Wine Country Real Estate Trends in June 2019
Better Homes and Gardens Real Estate|Wine Country Group Results for June 2019
We are pleased to announce the opening of a new Better Homes and Gardens Real Estate|Wine Country Group office in Ukiah. We have teamed with Eric Garbocci and Trudy Sellars-Ramos and added six additional agents to serve this growing, expanding market. Please visit us at 320 S. State Street (the original Ukiah library building) when you are passing through Mendocino Wine Country!
Better Homes and Gardens Real Estate |Wine Country Group enjoyed 33 closings in June 2019 compared to 54 last June and 48 last month. In June, we closed homes with a total value of $22.3 million compared to $40 million last year and $29.2 million last month. The average selling price of the properties sold by the Wine Country Group in June was $676,000. The rainy weather delayed closings in June and we expect to rebound strongly in July.
BHGRE|WCG currently has 74 pending sales with a value of $39 million dollars. We have 90 active listings with a value of $79 million dollars. Our average listing price is $878,000.
Wine Country Real Estate Trends for June 2019
Sonoma County: The inventory of homes and condominiums available in Sonoma County at the end of June stands at 1,245. This is 23% ahead of the inventory in June 2018 (1,014) and it is 11% ahead of the inventory last month (1,120). It is the highest inventory since November 2011. Surely the better weather in June had sellers bringing their homes on the market. New sales (506) in Sonoma County in June were 15% ahead of the pace of June 2018 (442) and they were slightly below the pace last month (513). There is a 2.5 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 44 (Petaluma, Rohnert Park and Windsor) to 83 (Cloverdale) 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 52 days. The median price of 455 homes closed in June in Sonoma County was $635,000. This is 3% below the median price in June 2018 ($652,000).
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 a 19% decrease in the number of Luxury Homes closed (305) from 7/1/18 to 6/30/19 compared to 376 closings in the period 7/1/17 to 6/30/18. Sales in the 7/1/17 to 6/30/18 period were influenced by fire victims purchasing replacement homes after the 10/17 fires. The inventory of luxury homes (305) is 48% ahead of the inventory in June 2018 (206 homes). The pace of new sales (37) in June this year is equal to the pace of a year ago (38) and it is also equal to the pace last month (36). The Days on Market for Luxury Home closings was 58 days this June compared to 72 days a year ago. This compares to 52 Days on Market for all closed properties in the County in June. There is an 8.2 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.5 months supply in the overall Sonoma County market.
Cloverdale: The inventory of homes and condominiums for sale (39) in Cloverdale at the end of June is 5% below the inventory in June of 2018 (41). It is 15% ahead of the inventory of last month (34). There were 14 new sales in Cloverdale in June. This compares to 13 sales in June 2018 and 21 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 20 homes that closed in June was 83 days.
Coastal Sonoma: There are 30 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point). This is 36% ahead of the inventory (22) a year ago and it is the same as the inventory last month (29). There were 9 new sales in June compared to 9 a year ago and 6 last month. There is now a 3.3 months supply of inventory in Coastal Sonoma based on the current sales pace. The Days on Market for the 3 homes that closed in June was 47 days.
Healdsburg Trends: There are 135 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 61% above the inventory in June 2018 (84) and it is 9% ahead of the inventory last month (124). New sales in June (22) were 15% below the pace of sales in June 2018 (26) and they were 38% ahead of the sales pace last month (16). The months of available inventory is now 6.1 months based on the current sales pace. The Days on Market for the 17 homes that closed in June was 81 days.
Oakmont: There are 58 homes available in Oakmont at the end of June. This is 57% ahead of the inventory in June 2018 (37) and it is slightly ahead of the inventory last month (56). New sales (19) are 12% ahead of the sales pace of a year ago (17) and are 36% ahead of the pace of last month (14). There is a 3.1 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 $613,000 for the 13 homes that closed in June. The Days on Market for the homes that closed in June was 82 days.
Petaluma: The inventory of homes and condominiums for sale in Petaluma at the end of June (103) is 29% ahead of the inventory in June 2018 (80) and it is 7% ahead of the inventory last month (96). There were 65 new sales for the month. This is 35% ahead of the 43 sales in June 2018 and it is 12% ahead of the 58 new sales last month. The Petaluma market currently has 1.6 months of available inventory based on the current sales pace. The median price of the 53 homes that closed in June was $735,000. This is 3% ahead of the median price last June ($714,000). The Days on Market for the homes that closed in June was 44 days.
