Wine Country Real Estate Trends in August 2019
PAIGE – PAIGE expresses our Core Business Values. I’m going to cover one of the letters in each blog posting over the next five posts.
A stands for Authenticity. Being exactly what we claim to be.
Abbreviated blog this month: Timing constraints are dictating that I shorten up the blog this month so I am not covering 100% of the markets that I normally cover. If there is a specific market on which you would like data for August, please let me know and I will respond to you directly. Thank you.
Better Homes and Gardens Real Estate|Better Homes and Gardens Real Estate – Wine Country Group Results for August 2019
Better Homes and Gardens Real Estate |Better Homes and Gardens Real Estate – Wine Country Group enjoyed 41 closings in August 2019 compared to 53 last August and 60 last month. In August, we closed homes with a total value of $25.2 million compared to $34 million last year and $31.2 million last month. The average selling price of the properties sold by the Better Homes and Gardens Real Estate – Wine Country Group in August was $625,000. Last August our average selling price was $642,000.
BHGRE|WCG currently has 61 pending sales with a value of $42 million dollars. We have 116 active listings with a value of $104 million dollars. This is the largest inventory that we have had in the past five years. Our average listing price is $897,000.
Wine Country Real Estate Trends for August 2019
Sonoma County: The inventory of homes and condominiums available in Sonoma County at the end of August stands at 1,235. This is 2% ahead of the inventory in August 2018 (1,216) and it is 3% below the inventory last month (1,279). New sales (544) in Sonoma County in August were 22% ahead of the pace of August 2018 (445) and they were15% ahead of the pace last month (499). This is the highest level of sales in Sonoma County for any month in the past three years. There is a 2.3 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 42 (Rohnert Park) to 91 (Sebastopol) 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 59 days. The median price of 427 homes closed in August in Sonoma County was $675,000. This is 5% higher than the median price in August 2018 ($643,000). It seems the market has rebounded from the lag in the late Spring. September usually welcomes a stronger market going into the Fall and we’ll watch and see if that develops this year.
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 16% decrease in the number of Luxury Homes closed (381) from 9/1/18 to 8/31/19 compared to 453 closings in the period 9/1/17 to 8/31/18. Sales in the 9/1/17 to 8/31/18 period were influenced by fire victims purchasing replacement homes after the 10/17 fires. The inventory of luxury homes (317) is 34% ahead of the inventory in August 2018 (237 homes). The pace of new sales (47) in August this year is equal to the pace of a year ago (46) and it is also a bit ahead of the pace last month (43). The Days on Market for Luxury Home closings was 77 days this August compared to 57 days a year ago. This compares to 59 Days on Market for all closed properties in the County in August. There is a 6.7 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.3 months supply in the overall Sonoma County market.
Coastal Sonoma: There are 32 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point). This is 23% ahead of the inventory (26) a year ago and it is equal to the inventory last month (32). There were 4 new sales in August compared to 8 a year ago and 3 last month. There is now an 8 months supply of inventory in Coastal Sonoma based on the current sales pace. The Days on Market for the one home that closed in August was 40 days.
Healdsburg Trends: There are 124 homes and condominiums available for sale in Healdsburg at the end of the month. It is 35% above the inventory in August 2018 (92) and it is 9% below the inventory last month (136). New sales in August (29) were 61% ahead of the pace of sales in August 2018 (19) and they were 52% ahead of the sales pace last month (20). Sales kicked into a higher gear in Healdsburg in August. The months of available inventory is now 4.3 months based on the current sales pace. This is down from 6.8 months last month. The Days on Market for the 16 homes that closed in August was 70 days.
Oakmont: There are 54 homes available in Oakmont at the end of August. This is 8% higher than the inventory in August 2018 (49) and it is 6% higher than the inventory last month (51). New sales (20) are 11% ahead of the sales pace of a year ago (18) and are 5% higher than the pace of last month (19). There is a 2.7 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 $630,000 for the 16 homes that closed in August. The Days on Market for the homes that closed in August was 67 days.
Petaluma: The inventory of homes and condominiums for sale in Petaluma at the end of August (125) is 40% ahead of the inventory in August 2018 (89) and it is 12% ahead of the inventory last month (112). This is the highest inventory in Petaluma in the past seven and a half years. There were 55 new sales for the month. This is 3% below the 57 sales in August 2018 and it is equal to the 55 new sales last month. The Petaluma market currently has 2.3 months of available inventory based on the current sales pace and has slowed slightly from most recent months. The median price of the 59 homes that closed in August was $745,000. This is equal to the median price last August. The Days on Market for the homes that closed in August was 44 days.
