Wine Country Group Results for May 2015:
The Wine Country Group had 51 closings in May 2015 compared to 78 a year ago and 51 last month. In May, we closed homes with a total value of $38 million compared to $44 million a year ago and $30 million last month. The average selling price of the properties sold by the Wine Country Group in May was $743,333 compared to $559,129 a year ago and $586,689 last month. The Sonoma and Sebastopol offices led in May with 12 and 11 closings respectively. The Healdsburg office had six closings and led in dollar volume with $12.8 million. The Sonoma office had dollar volume of $8.3 million in closings while the Santa Rosa office had $5.6 million and the Sebastopol office had $4.9 million.
The Wine Country Group opened 69 new escrows for the month compared to 106 a year ago and 85 last month. The Group had 26 new listings compared to 40 in May 2014 and 22 last month. We currently have 91 pending sales with a value of $71 million dollars. We have 77 active listings with a value of $72 million dollars. Our average listing price is $930,000.
Wine Country Real Estate trends for May 2015:
Sonoma County: The inventory of single-family homes and condominiums for sale in Sonoma County at the end of May continued to climb from April but was below last year’s levels. It stood at 815 homes compared to 772 last month and 911 a year ago. This is a 10.5% decrease on a year over year basis. New sales (613) in May were 12% ahead of that of last May (549) and were 6% ahead of the pace of last month (578). There is just a 1.3 months supply of inventory in Sonoma County based on the current sales pace. The time it takes to sell a home in Sonoma County (Days on Market) is 60 days compared to 57 a year ago and 55 last month. This 60-day period to sell a home has stabilized for now. The median price of the 507 homes closed in May in Sonoma County was $519,000. This is a 14% increase over the median price in May 2014 ($455,000). As with last month, this is a bigger jump in median price than we have been seeing over the past twelve months. The current median price is 12% below the peak median price for the County ($589,000) recorded in June 2005. I continue to expect that we will close that spread in the next couple of months due to this active selling season.
Looking to the south to Marin County for some hints to our market, the pace of sales has stabilized over the past three months and were 16% below the pace of a year ago. Days on market there is in the mid-40s and there is a 1.3 months supply of inventory. The median price has increase 18% on a year over year basis.
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 a 20% increase in the number of Luxury Homes closed (296) from 6/1/14 to 5/31/15 compared to 246 from 6/1/13 to 5/31/14. There were 219 luxury properties in inventory at the end of May compared to 198 last month and 207 a year ago. Days on Market for the 34 Luxury Homes that closed in May was 109 days compared to 67 days a year ago. The Luxury Homes that sold in May took longer to sell than a year ago. There is a 4.9 months supply of Luxury Homes based on the current sales pace – this indicates a “balanced” market between buyers and sellers.
Cloverdale Trends: The inventory of homes and condominiums for sale in Cloverdale (26) at the end of May 2015 was 42% below the inventory a year ago (45) and was 16% below the level of the inventory last month (31). Inventory has fallen two months in a row in Cloverdale. There were 17 new homes sold in May compared to 11 a year ago and 21 last month. There is a 1.5 months supply of available inventory based on the current pace of new sales. The Days on Market for the 18 homes that closed in Cloverdale in May was 74 days compared to 66 a year ago and 42 last month.
Coastal Sonoma: The inventory of homes and condominiums for sale in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point) at the end of May (29) was 3.6% ahead of the inventory a year ago (28) and equal to the inventory last month. There were 4 new homes sold in May that compares to 8 a year ago and 7 last month. There is a 7.3 months supply of inventory based on the current sales pace compared to 4 months last month. The Days on Market of the 5 homes that closed in May was 200 days compared to 144 days a year ago and 183 days last month. Homes definitely take longer to sell on the coast.
Healdsburg Trends: The inventory of homes and condominiums available in Healdsburg continued to rise in May. Inventory stood at 68 homes at the end of the month. This is 13% below the inventory last May (78) and 11.5% above the inventory of last month (61). For the fourth month in a row, there was also an increase in new sales. There were 25 new sales in May compared to 24 last month and 24 in May 2014. The months of available inventory based on the current sales pace is 2.7 months. The Days on Market for the 21 homes closed in April was 105 days compared to 46 days a year ago and 76 days last month. Older inventory was benefitting from sales last month in Healdsburg.
