Wine Country Real Estate Trends in November 2019

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Better Homes and Gardens Real Estate|Wine Country Group Results for November 2019

Better Homes and Gardens Real Estate |Wine Country Group enjoyed 46 closings in November 2019 compared to 38 last November and 55 last month. In November, we closed homes with a total value of $24.6 million compared to $20 million last year and $33.3 million last month.  The average selling price of the properties sold by the Wine Country Group in November was $536,000.  Last November our average selling price was $526,000.

BHGRE|WCG currently has 47 pending sales with a value of $32 million dollars. We have 81 active listings with a value of $67 million dollars.  Our average listing price is $827,000.

Wine Country Real Estate Trends for November 2019

Median Prices a Mixed Bag in November:  In Sonoma County, the median price of closed single family homes and condominiums in November was 4.5% ahead of a year ago.  In Napa County, the median price was down 4.7% from a year ago.  In Mendocino County, the median price was down 4%.  All markets are experiencing the seasonal trend of less inventory and fewer new sales.  This trend typically prevails through January of next year.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of November stands at 985.  This is 3% below the inventory in November 2018 (1,018) and it is 13% below the inventory last month (1,129).  This is an expected seasonal decline.  New sales (347) in Sonoma County in November were 10% ahead of the pace of November 2018 (316) and they were 14% below the pace last month (401). There is a 2.8 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 47 (Windsor) to 125 (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 68 days.  The median price of the 369 homes closed in November in Sonoma County was $623,000.  This is 4.5% ahead of the median price in November 2018 ($596,000).  Over the past four months, Sonoma County homes are selling at roughly 95% of original list price.

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 19% decrease in the number of Luxury Homes closed (371) from 12/1/18 to 11/30/19 compared to 457 closings in the period 12/1/17 to 11/30/18.  Note: Sales in the 12/1/17 to 11/30/18 time period were influenced by fire survivors purchasing replacement homes after the 10/17 fires.  The inventory of luxury homes (237) is 19% ahead of the inventory in November 2018 (199 homes).  The pace of new sales (24) in November this year is essentially equal to the pace of a year ago (23) and it is 14% below the pace last month (28).  The Days on Market for Luxury Home closings was 84 days this November compared to 88 days a year ago. This compares to 68 Days on Market for all closed properties in the County in November.  There is a 9.9 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.8 months supply in the overall Sonoma County market.  Over the past three months, Sonoma County Luxury Homes are selling at roughly 92% of original list price.

Cloverdale:  The inventory of homes and condominiums for sale (31) in Cloverdale at the end of November is 16% below the inventory in November 2018 (37). It is 6% below the inventory of last month (33).  There were 8 new sales in Cloverdale in November.  This compares to 8 sales in November 2018 and 12 new sales last month.  There is a 3.9 months supply of inventory based on the current sales pace.  The Days on Market for the 10 homes that closed in November was 107 days.

Coastal Sonoma:  There are 24 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 22 homes in inventory in November 2018 and 28 homes last month.  There were 5 new sales in November compared to 4 a year ago and 6 last month.  There is now a 4.8 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 5 homes that closed in November was just 57 days.

Healdsburg Trends:  There are 91 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 8% above the inventory in November 2018 (84) and it is 22% below the inventory last month (116).  New sales in November (14) were 56% ahead of the pace of sales in November 2018 (9) and they were 30% below the sales pace last month (20).  The months of available inventory is now 6.5 months based on the current sales pace.  The Days on Market for the 21 homes that closed in November was 92 days.

Oakmont: There are 46 homes and condominiums available in Oakmont at the end of November.  This is 4% below the inventory in November 2018 (48) and it is 12% below the inventory last month (52).  New sales (11) are slightly below the sales pace of a year ago (12) and slightly above the pace of last month (10).  There is a 4.2 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 $610,000 for the 6 homes that closed in November.  The Days on Market for the homes that closed in November was a whopping 125 days.

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of November (75) is 17% ahead of the inventory in November 2018 (64) and it is 25% below the inventory last month (100).  There were 49 new sales for the month.  This is 47% ahead of the 33 sales in November 2018 and it is 18% below the 60 new sales last month.  The Petaluma market currently has 1.5 months of available inventory based on the current sales pace.  This is one of the lowest months of inventory for any of our markets in Wine Country.  The median price of the 45 homes that closed in November was $700,000.  This is roughly the same as the median price last November ($690,000).  The Days on Market for the homes that closed in November was 52 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of November (51) is 11% below the inventory in November 2018 (57) and it is 7% below the inventory last month (55).  There were 32 new sales in Rohnert Park in November.  This is 60% ahead of the 20 sales in November 2018 and it is 20% below the sales last month (40).  There is a 1.6 months supply of inventory based on the current sales pace.  The median price ($519,000) of the 32 homes and condominiums that closed in November is 5% below the median price a year ago ($545,000).  Days on Market for the homes that closed in November was 53 days.

