Wine Country Real Estate Trends in April 2019

Better Homes and Gardens Real Estate|Better Homes and Gardens Real Estate – Wine Country Group Results for April 2019

Better Homes and Gardens Real Estate|Better Homes and Gardens Real Estate – Wine Country Group enjoyed 32 closings in April 2019 compared to 52 last April and 24 last month.  The rainy weather in March kept some buyers at home and had some sellers waiting to list their properties, so we expect May to be busier than April.  In April, we closed homes with a total value of $22.5 million compared to $23 million last year and $17 million last month.  The average selling price of the properties sold by the Better Homes and Gardens Real Estate – Wine Country Group in April was $702,117.

BHGRE|WCG currently has 49 pending sales with a value of $31 million dollars. We have 82 active listings with a value of $68 million dollars.  Our average listing price is $829,000.

Top Producers for the 1stQuarter of 2019:

Santa Rosa Office:

Tops in Units Sold and New Listings:  Mari Giblin

Tops in Volume Sold (individual):  Heather Thurber

Tops in Volume Sold (team):  The Northern Nest Team

Sebastopol Office:

Tops in Units Sold, Volume Sold and Listings:  Laurie Parris

Sonoma Office:

Tops in Units Sold and Listings:  Sheila Deignan

Tops in Volume Sold:  Mike Caselli

St. Helena Office:

Tops in Units and Volume Sold:  Linda Alioto

Tops in New Listings:  Rianne Pasquariello

Look for news of our new Brown’s Valley Napa office in a future post!

Market Comparisons to April 2018

Note:  The wildfires across Wine Country occurred in early October 2017.  A good number of homes were removed from the market in later October 2017 as folks tried to figure out the impact of the fires on home sales.  Thus, the inventory of available homes was unseasonably low for the months following the fires.  Comparing this year to last, some of the percentages are quite high and that is partly driven by the fires in late 2017.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of April stands at 974.  This is 35% ahead of the inventory in April 2018 (723) and it is 27% ahead of the inventory last month (767).  Surely the better weather in April had sellers bringing their homes on the market. New sales (485) in Sonoma County in April were 10% ahead of the pace of April 2018 (443) and they were 25% ahead of the pace last month (389).  There is a two 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 30 (Coastal Sonoma) to 98 (Healdsburg) 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 60 days.  The median price of 370 homes closed in April in Sonoma County was $610,000.  This is a 6% decrease from the median price in April 2018 ($650,000).

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,400,000).  There has been an 3% decrease in the number of Luxury Homes closed (332) from 5/1/18 to 4/30/19 compared to 342 closings in the period 5/1/17 to 4/30/18.  The inventory of luxury homes (234) is 25% ahead of the inventory in April 2018 (187 homes).  The pace of new sales (30) in April this year is slightly below the pace of a year ago (32) and it is close to the pace last month (27).  The lower number of sales in this price range over the past year is partially due to the fires of late 2017 which created an extraordinary demand in earl 2018.  The Days on Market for Luxury Home closings was 68 days this April compared to 64 days a year ago. This compares to 60 Days on Market for all closed properties in the County in April. There is a 7.8 months supply of inventory of luxury properties based upon the current sales pace compared to a two months supply in the overall Sonoma County market.

Cloverdale:  The inventory of homes and condominiums for sale (38) in Cloverdale at the end of April is 100% ahead of the inventory in April of 2018 (19). It is 37% ahead of the inventory of last month (28).  There were 19 new sales in Cloverdale in April.  This compares to 19 sales in April 2018 and 12 new sales last month. There is a 2 months supply of inventory based on the current sales pace.  The Days on Market for the 11 homes that closed in April was 62 days.

Coastal Sonoma:  There are 29 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This is 32% ahead of the inventory (22) a year ago and it is 38% ahead of the inventory last month (21).  There were 8 new sales in April compared to 7 a year ago and 5 last month.  There is now a 3.6 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 4 homes that closed in April was just 30 days – a very low number for Coastal Sonoma.

Healdsburg Trends:  There are 105 homes and condominiums available for sale in Healdsburg at the end of the month. This is the highest inventory in Healdsburg in the past eight years.  It is 40% above the inventory in April 2018 (75) and it is 21% ahead of the inventory last month (87).  New sales in April (24) were 60% ahead of the pace of sales in April 2018 (15) and they were 41% ahead of the sales pace last month (17). The months of available inventory is now 4.4 months based on the current sales pace.  The Days on Market for the 18 homes that closed in April was 98 days.