Petaluma: The inventory of homes and condominiums for sale (78) at the end of May in Petaluma was equal to the inventory in May 2014 and it was 8% below the inventory last month (85). New sales in Petaluma rose rather sharply for the third month in a row. There were 80 new sales in May that is 16% ahead of the new sales in May 2014 (69) and were 23% ahead of the sales last month (65). There is just a one months supply of inventory based on the current sales pace. The median price of the 56 homes that closed in May was $586,000. This is 5% ahead of the median last April ($555,000). The median price in Petaluma has been in a relatively narrow range over the past twelve months. The Days on Market for the closed sales for the month was 47 compared to 45 days a year ago. Sales are roaring along in Petaluma.
Rohnert Park: In April in Rohnert Park there were 43 new sales and there were just 34 homes and condominiums in inventory at the beginning of the month and 31 at the end of the month. In May, there were 57 sales while there were only 31 for sale at the beginning of the month and 30 at the end of the month. There is only one half months supply of inventory based on this activity – this is the tightest market in all of Wine Country. The 30 homes in inventory at the end of May was equal to the 30 homes in inventory at the end of May 2014, and the 57 new sales was 68% ahead of the 34 new sales in May a year ago. The Days on Market for the 42 homes that closed in Rohnert Park in May was 52 days compared to 45 days a year ago. The median price for the homes sold in Rohnert Park in May was $401,000. This is 5% higher than the median price in May 2014 ($383,000).
Santa Rosa: The inventory of homes and condominiums for sale in Santa Rosa at the end of May (268) was about equal to the inventory of a year ago (272) and was 6% ahead of the inventory last month (255). New sales in May (244) leveled off for the second straight month and were 2% ahead of the pace in May 2014 (239). There is only a one months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 207 homes closed in May in Santa Rosa was $480,000 compared to $425,000 a year ago – a 13% increase. The Days on Market for the homes closed in May in Santa Rosa was 53 days compared to 54 days a year ago.
Sebastopol Trends: The market seems to be really rebounding in Sebastopol after a slow seven months from last August through February. The inventory of homes and condominiums for sale (50) at the end of May was 19% over that of last year (42) and was 8% ahead of the inventory last month (46). There were 38 new sales for the month of May compared to 27 last month (+41%) and 37 a year ago. There is a 1.3 months supply of inventory based on the current sales pace. The Days on Market of the 21 closed homes in Sebastopol in May was 64 days compared to 60 days a year ago and 65 days last month.
Sonoma Valley: The pattern of real estate sales in the Sonoma Valley more mirrors Marin County than the County as a whole. Sales have leveled off in the past three months. The number of available homes and condominiums for sale (110) in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) at the end of May fell slightly and was 27% below the level of last May (151). There were 60 new sales for the month. This is 15% ahead of the pace of sales in May 2014 (52) and slightly below the pace of last month (60). There is just a 1.8 months supply of inventory in Sonoma based on the current pace of sales. The Days on Market for the 62 closed sales in Sonoma in May was 52 days compared to 50 a year ago and 65 last month. 55% of the inventory in the Sonoma Valley is priced at $1,000,000 or above. The high-end market was active in the Sonoma Valley in the past month. The inventory of homes priced in excess of $3,000,000 rose to 21 from 15 a year ago. Between April and May of this year there were seven sales of these homes while a year ago there was just 4 sales.
