Wine Country Real Estate Trends in January 2020
Better Homes and Gardens Real Estate|Wine Country Group Results for January 2020
Better Homes and Gardens Real Estate|Wine Country Group enjoyed just 14 closings in January 2020 compared to 29 last January and 49 last month. It was a slow month for us, but our average selling price was higher than last year, or last month. In January, we closed homes with a total value of $10 million compared to $15 million last year and $24.4 million last month. The average selling price of the properties sold by the Wine Country Group in January was $719,500. Last January our average selling price was $517,200.
BHGRE|WCG currently has 48 pending sales with a value of $39 million dollars. We have 82 active listings with a value of $70 million dollars. Our average listing price is $854,000.
Wine Country Real Estate Trends for January 2020
Sonoma County: The inventory of homes and condominiums available in Sonoma County at the end of January stands at 708. This is essentially equal to the inventory in January 2019 (705) and it is slightly ahead of the inventory last month (700). New sales (334) in Sonoma County in January were 23% ahead of the pace of January 2018 (271) and they were 26% ahead of the pace last month (265). There is a 2.1 months supply of inventory in Sonoma County based on the existing sales pace. The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 24 (Coastal Sonoma) to 106 (Russian River) days. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The average Days on Market for the County as a whole is 87 days. The median price of the 247 homes closed in January in Sonoma County was $619,000. This is essentially equal to the median price in January 2019 ($620,000). Over the past four months, Sonoma County homes are selling at roughly 94% of original list price.
Sonoma County Luxury Homes: About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,300,000). There has been a 17% decrease in the number of Luxury Homes closed (362) from 2/1/19 to 1/31/20 compared to 436 closings in the period 2/1/18 to 1/31/19. The inventory of luxury homes (164) is 22% ahead of the inventory in January 2019 (134 homes). The pace of new sales (24) in January this year is 71% ahead of the pace of a year ago (14) and it is 85% ahead of the pace last month (13). The Days on Market for Luxury Home closings was 117 days this January compared to 103 days a year ago. This compares to 87 Days on Market for all closed properties in the County in January. There is a 6.8 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.1 months supply in the overall Sonoma County market. Over the past four months, Sonoma County Luxury Homes are selling at roughly 90% of original list price.
Cloverdale: The inventory of homes and condominiums for sale (25) in Cloverdale at the end of January is 7% below the inventory in January 2019 (27). It is 8% ahead of the inventory of last month (23). There were 9 new sales in Cloverdale in January. This compares to 11 sales in January 2019 and 3 new sales last month. There is a 2.8 months supply of inventory based on the current sales pace. The Days on Market for the 3 homes that closed in January was 53 days.
Coastal Sonoma: There are 17 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point). This compares to 17 homes in inventory in January 2019 and 17 homes last month. There were 5 new sales in January compared to 4 a year ago and 1 last month. There is now a 3.4 months supply of inventory in Coastal Sonoma based on the current sales pace. The Days on Market for the 1 home that closed in January was 24 days – a quick sale!
Healdsburg Trends: There are 56 homes and condominiums available for sale in Healdsburg at the end of the month. This is slightly above the inventory in January 2019 (54) and it is 16% below the inventory last month (67). New sales in January (12) were 14% below the pace of sales in January 2019 (14) and they were equal to the sales pace last month (12). The months of available inventory is now 4.7 months based on the current sales pace. The Days on Market for the 11 homes that closed in January was 103 days.
Oakmont: There are 43 homes and condominiums available in Oakmont at the end of January. This is 34% above the inventory in January 2019 (32) and it is 7.5% ahead of the inventory last month (40). New sales (21) were the highest since last spring. They were 110% ahead of the sales pace of a year ago (10) and 200% ahead of the pace of last month (7). There is a 2 months supply of inventory based on the current sales pace. The median price of the homes sold in Oakmont in the past year has ranged from the high-$500,000’s up to $800,000. The median price was $617,000 for the 11 homes that closed in January. The Days on Market for the homes that closed in January was 96 days. It is reported that the Oakmont Association has completed the purchase of the two golf courses and clubhouse – this should serve to further stabilize the Oakmont housing market.
