Wine Country Real Estate Trends in February 2019
Russian River flooding: Over 2,500 homes were flooded in the recent storms that brought the Russian River over flood stage in the Guerneville/Monte Rio, etc., areas. Our hearts and support go out to the individuals and families affected by these floods.
Better Homes and Gardens Real Estate|Wine Country Group Results for February 2019
Better Homes and Gardens Real Estate|Wine Country Group enjoyed 36 closings in February 2019 compared to 25 last February and 29 last month. In February, we closed homes with a total value of $21 million compared to $21.5 million last year and $15 million last month. The average selling price of the properties sold by the Wine Country Group in February was $577,579.
BHGRE|WCG currently has 47 pending sales with a value of $35 million dollars. We have 48 active listings with a value of $47 million dollars. Our average listing price is $979,000.
Wine Country Real Estate Trends for February 2019:
Market Comparisons to February 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 February stands at 680. This is 31% ahead of the inventory in February 2018 (518) and it is down 3.5% from the inventory last month (705). It’s interesting that the county’s inventory did not grow last month while the inventory in Napa and Marin Counties both grew. New sales (320) in Sonoma County in February were essentially equal to the pace of February 2018 (316) and they were 15% ahead of the pace last month (279). 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 55 (Petaluma) to 198 (Coastal Sonoma) 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 77 days. The median price of homes closed in February in Sonoma County was $590,000. This is an 8.5% decrease from the median price in February 2018 ($645,000).
Sonoma County Luxury Homes: About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,200,000). There has been an 12% increase in the number of Luxury Homes closed (531) from 3/1/18 to 2/28/19 compared to 473 closings in the period 3/1/17 to 2/28/18. The inventory of luxury homes (171) is slightly below the inventory in February 2018 (180 homes). The pace of new sales (24) in February this year is 33% below the pace of a year ago (36) and it is essentially equal to the pace last month (22). The high number of sales in this price range in February 2018 is partially due to the fires of late 2017. The Days on Market for Luxury Home closings was 69 days this February compared to 82 days a year ago. This compares to 77 Days on Market for all closed properties in the County in February. There is a 7 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.
Cloverdale: The inventory of homes and condominiums for sale (26) in Cloverdale at the end of February is 62% ahead of the inventory in February of 2018 (16). It is just below the inventory of last month (27). There were 6 new sales in Cloverdale in February. This compares to 14 sales in February 2018 and 11 new sales last month. There is a 4.3 months supply of inventory based on the current sales pace. The Days on Market for the 9 homes that closed in February was 90 days.
Coastal Sonoma: There are 17 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point). This is 55% ahead of the inventory (11) a year ago and it is equal to the inventory last month (17). There were 3 new sales in February compared to 8 a year ago and 4 last month. There is now a 5.7 months supply of inventory in Coastal Sonoma based on the current sales pace. The Days on Market for the two homes that closed in February was 198 days.
Healdsburg Trends: There are 58 homes and condominiums available for sale in Healdsburg at the end of the month. This is 38% above the inventory in February 2018 (42) and it is 7% ahead of the inventory last month (54). New sales in February (14) were 18% below the pace of sales in February 2018 (17) and they were equal to the sales pace last month (14). The months of available inventory is now 4.1 months based on the current sales pace. The Days on Market for the 9 homes that closed in February was 116 days.
Oakmont: There are 31 homes available in Oakmont at the end of February. This is 72% ahead of the inventory in February 2018 (18) and it is about equal to the inventory last month (32). New sales (11) are 31% below the sales pace of a year ago (16) and are 10% ahead of the pace of last month (10). There is a 2.8 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 8 homes that closed in February. The Days on Market for the homes that closed in February was 115 days.
Petaluma: The inventory in Petaluma at the end of February (53) is 6% ahead of the inventory in February 2018 (50) and it is about equal to the inventory last month (51). There were 37 new sales for the month. This is 12% ahead of the 33 sales in February 2018 and it is about equal to the 36 new sales last month. The Petaluma market currently has 1.4 months of available inventory based on the current sales pace. Petaluma remains one of the tightest markets in Wine Country. The median price of the 27 homes that closed in February was $672,000. This is 5% below the median price last February ($707,000). The Days on Market for the homes that closed in February was 55 days.
Rohnert Park: The inventory of homes and condominiums for sale in Rohnert Park at the end of February (52) is 333% ahead of the inventory in February 2018 (12) and it is 6% ahead of the inventory last month (49). There were 31 new sales in Rohnert Park in February. This is 63% above the 19 sales in February 2018 and it is 24% ahead of the 25 sales last month. There is 1.7 months supply of inventory based on the current sales pace. The median price ($528,000) of the 20 homes and condominiums that closed in February is essentially equal to the median price a year ago ($526,000). Days on Market for the homes that closed in February was 69 days.
Russian River: Obviously, the Russian River region will be affected by the recent floods throughout the area. The real estate market there will not be functioning in a stable way for months to come.
The inventory of homes and condominiums for sale at the end of February (36) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is 16% ahead of the level of February 2018 (31) and it is essentially equal to the inventory last month (35). There were 12 new sales for the month of February. This sales pace is 20% ahead of the pace in February 2018 (10) and it is 20% below the pace last month (15). There is a 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 $375,000 for the 13 homes that closed in February. The Days on Market for the homes that closed in February was 88 days.
Santa Rosa: Thirty-five 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 February (236) is 42% ahead of the inventory of a year ago (166) and it is 14% below the inventory last month (274). New sales in February (146) are 3.5% ahead of the pace of last February (141) and they are 26% ahead of the pace last month (116). There is a 1.6 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 108 homes closed in February in Santa Rosa was $570,000 compared to $580,000 a year ago – a 1.7% decrease. The Days on Market for the homes that closed in February was 73 days.