Windsor: The inventory of homes and condominiums for sale (37) in Windsor at the end of May was 48% ahead of the inventory in May 2014 (25) and 42% ahead of the 26 homes last month. More properties are coming on the market at this time in Windsor. New sales in May (31) were 24% ahead of the sales in May 2014 (25) and were equal to the 31 sales last month. There is a one months supply of inventory in Windsor based on the current sales pace. The median price of the 27 sales that closed in May in Windsor was $540,000. This is 14% ahead of the median price of a year ago ($475,000). The Days on Market for the closed homes last month was 49 days compared to 60 a year ago and 48 last month. This is one of the fastest paces of sales in the Wine Country
Napa County: The inventory of homes and condominiums available for sale in Napa County in May rose for the fourth month in a row. The inventory (370) is 8% below the inventory in May 2014 (403) and 7% ahead of the inventory last month (354). New sales rose for the fifth month in a row. They totaled 160 homes and were 7% ahead of the pace last year (149) and 5% ahead of the pace of last month (152). There is a 2.3 months supply of inventory based on the current sales pace. The Days on Market for the 133 homes closed in May was 69 days compared to 70 days a year ago and 94 days last month. The median price of homes closed in May in Napa County ($570,000) was 2% ahead of the median price of a year ago ($560,000). The current median price is 17% below the peak median price for the County ($675,000) recorded in June 2006.
Napa County Luxury Homes: If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $2,000,000 in Napa County at this time. Last month, the highest quartile began at $1,800,000. The sales of Luxury Homes (47) in Napa County (sales price in excess of $2,000,000) were 10% lower than they were a year ago (53). There were 94 luxury homes in inventory at the end of May 2015 compared to 89 at the end of May 2014. There is a 13.4 months supply of available Luxury Homes based on the current sales pace compared to 14.6 months supply last year in May. The Napa County Luxury Home market is not as robust as the Sonoma County Luxury Home market at the present time.
Napa: There were 217 available homes and condominiums in inventory at the end of May in the City of Napa. This is 3% ahead of the inventory a year ago (211) and it is 8% ahead of the supply last month (201). New sales (111) were equal to the pace of May 2014 and they were 3% ahead of the pace of last month (108). There is a two months supply of inventory based on the current sales pace. The Days on Market for the 94 homes closed in May in the City of Napa was 52 days compared to 60 days in May 2014 and 84 days last month. The median price of the homes that closed in Napa in May was $555,000. This is 7% below the median price in May 2014, but that median price was the highest in the last twelve months. The median price in May is 15% below the peak median price in the City of Napa ($650,000) recorded in August 2006.
Up Valley Napa County: The inventory of homes and condominiums for sale (111) in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville) increased for the fourth month in a row. The May inventory was 27% below the level of 151 in May 2014 and it was 6% ahead of the level last month (105). There were 24 new sales for the month. This is 26% ahead of the 19 sales a year ago and slightly behind the 25 sales last month. There is a 4.0 months supply of inventory compared to 7.9 months a year ago. The Days on Market for the 24 closings last month was 157 days compared to 112 days in May a year ago, 161 days last month and 69 days for the County as a whole.
Closings: The following agents enjoyed closings for the period from May 1, 2015 to May 31, 2015:
In our Healdsburg office: Dee Grohmann, Judy Csimma and Michael Downes had two closings each, and Debbie Hendershot and Tom Lawrence, Gina Cleaver, Debbie Adler, Hank Lane, Steven Thorpe and Diane Harris each had a closing.
In our Napa office: Milanda Capp and Kacy Kinder each enjoyed a closing.
In our Petaluma office: Randy Haak had a closing.
In our Santa Rosa office: Sarah Carlson enjoyed three closings; Ron and Lynn Crocker and Carlos Rivas of Mason McDuffie Commercial Real Estate each had a closing.
In our Sebastopol office: Liz Uribe, Laurie Parris and Martha Saly enjoyed two closings each and Mak Ahmad, William Cole, Michaela Kalemba, Bette Meritt, Norbert Tenenbaum and Jeffrey Seligson each had a closing.
In our Sonoma office: Erin George and Tiffany Knef, Sheila Deignan and Erick Rothfeld enjoyed two closings each; Herb Heil, Dan Gallagher, Patty Marken, Mara Kahn, Tracy Reynes and Isaac Raboy of Mason McDuffie Commercial Real Estate each had a closing.
And, in our St. Helena office: Linda Alioto and Rianne Pasquariello each enjoyed two closings and Liz Manfree enjoyed a closing.
Congratulations to all