Petaluma: The inventory of homes and condominiums for sale in Petaluma at the end of January (42) is 18% below the inventory in January 2019 (51) and it is equal to the inventory last month. There were 38 new sales for the month. This is 9% ahead of the 35 sales in January 2019 and it is 23% ahead of the 31 new sales last month. The Petaluma market currently has 1.1 months of available inventory based on the current sales pace. This is one of the lowest months of inventory for any of our markets in Wine Country. The median price of the 27 homes that closed in January was $705,000. This is 2% ahead of the median price last January ($693,000). The Days on Market for the homes that closed in January was 85 days.
Rohnert Park: The inventory of homes and condominiums for sale in Rohnert Park at the end of January (29) is 41% below the inventory in January 2019 (49) and it is 17% below the inventory last month (35). There were 30 new sales in Rohnert Park in January. This is 36% ahead of the 22 sales in January 2019 and it is also 36% ahead of the sales last month (22). There is a one months supply of inventory based on the current sales pace. The median price ($550,000) of the 18 homes and condominiums that closed in January is 12% ahead of the median price a year ago ($490,000). Days on Market for the homes that closed in January was 64 days.
Russian River: The inventory of homes and condominiums for sale at the end of January in the Russian River area (Guerneville, Monte Rio and Rio Nido) (32) is 9% below the level of January 2019 (35) and it is 18% below the inventory last month (39). There were 18 new sales for the month of January. This is 29% ahead of the pace in January 2019 (14) and it is also 29% ahead of the pace last month (14). There is a 1.8 months supply of inventory in the Russian River based on the current sales pace. The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year. The median was $397,000 for the 11 homes that closed in January. The homes that closed in the Russian River in January went from listing to pending in 106 days.
Santa Rosa: Forty-three percent of the available inventory in Sonoma County is in the City of Santa Rosa. The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of January (302) is 10% above the inventory of a year ago (274) and it is 11% ahead of the inventory last month (271). New sales in January (151) are 31% ahead of the pace of last January and they are 23% ahead of the pace last month (123). There is a 2 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 116 homes closed in January in Santa Rosa was $598,000 compared to $573,000 a year ago – a 4% increase. The Days on Market for the homes that closed in January was 87 days.
Sebastopol Trends: The inventory of homes and condominiums for sale at the end of January in Sebastopol (38) is 9% above the level of January 2019 (35) and it is 16% below the inventory last month (45). There were 16 new sales for the month of January. This is 33% above the pace in January 2019 (12) and it is 129% above the pace last month (7). There is a 2.4 months supply of inventory in Sebastopol based on the current sales pace. The 11 homes that closed in Sebastopol in January went from listing to pending in 103 days.
Sonoma Valley: The number of available homes and condominiums for sale (83) at the end of January in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 12% ahead of the inventory last January (74) and it is 8% above the inventory of last month (77). There were 23 new sales for the month. This is 35% ahead of the 17 sales in January 2019 and it is slightly ahead of the 21 sales last month. There is a 3.6 months supply of inventory in Sonoma based on the current pace of sales. The average Days on Market for the 18 properties that closed in the Sonoma Valley in January is 100 days. Forty-six percent (38 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 17% of the new sales (4) in January were priced at over $1,000,000.
The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of January starts at $1,700,000. This is down from $1,900,000 last month and down from $2,900,000 in October 2019. So, a lot of expensive homes were taken off the market through the holidays. We’ll see if they come back on the market in the next couple of months. Sixty-two homes closed in the top quartile in the past twelve months compared to 71 in the twelve months prior to that – a 13% decrease. There are 21 homes available in this quartile in January 2020 compared to 30 a year ago and 22 last month. There were 2 new sales in the top quartile in January. There is now a 10.5 months supply of inventory in this segment of the market based on the current sales pace. The closed “luxury” homes over the past year closed at a price ranging from $700 to $1,000 per square foot of building area.