Rohnert Park: The inventory of homes and condominiums for sale in Rohnert Park at the end of August (54) is 10% below the inventory in August 2018 (60) and it is 18% below the inventory last month (66). There were 45 new sales in Rohnert Park in August. This is 29% above the 35 sales in August 2018 and it is equal to the sales last month. There is 1.2 months supply of inventory based on the current sales pace. The median price ($527,000) of the 29 homes and condominiums that closed in August is 2.6% below the median price a year ago ($541,000). Days on Market for the homes that closed in August was 42 days.
Santa Rosa: Thirty-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 August (403) is 19% below the inventory of a year ago (498) and it is slightly below the inventory last month (409). New sales in August (201) are 11% ahead of the pace of last August (181) and they are equal to the pace last month. There is a two months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 166 homes closed in August in Santa Rosa was $636,000 compared to $584,000 a year ago – a nine percent increase. The Days on Market for the homes that closed in August was 60 days.
Sebastopol Trends: The inventory of homes and condominiums for sale at the end of August in Sebastopol (74) is 11% below the level of August 2018 (83) and it is also 11% below the inventory last month (83). There were 37 new sales for the month of August. This is 48% ahead of the pace in August 2018 (26) and it is 42% ahead of the pace last month (28). This is the highest number of sales in Sebastopol for any month in the past five years. There is a two months supply of inventory in Sebastopol based on the current sales pace. The 27 homes that closed in Sebastopol in August went from listing to pending in 91 days, which is a longer time than usual.
Sonoma Valley: The number of available homes and condominiums for sale (152) at the end of August in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 29% above the inventory last August (118) and it is 13% below the inventory of last month (174). There were 59 new sales for the month. This is 69% ahead of the 35 sales in August 2018 and it is 37% ahead of the 47 sales last month. This is the highest level of sales for any month in Sonoma in the past four years. There is a 2.6 months supply of inventory in Sonoma based on the current pace of sales. The average Days on Market for the 40 properties that closed in the Sonoma Valley in August is 73 days. Sixty-seven percent (102 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 36% of the new sales (21) in August were priced at over $1,000,000.
The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of August starts at $3,000,000. 11 homes closed in the top quartile in the past twelve months compared to 21 in the twelve months prior to that. There are 38 homes available in this quartile in June 2019 compared to 28 a year ago and 51 last month. There were three new sales in the top quartile in August. This results in over a years worth of inventory in this segment of the market. 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 August equals 53 properties. This is 16% below the inventory in August 2018 (63) and it is 15% below the 62 homes last month. There were 40 new sales for the month. This is 43% ahead of the pace of sales in August 2018 (28) and it is 91% ahead of the pace of last month (23). 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 August in Windsor was 57 days. The median price ($651,000) of the homes closed in Windsor in August is 1.3% below the median price a year ago ($660,000).
Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of August is 542 properties. This is 6% ahead of the number of lots in August 2018 (513) and it is slightly ahead of the number of available lots last month (530). Going back as far as we have MLS records (2000) there has never been more lots for sale in Sonoma County. There were 43 new lot sales in August. This is 25% below the pace of sales in August 2018 (57) and it is 27% ahead of the pace of lot sales last month (39). There is a 12.6 months supply of inventory based on the current sales pace. The average days on market of the 39 lots closed in August was 143 days and the median price was $240,000 – 8% below the median price a year ago ($260,000).
Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of August is 99 homes. This is 62% ahead of the number of mobile homes available in August 2018 (61) and it is 10% ahead of the number of available homes last month (90). This is the highest level of inventory of Mobile Homes in Sonoma County in the past seven years. There were 34 new mobile home sales in August. This is 17% ahead of the pace of sales in August 2018 (29) and it is 8% below the pace of sales last month (40). There is a 2.9 months supply of inventory based on the current sales pace. The average days on market of the 34 mobile homes closed in August was 79 days and the median price was $142,000. This median price is 15% below the median price of $168,000 in August 2018.
Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of August (489) is 21% ahead of the inventory in August 2018 (404) and it is slightly ahead of the inventory last month (483). This is the highest inventory in Napa County in the past seven years. 49% of the inventory in Napa County (240 properties) is priced at $1,000,000 or above. New sales (141) are 26% ahead of the pace of last year (112) and are also 26% ahead of the 112 sales last month. There is a 3.5 months supply of inventory based on the current sales pace. The Days on Market for homes closing in Napa County is currently 75 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 107 homes closed in August in Napa County ($685,000) is 4% below the median price of a year ago ($715,000).
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 in Napa County at this time. The number of closings (66) of Luxury Homes (sales price in excess of $2,300,000) in Napa County for the period 9/1/18 to 8/31/19 compared to 57 closings in the period 9/1/17 to 8/31/18. There are 121 luxury homes in inventory at the end of August 2019 compared to 98 at the end of August 2018. There were 7 new Luxury Home sales last month resulting in a 17 months supply of available Luxury Homes based on the current sales pace compared to 3.5 months supply for the County as a whole.
American Canyon: There were 15 available homes and condominiums in inventory at the end of August in American Canyon. This is 50% below the inventory a year ago (30) and it is 32% below the supply last month (22). New sales (16) are equal to the pace of last year (16) and slightly below the 17 sales last month. There is just a one months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 41 days. The median price of the 16 homes that closed in American Canyon in August ($515,000) was 6% below the median price of a year ago ($550,000).
Napa: Fifty-four percent of the inventory in Napa County is in the City of Napa. There are 264 available homes and condominiums in inventory at the end of August in the City of Napa. This is 33% ahead of the supply at the end of August 2018 (224) and it is 2% ahead of the inventory at the end of last month (258). This is the highest inventory in the City of Napa for any month in the past seven years. New sales (97) were 33% ahead of the pace of August 2018 (73) and they were 29% ahead of the pace of last month (83). There is a 2.7 months supply of inventory based on the current sales pace. The Days on Market for the 69 closings last month was 73 days compared to 55 days in August 2018. The median price of the homes that closed in the City of Napa in August was $695,000. This is about equal to the median price of the homes closed in August 2018 ($699,000).
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 August (165) is 39% higher than the level of 119 in August 2018 and it is 2.5% ahead of the level last month (161). There were 21 new sales in the month compared to 23 a year ago and 17 last month. There is now a 7.9 months supply of inventory based on the current sales pace. The Days on Market for the 18 closings last month was 94 days. Approximately 62% of the Luxury Market inventory (price in excess of $2,300,000) in Napa County is in the Up Valley Market (75 homes). There were five luxury home (price in excess of $2,300,000) closings in the Up Valley Market last month and three new luxury home sales.
Mobile Homes in Napa County: The inventory of available mobile homes for sale in Napa County at the end of August is 48 homes. This is 14% ahead of the number of mobile homes available in August 2018 (42) and it is 4% ahead of the number of available homes last month (46). There were 14 new mobile home sales in August. This is 133% ahead of the pace of sales in August 2018 (6) (a twelve month low in that month) and it is 27% ahead of the pace of sales last month (12). There is a 3.4 months supply of inventory based on the current sales pace. The average days on market of the 11 mobile homes closed in August was 101 days and the median price was $185,000. This median price is 6% ahead of the median price of $175,000 in August 2018.
Mendocino County: The inventory of homes and condominiums available in Mendocino County at the end of August stands at 345. This is 17% below the inventory in August 2018 (415) and it is 4% below the inventory last month (361). New sales (78) in Mendocino County in August were 24% ahead of the pace of August 2018 (63) and they were16% ahead of the pace last month (67). There is a 4.4 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 August is 82 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 66 homes closed in August in Mendocino County was $414,000. This is 4% below the median price in August 2018 ($430,000).
Ukiah: The inventory of homes and condominiums for sale at the end of August in Ukiah was 51 homes. It is about equal to the level of August 2018 (52) and it is 12% below the inventory last month (58). There were 20 new sales for the month of August. This is 5% ahead of the number of sales in August 2018 (19) and it is 9% below the sales last month (24). There is a 2.6 months supply of inventory based on the current sales pace. The Days on Market for the 19 closings last month was 71 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 $385,000 for the 19 homes that closed in August.
Marin County: Marin County’s inventory (500 homes) fell 2% from the 511 homes last month. Sales were down approximately 1% from last month creating a 2.2 months supply. The appreciation rate on a year over year basis is down 2%.