Wine Country Real Estate Trends in October 2016
Better Homes and Gardens Real Estate|Wine Country Group Results for October 2016
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Better Homes and Gardens Real Estate|Wine Country Group had 43 closings in October 2016 compared to 56 a year ago and 36 last month. In October, we closed homes with a total value of $32 million compared to $36 million a year ago and $23 million last month. The average selling price of the properties sold by the Wine Country Group in October was $751,979 compared to $635,956 a year ago and $651,889 last month. The Sebastopol office led the BHGRE|WCG with 13 closings and $8.8 million in dollar volume.
BHGRE|WCG opened 44 new escrows for the month compared to 76 a year ago and 46 last month. The Group had 34 new listings compared to 26 in October 2015 and 31 in September. We currently have 41 pending sales with a value of $34 million dollars. We have 64 active listings with a value of $74 million dollars. Our average listing price is $1,151,000. This is 16% ahead of the $988,000 average a year ago.
Wine Country Real Estate results for October 2016:
Sonoma County: The inventory of homes and condominiums available in Sonoma County at the end of October (780) was 13% lower than the inventory in October 2015 (898) and was 12% lower than the inventory last month (887). Typically, we will see inventory decline through January of next year. New sales (495) in October were 4% behind the pace of last October (517) and were 7% ahead of the pace of last month (461). There is a 1.6 months supply of inventory in Sonoma County based on the existing sales pace. In comparison, in October 2007 there was over a 12 months supply of inventory. The time it takes to sell a home in Sonoma County (Days on Market) is 65 days – a little higher than a year ago (59). The median price of homes closed in October in Sonoma County was $570,000. This is a 13% increase over the median price in October 2015 ($503,000). $570,000 is the highest median price since June 2006. The current median price is just 3% below the peak median price for the County ($589,000) recorded in June 2005. So, it can be said that all of the value lost through the recession (2007 to 2011) has been regained in the Sonoma County market.
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 3% increase in the number of Luxury Homes closed (233) from 11/1/15 to 10/31/16 compared to 226 from 11/1/14 to 10/31/15. The pace of new sales (28) in October this year was 22% ahead of the pace of a year ago (23). There were 196 luxury properties in inventory at the end of October compared to 215 last month and 187 a year ago. The Days on Market for Luxury Home sales was 111 days this October compared to 112 days a year ago. This compares to 65 Days on Market for all closed properties in the County in October. There is a 7 months supply of inventory of luxury properties based upon the current sales pace compared to a 1.6 months supply in the overall Sonoma County market. It continues to lean towards a “Buyers Market” in the high end.
Cloverdale: The inventory of homes and condominiums for sale (25) in Cloverdale at the end of October was 29% lower than the 35 homes in inventory in October 2015 and it was about equal to the 24 homes last month. There were 10 new sales in Cloverdale in October. This is 29% below the sales in October 2015 (14) and 41% below the sales last month (17). There is a 2.5 months supply of inventory based on the current sales pace. The Days on Market of the 17 homes that closed in October was 62 days compared to 78 days last month and 47 days a year ago
Coastal Sonoma: The inventory of homes and condominiums for sale in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point) at the end of October (32) was about equal to the inventory a year ago (33) and 18% below the inventory last month (39). There were 8 new home sales for the month of October compared to11 a year ago and 5 last month. The Days on Market of the 4 homes that closed in October was 79 days compared to 88 days last month and 124 days a year ago.
Healdsburg Trends: The inventory of homes and condominiums available in Healdsburg at the end of October (88) was about equal to the inventory in October 2015 (90) and was down slightly from the inventory last month (94). This continues to be a relatively high level of inventory for Healdsburg. There were 25 new sales for the month. This is 14% ahead of the pace in September 2015 (22) and 19% ahead of the pace last month (21). This sales pace remains at the highest number of sales in any month over the past two years (25). The months of available inventory based on the current sales pace is 3.5 months. The Days on Market for the 21 homes closed in October was 118 days compared to 58 days a year ago and 81 days last month. The high-end quartile (top 25%) of inventory in Healdsburg at the end of October started at $2,500,000. Of the 25 new sales last month, 3 of the properties were in the top quartile. The months of available inventory in the high-end is 7 months. The Healdsburg market seems to rallying.
Petaluma: The inventory of homes and condominiums for sale in Petaluma at the end of October (75) was about equal to the inventory in October 2015 (76) and it was 11% below the inventory last month (84). There were 64 new sales for the month. This is about equal to the number of new sales in October 2015 (63) and was a jump of 36% over the 47 sales last month. The Petaluma market has 1.2 months of available inventory based on the current sales pace. The Days on Market for the closed sales for the month was 45 days compared to 62 a year ago and 46 last month. The median price of the 38 homes that closed in October was $665,000. This is 12.5% higher than the median last October ($591,000. The median price dropped from a record high $700,000 recorded last month.
Rohnert Park and Cotati: The market moderated a bit in the Rohnert Park and Cotati area last month. There were 40 new sales in October compared to 39 last month and 47 in October 2015. Inventory began the month at 35 homes and ended the month at 43 homes. There is just a 1.1 months supply of inventory based on the current sales pace up from .7 of a month last month. The Days on Market for the 43 homes that closed in Rohnert Park and Cotati in October was 50 days compared to 44 days a year ago and 55 days last month. The median price ($490,000) closed in October was the highest median price in the past ten years.