Oakmont: There are 49 homes available in Oakmont at the end of April.  This is 113% ahead of the inventory in April 2018 (23) and it is about equal to the inventory last month (47).  New sales (19) are 24% below the sales pace of a year ago (25) and are 138% ahead of the pace of last month (8).  The clearing weather in April certainly brought out buyers.  There is a 2.6 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 $570,000 for the 11 homes that closed in April.  The Days on Market for the homes that closed in April was 71 days.

Petaluma:   The inventory in Petaluma at the end of April (69) is 17% ahead of the inventory in April 2018 (59) and it is19% ahead of the inventory last month (58).  There were 61 new sales for the month. This is essentially equal to the 60 sales in April 2018 and it is 22% ahead of the 50 new sales last month. The Petaluma market currently has 1.1 months of available inventory based on the current sales pace.  Petaluma remains the tightest market in Wine Country that we track. The median price of the 52 homes that closed in April was $695,000. This is about equal to the median price last April ($686,000).  The Days on Market for the homes that closed in April was 36 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of April (52) is 189% ahead of the inventory in April 2018 (18) and it is 33% ahead of the inventory last month (39).   There were 48 new sales in Rohnert Park in April.  This is 30% above the 37 sales in April 2018 and it is 12% ahead of the 43 sales last month.  There is 1.1 months supply of inventory based on the current sales pace. The median price ($523,000) of the 36 homes and condominiums that closed in April is 1% above the median price a year ago ($518,000). Days on Market for the homes that closed in April was 59 days.

Russian River:  Obviously, the Russian River region will be affected by the Spring floods throughout the area.  The real estate market here will not be functioning in a stable way for months to come.

The inventory of homes and condominiums for sale at the end of April (65) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is 33% above the level of April 2018 (49) and it is 71% ahead of the inventory last month (38).  There were 15 new sales for the month of April.  This sales pace is 46% below the pace in April 2018 (28) and it is 67% ahead of the pace last month (9).  There is a 4.3 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 $785,000 for the 7 homes that closed in April. This is likely the highest median price for homes sold in the Russian River for any month since we’ve had records.  The Days on Market for the homes that closed in April was 97 days.

Santa Rosa:  Thirty-two 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 April (315) is 26% ahead of the inventory of a year ago (250) and it is 19% ahead of the inventory last month (265).  New sales in April (197) are 18% ahead of the pace of last April (167) and they are 33% ahead of the pace last month (148). There is a 1.6 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 140 homes closed in April in Santa Rosa was $573,000 compared to $611,000 a year ago – a 6% decrease.  The Days on Market for the homes that closed in April was 62 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of April in Sebastopol (61) is 22% ahead of the level of April 2018 (50) and it is 42% ahead of the inventory last month (43).  There were 26 new sales for the month of April. This is 24% ahead of the pace in April 2018 (18) and it is 44% ahead of the pace last month (18).  There is a 2.3 months supply of inventory in Sebastopol based on the current sales pace.  The 20 homes that closed in Sebastopol in April went from listing to pending in 41 days.

Sonoma Valley: The number of available homes and condominiums for sale (145) at the end of April in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 47% above the inventory last April (99) and it is 48% ahead of the inventory of last month (98).  There were 39 new sales for the month. This is 9% below the 43 sales in April 2018 and it is 7% below the 42 sales last month. There is a 3.7 months supply of inventory in Sonoma based on the current pace of sales.  Sixty-three percent (92 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 46% of the new sales (18) in April were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of April starts at $3,500,000.  12 homes closed in the top quartile in the past twelve months compared to 13 in the twelve months prior to that. There are 32 homes available in this quartile in April 2019 compared to 23 a year ago. There were two new sale in the top quartile in April creating a 16 months supply of inventory in this quartile based on the current sales pace.  The closed “luxury” homes over the past year closed at a price of roughly $1,000 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of April equals 39 properties.  This is 18% ahead of the inventory in April 2018 (33) and it is essentially equal to the 41 homes last month.  There were 29 new sales for the month. This is 12% below the pace of sales in April 2018 (33) and it is 7% ahead of the pace of last month (27).  There is a 1.3 months supply of inventory based on the current sales pace. The days on market for the 26 homes that closed in April in Windsor was 58 days. The median price ($597,000) of the homes closed in Windsor in April is 12% lower than the median price a year ago ($682,000).  Both the number of sales and the high median price of a year ago were partially driven by the fires in October 2017.

