller's market, a balanced market would have 5 to 6 months of inventory, not less than 2!
Because of the lack of inventory, median home values have risen 24% in the past year alone. This is good news for sellers, not so much for buyers. We are experiencing multiple offers on well cared for properties. These properties are being snapped up very quickly, the average days on market (DOM) has dropped from 93 days to 73. This is a good gauge for sellers to know how long it might take for their home to sell.
Now let's look at Condominiums ...
For some reason, condos get left out of most Sonoma County real estate market reports, including the market report in our local newspaper. That has never made sense to us, the condo market is alive and well in Sonoma County and is a wonderful choice for buyers who enjoy a low maintenance lifestyle!
As you can see from the graph below, the inventory of condos for sale has been affected as well. The number of new listings has dropped again this month (-11%), but not as drastic as last month (-50%). The steady drop in new listings has left us with less than a months supply of inventory! Again, supply and demand has had it's effect on condo values in Sonoma County, showing an increase of 37% over the past 12 months.
Would you like to know more about Sonoma County's real estate market? See more details about real estate sales within each area of Sonoma County right here!
* Note: Months supply of inventory is calculated by taking the number of available units on the very last day of the month, divided by the number of units that went under contract during that same month.
That's it for the Sonoma County Real Estate Market Report for March 2014!
Originally Posted at: Sonoma County Homes For Sale Online
Cynthia Larsen is the owner and broker of record for Safe Haven Realty and has worked and lived in Sonoma County for over 25 years. For more information about Sonoma County, check out the commuinites of Bodega Bay - Cotati - Rohnert Park - Santa Rosa - Windsor.
To view all available homes for sale in Sonoma County and individual communites, please visit Sonoma County Homes For Sale Online!
Broker/Owner - Safe Haven Realty
Sonoma County, California, USA