Rohnert Park: The inventory of homes and condominiums for sale in Rohnert Park at the end of June (44) is 38% ahead of the inventory in June 2018 (32) and it is 10% below the inventory last month (49). There were 43 new sales in Rohnert Park in June. This is 19% above the 36 sales in June 2018 and it is 9% below the 47 sales last month. There is one month supply of inventory based on the current sales pace. The median price ($524,000) of the 40 homes and condominiums that closed in June is slightly below the median price a year ago ($530,000). Days on Market for the homes that closed in June was 44 days.
Russian River: The inventory of homes and condominiums for sale at the end of June (82) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is 32% above the level of June 2018 (62) and it is 5% ahead of the inventory last month (78). There were 34 new sales for the month of June. This sales pace is 21% ahead of the pace in June 2018 (28) and it is 13% ahead of the pace last month (30). The dry weather in June has brought buyers out to the River. There is a 2.4 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 $449,000 for the 26 homes that closed in June. The Days on Market for the homes that closed in June was 45 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 June (414) is equal to the inventory of a year ago and it is 19% ahead of the inventory last month (347). New sales in June (185) are 10% ahead of the pace of last June (169) and they are 10% below the pace last month (225). There is a 2.2 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 174 homes closed in June in Santa Rosa was $575,000 compared to $598,000 a year ago – a 4% decrease. The Days on Market for the homes that closed in June was 46 days.
Sebastopol Trends: The inventory of homes and condominiums for sale at the end of June in Sebastopol (82) is slightly ahead of the level of June 2018 (80) and it is 14% ahead of the inventory last month (72). There were 28 new sales for the month of June. This is 22% ahead of the pace in June 2018 (23) and it is 18% below the pace last month (34). There is a 2.9 months supply of inventory in Sebastopol based on the current sales pace. The 26 homes that closed in Sebastopol in June went from listing to pending in 45 days.
Sonoma Valley: The number of available homes and condominiums for sale (186) at the end of June in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 81% above the inventory last June (103) and it is 9% ahead of the inventory of last month (170). It is the highest inventory in the Sonoma Valley since the end of the recession in 2011. There were 46 new sales for the month. This is 7% above the 43 sales in June 2018 and it is equal to the 46 sales last month. There is a four months supply of inventory in Sonoma based on the current pace of sales. Sixty-seven percent (124 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 41% of the new sales (19) in June were priced at over $1,000,000.
The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of June starts at $3,250,000. 10 homes closed in the top quartile in the past twelve months compared to 19 in the twelve months prior to that. There are 51 homes available in this quartile in June 2019 compared to 27 a year ago and 51 last month. There were two new sales in the top quartile in June. Interestingly, the three sales reported in May all canceled prior to closing and the two new sales in June were on the market just two days. They were obviously sold prior to hitting the MLS. There have been only 5 sales in this quartile in the last eight months. This results in over two years 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 June equals 60 properties. This is 18% ahead of the inventory in June 2018 (51) and it is also 18% ahead of the 51 homes last month. There were 34 new sales for the month. This is 36% above the pace of sales in June 2018 (25) and it is essentially equal to the pace of last month (33). There is a 1.8 months supply of inventory based on the current sales pace. The days on market for the 31 homes that closed in June in Windsor was 44 days. The median price ($635,000) of the homes closed in Windsor in June is 6% below the median price a year ago ($675,000).
Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of June is 533 properties. This is 6% ahead of the number of lots in June 2018 (501) and it is essentially equal to the number of available lots last month (528). Going back as far as we have MLS records (2000) there has never been more lots for sale in Sonoma County. There were 44 new lot sales in June. This is 29% below the pace of sales in June 2018 (62) and it is 19% ahead of the pace of lot sales last month (37). There is a 12.1 months supply of inventory based on the current sales pace. The average days on market of the 25 lots closed in June was 133 days and the median price was $315,000 – 20% ahead of the median price a year ago ($263,000).
Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of June is 84 homes. This is 15% ahead of the number of mobile homes available in June 2018 (73) and it is 11% below the number of available homes last month (94). There were 46 new mobile home sales in June. This is 64% ahead of the pace of sales in June 2018 (28) and it is 70% ahead of the pace of sales last month (27). This may be the highest number of mobile homes sales for any month on record. There is a 1.8 months supply of inventory based on the current sales pace. The average days on market of the 29 mobile homes closed in June was 70 days and the median price was $159,000. This median price is 8% ahead of the median price of $147,000 in June 2018.
Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of June (478) is 23% ahead of the inventory in June 2018 (388) and it is 6% ahead of the inventory last month (451). This is the highest inventory in Napa County in the past seven years. 50% of the inventory in Napa County (240 properties) is priced at $1,000,000 or above. New sales (150) are 16% ahead of the pace of last year (129) and are 4% ahead of the 144 sales last month. There is a 3.2 months supply of inventory based on the current sales pace. The Days on Market for homes closing in Napa County is currently 67 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 129 homes closed in June in Napa County ($700,000) was equal to the median price of a year ago.
Napa County Luxury Homes: If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $2,400,000 in Napa County at this time. The number of closings (57) of Luxury Homes (sales price in excess of $2,400,000) in Napa County for the period 7/1/18 to 6/30/19 compared to 56 closings in the period 7/1/17 to 6/30/18. There were 119 luxury homes in inventory at the end of June 2019 compared to 94 at the end of June 2018. There were 14 new Luxury Home sales last month resulting in a 8.5 months supply of available Luxury Homes based on the current sales pace compared to 3.2 months supply for the County as a whole. This is the highest number of luxury home sales in any month on record. It seems that the delayed spring market sales rolled over to June sales.
American Canyon: There were 21 available homes and condominiums in inventory at the end of June in American Canyon. This is 13% below the inventory a year ago (24) and it is one unit below the supply last month (22). New sales (16) are 33% ahead of the pace of last year (12) and are 30% below the 24 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 55 days. The median price of the 15 homes that closed in American Canyon in June ($535,000) was 3% below the median price of a year ago ($553,000).
Napa: Fifty-four percent of the inventory in Napa County is in the City of Napa. There were 249 available homes and condominiums in inventory at the end of June in the City of Napa. This is a 24% ahead of the supply at the end of June 2018 (201) and it is 4% ahead of the inventory at the end of last month (239). New sales (105) were 15% ahead of the pace of June 2018 (91) and they were 4% ahead of the pace of last month (101). There is a 2.4 months supply of inventory based on the current sales pace. The Days on Market for the 96 closings last month was 63 days. The median price of the homes that closed in the City of Napa in June was $756,000. This is 6% ahead of the median price of the homes closed in June 2018 ($715,000).
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 June (167) is 26% higher than the level of 133 in June 2018 and it is 8% above the level last month (154). It is the highest level of inventory in Up Valley for the past six years. There were 28 new sales in the month compared to 20 a year ago and 15 last month. This is the highest level of new sales for any month in the past two years. Again, buyers seem to be reacting to the better weather in May/June. There is now a 6 months supply of inventory based on the current sales pace. The Days on Market for the 13 closings last month was 61 days. Approximately 44% of the Luxury Market inventory (price in excess of $2,400,000) in Napa County is in the Up Valley Market (74 homes). There was one luxury home (price in excess of $2,400,000) closing in the Up Valley Market last month and eight new luxury home sales.
Angwin: The inventory of homes and condominiums for sale at the end of June in Angwin was 18 homes. This is 5% below the level of June 2018 (20) and it is 54% ahead of the inventory last month (11). There were two new sales for the month of June compared to three a year ago and four last month. The average asking price of the 18 homes in inventory in Angwin is $1,630,000.
Mobile Homes in Napa County: The inventory of available mobile homes for sale in Napa County at the end of June is 54 homes. This is 42% ahead of the number of mobile homes available in June 2018 (38) and it is 8% ahead of the number of available homes last month (50). There were 16 new mobile home sales in June. This is 11% below the pace of sales in June 2018 (18) and it is 14% ahead of the pace of sales last month (14). There is a 3.4 months supply of inventory based on the current sales pace. The average days on market of the 12 mobile homes closed in June was 78 days and the median price was $145,000. This median price is 12% higher than the median price of $130,000 in June 2018.
Ukiah, Mendocino County: The inventory of homes and condominiums for sale at the end of June in Ukiah was 66 homes. It is 18% above the level of June 2018 (56) and it is 11% below the inventory last month (74). There were 25 new sales for the month of June. This is equal to the number of sales in June 2018 and it is 79% ahead of the sales last month (16). There is a 2.6 months supply of inventory based on the current sales pace. The median price of the 16 homes that closed in the Ukiah in June was $398,000. This is 3% below the median price of the homes closed in June 2018 ($409,000).
Marin County: Marin County is experiencing trends similar to Wine Country. The inventory (587 homes) is close to the highest it has been for any month in the last seven years and the appreciation rate on a year over year basis is down 3%.