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of April is 491 properties.  This is 11% ahead of the number of lots in April 2018 (441) and it is 7% ahead of the number of available lots last month (460). There were 62 new lot sales in April. This is 10% below the pace of sales in April 2018 (69) and it is 29% ahead of the pace of lot sales last month (48). There is a 7.7 months supply of inventory based on the current sales pace.  The average days on market of the 38 lots closed in April was 107 days and the median price was $267,000 – 7% above 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 April is 78 homes.  This is 53% ahead of the number of mobile homes available in April 2018 (51) and it is 11% above the number of available homes last month (70). There were 35 new mobile home sales in April.  This is 21% ahead of the pace of sales in April 2018 (29) and it is 9% ahead of the pace of sales last month (32).  There is a 2.2 months supply of inventory based on the current sales pace.  The average days on market of the 24 mobile homes closed in April was 72 days and the median price was $166,000.  This median price is close to the median price of $160,000 in April 2018.

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of April (384) is 44% ahead of the inventory in April 2018 (267) and it is 12% ahead of the inventory last month (342).  50% of the inventory in Napa County (191 properties) is priced at $1,000,000 or above.  New sales (134) are 16% ahead of the pace of last year (116) and are 30% ahead of the 103 sales last month.  There is a 3 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 78 days up from 72 days last April. 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 97 homes closed in April in Napa County ($675,000) was 6% higher than the median price of a year ago ($638,000).

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 (up from $1,900,000 last month) in Napa County at this time.  The number of closings (70) of Luxury Homes (sales price in excess of $2,300,000) in Napa County for the period 5/1/18 to 4/30/19 compared to 59 closings in the period 5/1/17 to 4/30/18 (a 19% increase).  There were 98 luxury homes in inventory at the end of April 2019 compared to 71 at the end of April 2018.  There were 4 new Luxury Home sales last month resulting in a 24.5 months supply of available Luxury Homes based on the current sales pace compared to 3 months supply for the County as a whole.

American Canyon:  There were 21 available homes and condominiums in inventory at the end of April in American Canyon. This is slightly ahead of the inventory a year ago (18) and it is essentially equal to the supply last month (20).  New sales (16) are 60% ahead of the pace of last year (10) and are 14% ahead of the 14 sales last month.  There is just a 1.3 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 60 days. The median price of the 14 homes that closed in American Canyon in April ($519,000) was 4% ahead of the median price of a year ago ($500,000).

Napa:  Fifty-four percent of the inventory in Napa County is in the City of Napa.  There were 208 available homes and condominiums in inventory at the end of April in the City of Napa. This is a 55% ahead of the supply at the end of April 2018 (134) and it is 10% ahead of the inventory at the end of last month (189). New sales (95) were 17% ahead of the pace of April 2018 (81) and they were 28% ahead of the pace of last month (74). There is a 2.2 months supply of inventory based on the current sales pace. The Days on Market for the 71 closings last month was 84 days.  The median price of the homes that closed in the City of Napa in April was $710,000. This is 5% ahead of the median price of the homes closed in April 2018 ($675,000).

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 April (123) is 32% higher than the level of 93 in April 2018 and it is 26% above the level last month (98). There were18 new sales in the month compared to 18 a year ago and 11 last month.  The end of the rainy season may have added to the inventory in April. There is now an 6.8 months supply of inventory based on the current sales pace.  The Days on Market for the 10 closings last month was 48 days.  Approximately 57% of the Luxury Market inventory (price in excess of $2,300,000) in Napa County is in the Up Valley Market (56 homes). There was one luxury home (price in excess of $2,300,000) closing in the Up Valley Market last month and two new luxury home sales.

Angwin:  The inventory of homes and condominiums for sale at the end of April in Angwin rose to 14 homes. This is 17% above the level of April 2018 (12) and it is also 17% ahead of the inventory last month (12).  There were no new sales for the month of April.  There have been no new sales in Angwin since January of this year.  The average asking price of the 14 homes in inventory in Angwin is $1,599,000.

Ukiah, Mendocino County: The inventory of homes and condominiums for sale at the end of April in Ukiah was 55 homes. This is 10% above the level of April 2018 (50) and it is essentially equal to the inventory last month (54).  There were 22 new sales for the month of April. This is 12% below the number of sales (25) in April 2018 and it is 214% ahead of the sales last month.  The improved weather certainly brought buyers out in April.  There is a 2.5 months supply of inventory based on the current sales pace. The median price of the 9 homes that closed in the Ukiah in April was $412,000. This is 17% ahead of the median price of the homes closed in April 2018 ($352,000).