Wine Country Real Estate Trends in March 2019
Russian River flooding: Over 2,500 homes were flooded in the February 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 March 2019
Better Homes and Gardens Real Estate|Wine Country Group enjoyed 24 closings in March 2019 compared to 36 last March and 37 last month. I think that the rainy weather kept some buyers at home and had some sellers waiting to list their properties. In March, we closed homes with a total value of $17 million compared to $23 million last year and $21 million last month. The average selling price of the properties sold by the Wine Country Group in March was $692,274.
BHGRE|WCG currently has 48 pending sales with a value of $32 million dollars. We have 72 active listings with a value of $66 million dollars. Our average listing price is $917,000.
Wine Country Real Estate Trends for March 2019:
Market Comparisons to March 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 March stands at 767. This is 33% ahead of the inventory in March 2018 (577) and it is 13% ahead of the inventory last month (680). New sales (411) in Sonoma County in March were essentially equal to the pace of March 2018 (419) and they were 39% ahead of the pace last month (295). There is a 1.9 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 40 (Sebastopol) to 127 (Oakmont) 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 66 days. The median price of 298 homes closed in March in Sonoma County was $606,000. This is an 8% decrease from the median price in March 2018 ($660,000).
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 5% increase in the number of Luxury Homes closed (513) from 4/1/18 to 3/31/19 compared to 489 closings in the period 4/1/17 to 3/31/18. The inventory of luxury homes (197) is slightly ahead of the inventory in March 2018 (191 homes). The pace of new sales (40) in March this year is 25% below the pace of a year ago (53) and it is essentially equal to the pace last month (22). The high number of sales in this price range in March 2018 is partially due to the fires of late 2017. The Days on Market for Luxury Home closings was 117 days this March compared to 62 days a year ago. This compares to 66 Days on Market for all closed properties in the County in March. There is a 5 months supply of inventory of luxury properties based upon the current sales pace compared to a 1.9 months supply in the overall Sonoma County market.
Cloverdale: The inventory of homes and condominiums for sale (28) in Cloverdale at the end of March is 65% ahead of the inventory in March of 2018 (17). It is just ahead of the inventory of last month (26). There were 14 new sales in Cloverdale in March. This compares to 15 sales in March 2018 and 6 new sales last month. There is a 2 months supply of inventory based on the current sales pace. The Days on Market for the 10 homes that closed in March was 123 days.
Coastal Sonoma: There are 21 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point). This is 62% ahead of the inventory (13) a year ago and it is 24% ahead of the inventory last month (17). There were 5 new sales in March compared to 1 a year ago and 4 last month. There is now a 4.2 months supply of inventory in Coastal Sonoma based on the current sales pace. The Days on Market for the five homes that closed in March was 72 days.
Healdsburg Trends: There are 87 homes and condominiums available for sale in Healdsburg at the end of the month. This is 77% above the inventory in March 2018 (49) and it is 50% ahead of the inventory last month (58). New sales in March (18) were about equal to the pace of sales in March 2018 (17) and they were 50% ahead of the sales pace last month (12). The months of available inventory is now 4.8 months based on the current sales pace. The Days on Market for the 12 homes that closed in March was 114 days.
Oakmont: There are 47 homes available in Oakmont at the end of March. This is 124% ahead of the inventory in March 2018 (21) and it is 52% ahead of the inventory last month (31). New sales (8) are 62% below the sales pace of a year ago (21) and are 20% below the pace of last month (10). There is a 5.9 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 $555,000 for the 11 homes that closed in March. The Days on Market for the homes that closed in March was 127 days.
Petaluma: The inventory in Petaluma at the end of March (58) is 21% ahead of the inventory in March 2018 (48) and it is 9% ahead of the inventory last month (53). There were 52 new sales for the month. This is 16% below the 62 sales in March 2018 and it is 41% ahead of the 37 new sales last month. The Petaluma market currently has 1.1 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 37 homes that closed in March was $732,000. This is 8% below the median price last March ($795,000). The Days on Market for the homes that closed in March was 65 days.
Rohnert Park: The inventory of homes and condominiums for sale in Rohnert Park at the end of March (39) is 86% ahead of the inventory in March 2018 (21) and it is 25% below the inventory last month (52). There were 43 new sales in Rohnert Park in March. This is 86% above the 21 sales in March 2018 and it is 59% ahead of the 27 sales last month. There is 0.9 months supply of inventory based on the current sales pace. The median price ($485,000) of the 26 homes and condominiums that closed in March is 13% below the median price a year ago ($556,000). Days on Market for the homes that closed in March was 58 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 March (38) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is equal to the level of March 2018 (38) and it is essentially equal to the inventory last month (36). There were 10 new sales for the month of March. This sales pace is 33% below the pace in March 2018 (15) and it is 25% ahead of the pace last month (8). There is a 3.8 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 $515,000 for the 9 homes that closed in March. The Days on Market for the homes that closed in March was 85 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 March (265) is 37% ahead of the inventory of a year ago (194) and it is 12% ahead of the inventory last month (236). New sales in March (160) are 8% below the pace of last March (174) and they are 19% ahead of the pace last month (135). There is a 1.7 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 130 homes closed in March in Santa Rosa was $550,000 compared to $646,000 a year ago – a 15% decrease. The Days on Market for the homes that closed in March was 59 days.
Sebastopol Trends: The inventory of homes and condominiums for sale at the end of March in Sebastopol (43) is 7.5% ahead of the level of March 2018 (40) and it is 59% ahead of the inventory last month (27). There were 20 new sales for the month of March. This is slightly ahead of the pace in March 2018 (19) and it is 67% ahead of the pace last month (12). There is a 2.2 months supply of inventory in Sebastopol based on the current sales pace. The 7 homes that closed in Sebastopol in March went from listing to pending in 40 days.
