Wine Country Real Estate Trends in September, 2012
I was out of the area when data was released mid-month, so this will be a brief overview of market conditions rather than the normal detailed analysis. I promise to be on time and on target with the report on October’s activity next month.
Sonoma County: The County has the lowest inventory of available homes (936) since February 2005, seven and a half years ago when the market was red hot. The inventory is just about half of the amount it was in September 2011 (1813). New sales (470) dropped 22% from last month and 12% from last year. This is the first drop in sales on a year over year basis since December 2010. There is a two months supply of inventory based on the existing sales pace – sign of a “seller’s market”. The median price of homes closed in September in Sonoma County ($338,000) was 6% ahead of the median price of a year ago.
Distressed properties (foreclosures and short sales) currently make up 15% of the inventory and 36% of the new sales. At 170 distressed sales for the month, it is the lowest level since February 2008 when there were 133 sales. There is .8 months supply of inventory of distressed properties based on the current sales pace. The median price of distressed properties that sold in the month of September ($280,000) was 10% higher than September a year ago.
Sonoma Valley: There were 132 available homes in inventory at the end of September in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood). This is the lowest level of inventory for any month since March 2005. There were 37 new sales for the month. This is almost half of the sales for last month (71) and 25% lower than the sales pace in September 2011. There is a 3.6 months supply of inventory based on the current sales pace.
Distressed properties (foreclosures and short sales) represent 8% of the inventory (11 units) and 16% of the new sales for the month. There were just 6 distressed sales in the month. This is the lowest level since April 2008.
Napa County: The inventory and sales pace in Napa County have been very stable over the past nine months ranging from 441 units (March) to 489 units (June). The inventory is currently 446 units. Sales have ranged from 139 units for this month to 197 in March. There is currently a 3.2 months supply of inventory based on the current sales pace. The median price for homes sold in September in Napa County ($360,000) was 7% ahead of the median price a year ago.
Distressed properties (foreclosures and short sales) currently make up 10% of the inventory and 30% of the new sales. At 42 distressed sales for the month, it is the lowest level since April 2008. There is 1.1 months supply of inventory of distressed properties based on the current sales pace. The median price of distressed properties that sold in the month of September ($295,000) was 18% higher than September a year ago.
Up Valley: The Up Valley Napa Valley market (St. Helena, Calistoga, Angwin, Rutherford, Oakville and Yountville) had a strong month in September with 27 sales. This was 35% ahead of the pace a month ago (20) and 108% ahead of the pace in September 2011 (13). There remains a 6 months supply of inventory based on the current sales pace. Distressed properties (foreclosures and short sales) make up only 7% of the inventory and 18% of the new sales.
Closings: The following agents enjoyed closings for the period from September 1 to September 30, 2012:
In our Cloverdale office, Ron and Jane Pavelka enjoyed three closings.
In our Healdsburg office: Mike Downes, Gina Cleaver, Ann Amtower, Nick Thompson, Beth Bruno, Kent Mitchell, Debbie Hendershot, Maria Carolina Avila and Maria Elena Melody each had a closing.
In our Napa office: Lynda Jensen enjoyed two closings and Debbie Murray had a closing.
In our Petaluma office: Vicki Metzger had a closing.
In our Santa Rosa offices: David Poulsen and Charles Himes both enjoyed four closings; Tom Apostolides and Lila Mathia had three closing each; Larry Tristano had two closings; and Gus Kyriakos, Bonnie Falconer and Tom Shula each had a closing.
In our Sebastopol office: Jeffrey Seligson and Liz Uribe enjoyed three closings each; Michaela Kalemba and Chris Nelson had two closings each; and Bill Cole, Gloria Epperson, Norbert Tenenbaum, Laurie Parris, Michael and Pauline Pellini, Kari Garcia, Barbara Paul, Bette Meritt, Lisa Dawson, Allison Pharis, Lindsey Kennedy, Rita De Souza, Sandie Schach and the team of Doug Schaeffer and Cary Fargo each had a closing.
In our Sonoma office: Sheila Deignan had a Wine Country Group leading eight closings; Tish Thames enjoyed five closings; Joyce Davison, Diane Krause and Mike Caselli each had two closings; and Michael Crain, Erin George, Barbara Sommerville, Herb Heil, Mari Johnson, David Kerr, Diane Litchfield and Shanis Nelson each had a closing.
And, in our St. Helena office: Linda Alioto and Jeff Veness each had a closing for this period.
Congratulations to all!