Windsor: The inventory of homes and condominiums for sale in Windsor at the end of January equals 40 properties. This is just below the inventory in January 2019 (41) and it is 33% above the 30 homes last month. There were 18 new sales for the month. This is 29% ahead of the pace of sales in January 2019 (14) and it is 20% ahead of the pace of last month (15). There is a 2.2 months supply of inventory based on the current sales pace. The days on market for the 15 homes that closed in January in Windsor was 61 days. The median price ($629,000) of the homes closed in Windsor in January is 6% above the median price a year ago ($594,000).
Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of January is 383 properties. This is 12% below the number of lots in January 2019 (436) and it is 9% below the number of available lots last month (421). There were 39 new lot sales in January. This is equal to the pace of sales in January 2019 and it is 179% ahead of the pace of lot sales last month (14). Lot sales picked up in January after a couple of slow months. There is a 9.8 months supply of inventory based on the current sales pace. The average days on market of the 22 lots closed in January was 270 days and the median price was $231,000 – 8% below the median price a year ago ($250,000).
Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of January is 86 homes. This is 19% ahead of the number of mobile homes available in January 2019 (72) and it is 4% below the number of available homes last month (90). There were 27 new mobile home sales in January. This is 7% below the pace of sales in January 2019 (29) and it is 59% above the pace of sales last month (17). There is a 3.2 months supply of inventory based on the current sales pace compared to a 5.3 months supply last month. The average days on market of the 17 mobile homes closed in January was 83 days and the median price was $139,000. This median price is 28% below the median price of $192,000 in January 2019.
Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of January (252) is 10% below the inventory in January 2019 (280) and it is 11% below the inventory last month (282). This is consistent with the seasonal trend that typically sees inventory come down through January or February of the new year. Fifty-one percent of the inventory in Napa County (128 properties) is priced at $1,000,000 or above. New sales (62) are 23% below the pace of last year (80) and are 9% below the 68 sales last month. There is a 4.1 months supply of inventory based on the current sales pace. The Days on Market for homes closing in Napa County is currently 79 days. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The median price of the 64 homes closed in January in Napa County ($670,000) is 5% ahead of the median price of a year ago ($640,000). Over the past four months, Napa County homes are selling at roughly 92% of original list price.
Napa County Luxury Homes: If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $2,300,000 in Napa County at this time. The number of closings (58) of Luxury Homes (sales price in excess of $2,300,000) in Napa County for the period 2/1/19 to 1/31/20 compared to 69 closings in the period 2/1/18 to 1/31/19. This is a decrease of 19%. There are 63 luxury homes in inventory at the end of January 2020 compared to 47 at the end of January 2019. There were 4 new Luxury Home sales last month compared to 2 in December. This results in a 16 months supply of available Luxury Homes based on the current sales pace compared to 4.1 months supply for the County as a whole. Days on market for the 3 luxury homes sales in January was 116 days. Over the past four months, Napa County Luxury Homes are selling at roughly 87% of original list price.
American Canyon: There are 10 available homes and condominiums in inventory at the end of January in American Canyon. This is 83% below the inventory a year ago (30) and it is one home below the supply last month (11). New sales (10) are slightly above the pace of last year (9) and also slightly ahead of the 9 sales last month. There is a one-half months supply of inventory based on the current sales pace. The Days on Market for the ten homes that closed in American Canyon last month was 65 days. The median price of the homes that closed in American Canyon in January ($670,000) was 57% ahead of the median price of a year ago ($428,000). The average price per square foot of the homes sold in American Canyon remains in the $250 to $300 range. It remains a tight market in American Canyon.
Napa: Fifty-five percent of the inventory in Napa County is in the City of Napa. There are 139 available homes and condominiums in inventory at the end of January in the City of Napa. This is 15% below the supply at the end of January 2019 (163) and it is 3.5% below the inventory at the end of last month (144). New sales (42) were 25% below the pace of January 2019 (56) and they were 19% below the pace of last month (52). There is a 3.3 months supply of inventory based on the current sales pace. The Days on Market for the 42 closings last month was 85 days compared to 105 days in January 2019. The median price of the homes that closed in the City of Napa in January was $615,000. This is 4% below the median price of the homes closed in January 2019 ($640,000).