Sonoma Valley: The number of available homes and condominiums for sale (98) at the end of March in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 15% above the inventory last March (85) and it is 8% ahead of the inventory of last month (91). There were 40 new sales for the month. This is 11% below the 45 sales in March 2018 and it is 135% ahead of the 17 last month. There is a 2.5 months supply of inventory in Sonoma based on the current pace of sales. Fifty-nine percent (58 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 40% of the new sales (16) in March were priced at over $1,000,000.
The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of March starts at $3,250,000. 13 homes closed in the top quartile in the past twelve months compared to 14 in the twelve months prior to that. There are 26 homes available in this quartile in March 2019 compared to 18 a year ago. There was one new sale in the top quartile in March creating a 26 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 March equals 41 properties. This is 52% ahead of the inventory in March 2018 (27) and it is essentially equal to the 40 homes last month. There were 30 new sales for the month. This is equal to the pace of sales in March 2018 (30) and it is 43% ahead of the pace of last month (21). There is a 1.4 months supply of inventory based on the current sales pace. The days on market for the 20 homes that closed in March in Windsor was 65 days. The median price ($610,000) of the homes closed in Windsor in March is 9% lower than the median price a year ago ($670,000). 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 March is 460 properties. This is 14% ahead of the number of lots in March 2018 (402) and it is about equal to the number of available lots last month (454). There were 52 new lot sales in March. This is 33% below the pace of sales in March 2018 (77) and it is 13% ahead of the pace of lot sales last month (46). There is a 9 months supply of inventory based on the current sales pace. The average days on market of the 36 lots closed in March was 151 days and the median price was $225,000 – 17% below the median price a year ago ($270,000).
Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of March is 70 homes. This is 49% ahead of the number of mobile homes available in March 2018 (47) and it is 13% below the number of available homes last month (80). There were 35 new mobile home sales in March. This is 19% below the pace of sales in March 2018 (43) and it is 17% ahead of the pace of sales last month (30). There is a 2 months supply of inventory based on the current sales pace. The average days on market of the 31 mobile homes closed in March was 58 days and the median price was $136,000. This median price is 6% below the median price of $145,000 in March 2018.
Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of March (342) is 38% ahead of the inventory in March 2018 (248) and it is 10% ahead of the inventory last month (311). 44% of the inventory in Napa County (152 properties) is priced at $1,000,000 or above. New sales (115) are 5% ahead of the pace of last year (110) and are 80% ahead of the 64 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 94 days up from 70 days last March. 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 74 homes closed in March in Napa County ($682,000) was 7% higher than the median price of a year ago ($636,000).
Napa County Luxury Homes: If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $1,900,000 in Napa County at this time. The number of closings (112) of Luxury Homes (sales price in excess of $1,900,000) in Napa County for the period 4/1/18 to 3/31/19 compared to 78 closings in the period 4/1/17 to 3/31/18 (a 20% increase). There were 86 luxury homes in inventory at the end of March 2019 compared to 75 at the end of March 2018. There were 8 new Luxury Home sales last month resulting in a 10.8 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 20 available homes and condominiums in inventory at the end of March in American Canyon. This is slightly ahead of the inventory a year ago (19) and it is 26% below the supply last month (27). The inventory has fallen the last two months unlike the general trend for increasing inventory in the region at this time of year. New sales jumped from 9 in February to 17 in March – an 89% increase. New sales were 13% above the 15 sales in March 2018. There is just a 1.2 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 87 days. The median price of the 8 homes that closed in American Canyon in March ($608,000) was 15% ahead of the median price of a year ago ($530,000).
Napa: Fifty-five percent of the inventory in Napa County is in the City of Napa. There were 189 available homes and condominiums in inventory at the end of March in the City of Napa. This is a 48% ahead of the supply at the end of March 2018 (128) and it is 3% ahead of the inventory at the end of last month (183). New sales (81) were 12.5% ahead of the pace of March 2018 (72) and they were 72% ahead of the pace of last month (47). There is a 2.3 months supply of inventory based on the current sales pace. The Days on Market for the 53 closings last month was 95 days. The median price of the homes that closed in the City of Napa in March was $750,000. This is 11% ahead of the median price of the homes closed in March 2018 ($674,000) and it is the highest median price for any month in the City of Napa.
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 March (98) is 27% higher than the level of 77 in March 2018 and it is 36% above the level last month (72). There were12 new sales in the month compared to 17 a year ago and 7 last month. The rainy weather may have contributed to the slower sales pace year over year. There is now an 8.2 months supply of inventory based on the current sales pace. The Days on Market for the 10 closings last month was 84 days. Approximately 52% of the Luxury Market inventory (price in excess of $1,900,000) in Napa County is in the Up Valley Market (45 homes). There were two luxury home (price in excess of $1,900,000) 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 March in Angwin rose to 12 homes. This is 20% above the level of March 2018 (10) and it is 71% ahead of the inventory last month (7). There were no new sales for the month of March. This is the same as last month. There were two sales in March of 2018. There is a 12 months supply of inventory based on the current sales pace. The average asking price of the 12 homes in inventory in Angwin is $1,714,000.
Ukiah, Mendocino County: The inventory of homes and condominiums for sale at the end of March in Ukiah was 54 homes. This is 17% above the level of March 2018 (46) and it is 6% ahead of the inventory last month (51). There were 8 new sales for the month of March. This is 50% below the number of sales (16 in March 2018 and it is slightly below the 9 sales last month. There is a 6.8 months supply of inventory based on the current sales pace. The median price of the 9 homes that closed in the Ukiah in March was $385,000. This is 7% ahead of the median price of the homes closed in March 2018 ($361,000).