Russian River:  The inventory of homes and condominiums for sale at the end of November in the Russian River area (Guerneville, Monte Rio and Rio Nido) (69) is 15% above the level of November 2018 (60) and it is 10% below the inventory last month (77).  There were 20 new sales for the month of November. This is 30% ahead of the pace in November 2018 (15) and it is slightly ahead of the pace last month (19).  There is a 3.5 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 $460,000 for the 18 homes that closed in November.  The homes that closed in the Russian River in November went from listing to pending in 70 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 November (348) is 15% below the inventory of a year ago (407) and it is 11% below the inventory last month (390). New sales in November (141) are 5% below the pace of last November (149) and they are 12% below the pace last month (160).  There is a 2.5 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 155 homes closed in November in Santa Rosa was $610,000 compared to $560,000 a year ago – a 9% increase.  The Days on Market for the homes that closed in November was 72 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of November in Sebastopol (55) is slightly below the level of November 2018 (57) and it is 13% below the inventory last month (63).  There were 18 new sales for the month of November.  This is equal to the pace in November 2018 and it is 13% ahead of the pace last month (16).  There is a 3.1 months supply of inventory in Sebastopol based on the current sales pace. The 14 homes that closed in Sebastopol in November went from listing to pending in 62 days.

Sonoma Valley: The number of available homes and condominiums for sale (133) at the end of November in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 29% above the inventory last November (103) and it is 12% below the inventory of last month (152).  There were 26 new sales for the month. This is 7% below the 28 sales in November 2018 and it is slightly below the 27 sales last month.  There is a 5.1 months supply of inventory in Sonoma based on the current pace of sales. The average Days on Market for the 27 properties that closed in the Sonoma Valley in November is 86 days.  Sixty percent (80 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 38% of the new sales (10) in November were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of November starts at $2,200,000.  This is down from $2,900,000 last month – so a lot of expensive homes were taken off of the market in November (usually for the Holiday Season).  Twenty-seven homes closed in the top quartile in the past twelve months compared to 41 in the twelve months prior to that. There are 34 homes available in this quartile in November 2019 compared to 37 a year ago and 52 last month. There were 3 new sales in the top quartile in November.   There is now an 11.3 months supply of inventory in this segment of the market based on the current sales pace.  The closed “luxury” homes over the past year closed at a price of roughly $830 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of November equals 39 properties.  This is 26% below the inventory in November 2018 (53) and it is 15% below the 46 homes last month.  There were 19 new sales for the month.  This is slightly below the pace of sales in November 2018 (20) and it is 27% below the pace of last month (26).  There is a 2.1 months supply of inventory based on the current sales pace.  The days on market for the 23 homes that closed in November in Windsor was 47 days. The median price ($650,000) of the homes closed in Windsor in November is 5% above the median price a year ago ($618,000).

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of November is 480 properties.  This is 4% below the number of lots in November 2018 (501) and it is 4% below the number of available lots last month (500). There were 21 new lot sales in November.  This is 36% below the pace of sales in November 2018 (33) and it is 50% below the pace of lot sales last month (21).  The sales of lots had the brakes put on in November!  There is a 23 months supply of inventory based on the current sales pace. The average days on market of the 27 lots closed in November was 188 days and the median price was $250,000 – 7% 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 November is 95 homes.  This is 28% ahead of the number of mobile homes available in November 2018 (74) and it is 8% below the number of available homes last month (103).  There were 39 new mobile home sales in November.  This is 77% ahead of the pace of sales in November 2018 (22) and it is 30% ahead of the pace of sales last month (30).  There is a 2.4 months supply of inventory based on the current sales pace compared to a 3.4 months supply last month.  The average days on market of the 29 mobile homes closed in November was 86 days and the median price was $160,000.  This median price is 11% below the median price of $180,000 in November 2018.

Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of November (395) is 9% ahead of the inventory in November 2018 (364) and it is 13% below the inventory last month (454).  This is consistent with the seasonal trend that typically sees inventory come down through January of next year.  Nearly 50% of the inventory in Napa County (193 properties) is priced at $1,000,000 or above.  New sales (93) are 16% ahead of the pace of last year (80) and are 18% below the 113 sales last month.  There is a 4.2 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 71 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 94 homes closed in November in Napa County ($655,000) is 5% below the median price of a year ago ($687,000). Over the past four months, Napa County homes are selling at roughly 92% of original list price.

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $2,500,000 in Napa County at this time.  The number of closings (50) of Luxury Homes (sales price in excess of $2,500,000) in Napa County for the period 12/1/18 to 11/30/19 compared to 56 closings in the period 12/1/17 to 11/30/18.  There are 98 luxury homes in inventory at the end of November 2019 compared to 95 at the end of November 2018.  There were 6 new Luxury Home sales last month compared to 4 in October.  This results in a 16 months supply of available Luxury Homes based on the current sales pace compared to 4.2 months supply for the County as a whole.  Over the past four months, Napa County Luxury Homes are selling at roughly 87% of original list price.