Santa Rosa: The inventory of homes and condominiums for sale in Santa Rosa at the end of October (306) was 6% below that of a year ago (327) and was 6% above the inventory last month (288). New sales in October (198) were 12% below the pace of last month (225) and 7.5% below the pace of last October (214). There is only a 1.5 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 194 homes closed in October in Santa Rosa was $497,000 compared to $478,000 a year ago – a 4% increase. The Days on Market for the homes closed in October in Santa Rosa was 59 days compared to 58 a year ago and 60 last month.
Sebastopol Trends: The market seems to be slowing a bit in Sebastopol. The inventory of homes and condominiums for sale at the end of October (41) was 23% below the level of October 2015 (53) and it was 20% below that of last month (51). By comparison, there were 151 homes in inventory in Sebastopol in October 2008. There were 21 new sales for the month of October. This is 16% below the pace last month (25) and 19% below the pace in October 2015 (26). There is a 2.0 months supply of inventory based on the current sales pace. The Days on Market of the 21 closed homes in Sebastopol in October was 72 days compared to 64 days a year ago and 58 days last month.
Sonoma Valley: The number of available homes and condominiums for sale (110) at the end of October in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) was slightly below the inventory in October 2015 (112) and was 8% below the inventory of last month (119). There were 36 new sales for the month. This is 8% below the pace of sales in October 2015 (39) and it is 26.5% below the pace of last month (49). There is a 3.1 months supply of inventory in Sonoma based on the current pace of sales. The Days on Market for the 45 closed sales in Sonoma in October was 72 days compared to 67 a year ago and 68 last month. 65% of the inventory in the Sonoma Valley is priced at $1,000,000 or above while 31% of the new sales (11) were priced at $1,000,000 or more. The months of inventory for the $1,000,000 plus properties is 6.5 months compared to 3.1 months for the market as a whole. The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of October started at $2,500,000. There were 28 closings in the top quartile (excess of $2,500,000) over the past twelve months compared to 26 closings in this price range in the prior 12 months. Since there was only one new sale in this quartile last month, the months of available inventory in the high-end is 29 months compared to 3.1 months for the overall market. I expect that this will be lower next month.
Windsor: The inventory of homes and condominiums for sale in Windsor at the end of October (32) was 36% lower than the 50 homes in inventory in October 2015 and it was 9% lower than the 35 homes last month. There were 32 new sales in Windsor in October. This is equal to the sales in October 2015 (32) and about equal to the sales last month (31). There is a one months supply of inventory based on the current sales pace. The median price of the 25 sales that closed in October in Windsor was $580,000. This is 9.4% ahead of the median price ($530,000) of the homes closed last October. This median price level mirrors those in 2005 and 2006 at the peak of the market.
Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of October (364) is 13.5% lower than the inventory in October 2015 (421) and is 9% lower than the inventory last month (401). New sales (143) were 8% ahead of the pace last year (132) and 10% ahead of the pace of last month (130). There is a 2.5 months supply of inventory based on the current sales pace. The Days on Market for the 118 homes closed in October was 78 days compared to 88 days a year ago and 85 days last month. The median price of 118 homes closed in October in Napa County ($618,000) was 7% higher than the median price of a year ago ($575,000). The current median price remains 8% 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 $2,200,000 in Napa County at this time. The number of closings (77) of Luxury Homes (sales price in excess of $2,200,000) in Napa County is 45% ahead for the period 11/1/15 to 10/31/16 compared to 11/1/14 to 10/31/15 (53 homes). There were 91 luxury homes in inventory at the end of October 2016 compared to 119 at the end of October 2015. There is a 9.1 months supply of available Luxury Homes based on the current sales pace compared to 2.5 months supply for the County as a whole.
Napa: There were 194 available homes and condominiums in inventory at the end of October in the City of Napa. This is 10% less than the inventory a year ago (216) and it is 12% less than the supply last month (221). New sales (102) were 5% ahead of the pace of October 2015 (97) and they were 12% ahead of the pace of last month (97). There is a 1.9 months supply of inventory based on the current sales pace. The Days on Market for the 86 homes closed in October in the City of Napa was 68 days compared to 76 days in October 2015 and 82 days last month. The median price of the homes that closed in Napa in October was $596,000. This is the first drop of the median price below $600,000 in the past six months. The median is 5% ahead of the median price of the homes closed in October 2015 ($567,000). The median price is 8.5% below the peak median price in the City of Napa ($650,000) recorded in October 2006.
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 October 2016 (124) was 15% below the level of 146 in October 2015 and it was 5% below the level last month (130). There were 21 new sales for the month compared to 22 a year ago and 22 last month. There is now a 6 months supply of inventory based on the current sales pace. The Days on Market for the 19 closings last month was 118 days compared to 133 days in October a year ago and 122 days last month. The overall county has 78 Days on Market.
Closings: The following agents enjoyed closings for the period from October 1 to October 30, 2016:
In the Petaluma Leading Edge Properties office: Joann Claeyssens had two closings and Juliet Casazza, Mehrunnisa Baig, Paul Claeyssens and Anne Marie Eskilsson each had a closing.
In our Santa Rosa office: Sarah Carlson enjoyed a Wine Country Group leading four closings and Jade Capriotti enjoyed a closing.
In our Sebastopol office: Suzanne Ash, Michelle Clark, Laurie Parris and Liz Uribe had two closings each and William Cole, Parmetta Ghoman, Randy Knight, Jeffrey Seligson and Frank Suma each had a closing.
in our Sonoma office: Sheila Deignan had three closings, Mara Kahn had two closings and Freddie Diaz and Dan Gallagher each had a closing.
And, in our St. Helena office: Linda Alioto enjoyed two closings and Rianne Pasquariello had a closing.
Congratulations to all