Sebastopol Trends: The inventory of homes and condominiums for sale at the end of February in Sebastopol (27) is 39% below the level of February 2018 (44) and it is 23% below the inventory last month (35). There were 14 new sales for the month of February. This is slightly below the pace in February 2018 (15) and it is slightly ahead of the pace last month (12). There is a 1.9 months supply of inventory in Sebastopol based on the current sales pace. The 14 homes that closed in Sebastopol in February went from listing to pending in 75 days.
Sonoma Valley: The number of available homes and condominiums for sale (91) at the end of February in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 18% above the inventory last February (77) and it is 22% ahead of the inventory of last month (74). There were 19 new sales for the month. This is 39% below the 31 sales in February 2018 and it is about equal to the 18 last month. There is a 4.8 months supply of inventory in Sonoma based on the current pace of sales. Fifty-four percent (49 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 37% of the new sales (7) in February were priced at over $1,000,000.
The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of February starts at $2,700,000. 19 homes closed in the top quartile in the past twelve months compared to 24 in the twelve months prior to that. There are 22 homes available in this quartile in February 2019 compared to 18 a year ago. There were no new sales in the top quartile in February creating a 22 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 February equals 40 properties. This is 21% ahead of the inventory in February 2018 (33) and it is essentially equal to the 41 homes last month. There were 22 new sales for the month. This is 22% ahead of the pace of sales in February 2018 (18) and it is 47% ahead of the pace of last month (15). There is a 1.8 months supply of inventory based on the current sales pace. The days on market for the 13 homes that closed in February in Windsor was 93 days. The median price ($587,000) of the homes closed in Windsor in February is10% lower than the median price a year ago ($650,000). 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 February is 454 properties. This is 19% ahead of the number of lots in February 2018 (383) and it is 4% ahead of the number of available lots last month (436). There were 46 new lot sales in February. This is 38% below the pace of sales in February 2018 (74) and it is 11% ahead of the pace of lot sales last month (41). There is a 9.9 months supply of inventory based on the current sales pace. The average days on market of the 38 lots closed in February was 135 days and the median price was $252,000 – 10% ahead of the median price a year ago ($230,000).
Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of February is 80 homes. This is 78% ahead of the number of mobile homes available in February 2018 (45) and it is 11% ahead of the number of available homes last month (72). There were 33 new mobile home sales in February. This is 11% below the pace of sales in February 2018 (37) and it is 14% ahead of the pace of sales last month (29). There is a 2.4 months supply of inventory based on the current sales pace. The average days on market of the 20 mobile homes closed in February was 97 days and the median price was $143,000. This median price is 2% ahead of the median price of $140,000 in February 2018.
Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of February (311) is 54% ahead of the inventory in February 2018 (202) and it is 11% ahead of the inventory last month (280). 38% of the inventory in Napa County (118 properties) is priced at $1,000,000 or above. New sales (76) are 18% below the pace of last year (93) and are 6% below the 81 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 74 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 67 homes closed in February in Napa County ($625,000) was 12% lower than the median price of a year ago ($712,000).
Napa County Luxury Homes: If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $1,400,000 in Napa County at this time (this is down from $1,900,000 over the past several months). The number of closings (167) of Luxury Homes (sales price in excess of $1,400,000) in Napa County for the period 3/1/18 to 2/28/19 compared to 139 closings in the period 3/1/17 to 2/28/18 (an 20% increase). There were 81 luxury homes in inventory at the end of February 2019 compared to 74 at the end of February 2018. There were 14 new Luxury Home sales last month resulting in a 5.8 months supply of available Luxury Homes based on the current sales pace compared to 4.1 months supply for the County as a whole.
American Canyon: There were 27 available homes and condominiums in inventory at the end of February in American Canyon. This is 59% ahead of the inventory a year ago (17) and it is 10% below the supply last month (30). New sales (9) were 31% below the 13 sales in February 2018 and they were equal to the 9 sales last month. There is a 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 83 days. The median price of the 8 homes that closed in American Canyon in February ($439,000) was 14% below the median price of a year ago ($513,000).
Napa: Fifty-nine percent of the inventory in Napa County is in the City of Napa. There were 183 available homes and condominiums in inventory at the end of February in the City of Napa. This is a 69% ahead of the supply at the end of February 2018 (108) and it is 12% ahead of the inventory at the end of last month (163). New sales (59) were slightly below the pace of February 2018 (63) and they were 5% ahead of the pace of last month (56). There is a 3.1 months supply of inventory based on the current sales pace. The Days on Market for the 49 closings last month was 66 days. The median price of the homes that closed in the City of Napa in February was $639,000. This is 11% below the median price of the homes closed in February 2018 ($720,000).
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 February (72) is 20% higher than the level of 60 in February 2018 and it is 15% above the level last month (63). There were only 6 new sales in the month compared to 10 a year ago and 11 last month. There is now an 11.1 months supply of inventory based on the current sales pace. The Days on Market for the 8 closings last month was 98 days. Approximately 41% of the Luxury Market inventory (price in excess of $1,400,000) in Napa County is in the Up Valley Market (28 homes). There were six luxury home (price in excess of $1,400,000) closings in the Up Valley Market last month and three new luxury home sales.
Angwin: The inventory of homes and condominiums for sale at the end of February in Angwin is down to just seven homes. This is 36% below the level of February 2018 (11) and it is essentially equal to the inventory last month (6). There were no new sales for the month of February compared to one last month and one in February of 2018. There is a 7 months supply of inventory based on the current sales pace. The average asking price of the 7 homes in inventory in Angwin is $1,483,000.