American Canyon:  There are 15 available homes and condominiums in inventory at the end of November in American Canyon. This is 43% below the inventory a year ago (26) and it is equal to the supply last month.  New sales (9) are 18% below the pace of last year (11) and 37% below the 14 sales last month.  There is a 1.7 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 51 days. The median price of the 15 homes that closed in American Canyon in November ($625,000) was 19% ahead of the median price of a year ago ($524,000).  The average price per square foot of the homes sold in American Canyon remains in the $250 to $300 range.  It’s a tight market in American Canyon at present.

Napa:  Fifty-three percent of the inventory in Napa County is in the City of Napa.  There are 211 available homes and condominiums in inventory at the end of November in the City of Napa. This is slightly ahead of the supply at the end of November 2018 (208) and it is 12% below the inventory at the end of last month (240).  New sales (61) were 15% ahead of the pace of November 2018 (53) and they were 24% below the pace of last month (80). There is a 3.5 months supply of inventory based on the current sales pace. The Days on Market for the 60 closings last month was 72 days compared to 63 days in November 2018.  The median price of the homes that closed in the City of Napa in November was $653,000. This is 7% below the median price of the homes closed in November 2018 ($700,000).

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 November (130) is 33% higher than the level of 98 in November 2018 and it is 17% below the level last month (156).  There were 19 new sales in the month compared to 14 a year ago and 16 last month.  There is now an 8.8 months supply of inventory based on the current sales pace.  The Days on Market for the 12 closings last month was 86 days.  Properties generally take longer to sell in the Up Valley than in the rest of Napa County. Approximately 65% of the Luxury Market inventory (price in excess of $2,500,000) in Napa County is in the Up Valley Market (64 homes). There were no luxury home (price in excess of $2,500,000) closings in the Up Valley Market last month and two new luxury home sales.

Angwin:  The inventory of homes and condominiums for sale at the end of November in Angwin is 9 homes. This compares to 10 homes in November 2018 and 13 homes last month.  There was one new sale in the month of November compared to three a year ago and one last month.  The average asking price of the 9 homes in inventory in Angwin is $1,501,000.

Mobile Homes in Napa County: The inventory of available mobile homes for sale in Napa County at the end of November is 44 homes.  This is essentially equal to the number of mobile homes available in November 2018 (43) and it is 10% below the number of available homes last month (49).  There were 8 new mobile home sales in November.  This is about the same as the pace of sales in November 2018 (10) and it is equal to the pace of sales last month.  There is a 5.5 months supply of inventory based on the current sales pace.  The average days on market of the 8 mobile homes closed in November was 113 days and the median price was $136,000.  This median price is slightly below the median price of $141,000 in November 2018.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of November stands at 291.  This is 21% below the inventory in November 2018 (366) and it is 4% below the inventory last month (303).  New sales (44) in Mendocino County in November were slightly ahead of the pace of November 2018 (43) and they were 30% below the pace last month (63).  There is a 6.6 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 November is 108 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 November in Mendocino County was $401,000.  This is 4% below the median price in November 2018 ($418,000).

Ukiah:  The inventory of homes and condominiums for sale at the end of November in Ukiah is 43 homes.  This is the lowest inventory in Ukiah in the past 18 months.  It is 32% below the level of November 2018 (63) and it is 14% below the inventory last month (50).  There were 16 new sales for the month of November.  This is 15% above the number of sales in November 2018 (14) and it is slightly below the sales last month (17).  There is a 2.7 months supply of inventory based on the current sales pace. The Days on Market for the 21 closings last month was 82 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 $415,000 for the homes that closed in November.

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of November in Hopland and Talmage is 13 homes.  This is 38% below the level of November 2018 (21) and it is equal to the inventory last month.  There was one new sale for the month of November.  This compares to 2 sales in November 2018 and two sales last month.  There is a 13 months supply of inventory based on the current sales pace. The Days on Market for the two closings last month was 71 days. The median price of the homes sold in Hopland/Talmage in the past year has ranged from 250,000 to $800,000. The median price was $550,000 for the homes that closed in November.

Redwood Valley and Calpella: The inventory of homes and condominiums for sale at the end of November in Redwood Valley and Calpella is 16 homes. This is 11% below the level of November 2018 (18) and it is slightly below the inventory last month.  There were 4 new sales for the month of November. This compares to 4 sales in November 2018 and 4 sales last month.  There is a 4 months supply of inventory based on the current sales pace. The Days on Market for the five closings last month was 59 days.  The median price of the homes sold in Redwood Valley/Calpella in the past year has ranged from $400,000 to $550,000. The median price was $510,000 for the homes that closed in November.

Marin County:  Marin County’s inventory (340 homes) is 15% below the 398 homes in November 2018 and it is 32% below the 496 homes in inventory last month. New sales (184) were up 16% from last year (159) and down 25% from last month (244).  This creates a 1.8 months supply.  The median price of the homes sold in Marin County in November was $1,050,000.  This is the same as it was a year ago.