Up Valley Napa County: The inventory of homes and condominiums for sale in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville) at the end of January (78) is 24% higher than the level of 63 in January 2019 and it is 15% below the level last month (92). There were 8 new sales in the month compared to 11 a year ago and 7 last month. There is now a 9.8 months supply of inventory based on the current sales pace. The Days on Market for the 8 closings last month was 64 days. Approximately 52% of the Luxury Market inventory (price in excess of $2,300,000) in Napa County is in the Up Valley Market (33 homes). There were two luxury home (price in excess of $2,300,000) closings in the Up Valley Market last month and two new luxury home sale.
Angwin: The inventory of homes and condominiums for sale at the end of January in Angwin is 9 homes. This compares to 6 homes in January 2019 and 7 homes last month. There were no new sales in the month of January compared to one a year ago and one last month. The average asking price of the 9 homes in inventory in Angwin is $1,138,000.
Mobile Homes in Napa County: The inventory of available mobile homes for sale in Napa County at the end of January is 31 homes. This is essentially equal to the number of mobile homes available in January 2019 (32) and it is slightly below the number of available homes last month (33). There were 7 new mobile home sales in January. This is 30% below the pace of sales in January 2019 (10) and it is 22% below the pace of sales last month (9). There is a 4.4 months supply of inventory based on the current sales pace. The average days on market of the 6 mobile homes closed in January was 154 days and the median price was $158,000. This is 19% below the median price of $195,000 in January 2019.
Mendocino County: The inventory of homes and condominiums available in Mendocino County at the end of January stands at 249. This is 27% below the inventory in January 2019 (339) and it is slightly above the inventory last month (247). New sales (59) in Mendocino County in January were 69% ahead of the pace of January 2019 (35) and they were 79% ahead of the pace last month (33). There is a 4.2 months supply of inventory in Mendocino County based on the existing sales pace. The average Days on Market for homes sold in Mendocino County in January is 152 days. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The median price of the 35 homes closed in January in Mendocino County was $380,000. This is 4% below the median price in January 2019 ($396,000).
Ukiah: The inventory of homes and condominiums for sale at the end of January in Ukiah is 37 homes. This is the lowest inventory in Ukiah in the past 18 months. It is 42% below the level of January 2019 (64) and it is slightly below the inventory last month (39). There were 16 new sales for the month of January. This is just below the number of sales in January 2019 (17) and it is 100% ahead of the sales pace last month (8). There is a 2.3 months supply of inventory based on the current sales pace. The Days on Market for the 9 closings last month was 94 days. The median price of the homes sold in Ukiah in the past year has ranged from 360,000 to $480,000. The median price was $424,000 for the homes that closed in January.
Hopland and Talmage: The inventory of homes and condominiums for sale at the end of January in Hopland and Talmage is 7 homes. This is 30% below the level of January 2019 (10) and it is 42% below the inventory last month (12). There were 5 new sales for the month of January. This compares to 1 sale in January 2019 and no new sales last month. There is a 7 months supply of inventory based on the current sales pace. The Days on Market for the one closing last month was 47 days. The median price of the homes sold in Hopland/Talmage in the past year has ranged from $250,000 to $800,000. The price was $363,000 for the home that closed in January.
Redwood Valley and Calpella: The inventory of homes and condominiums for sale at the end of January in Redwood Valley and Calpella is 11 homes. This is 50% below the level of January 2019 (22) and it is just below the inventory last month (12). There were 3 new sales for the month of January. This compares to 2 sales in January 2019 and no new sales last month. There is a 3.7 months supply of inventory based on the current sales pace. The Days on Market for the 2 closings last month was 182 days. The median price of the homes sold in Redwood Valley/Calpella in the past year has ranged from $400,000 to $550,000. The median price was $537,000 for the homes that closed in January.
Marin County: Marin County’s inventory (208 homes) is 25% below the 278 homes in January 2019 and it is 5% above the 198 homes in inventory last month. New sales (126) were 11% ahead of the number last January and were 25% ahead of last month (101). This creates a 1.7 months supply. The median price of the homes sold in Marin County in January was $945,000. This is the roughly the same as it was a year ago.