Wine Country Real Estate Trends – January 2016
Wine Country Group Results for January 2016
The Wine Country Group had 40 closings in January 2016 compared to 44 a year ago and 57 last month. In January, we closed homes with a total value of $22.1 million compared to $22.9 million a year ago and $30.8 last month. The average selling price of the properties sold by the Wine Country Group in January was $553,572 compared to $520,385 a year ago (an increase of 6.5%) and $539,695 last month. The Sonoma office led in January with 17 closings while the Napa office had 8 and the Sebastopol office had 7. The Sonoma office also led in dollar volume with $12.1 million in closings while the Napa office had $3.9.
The Wine Country Group opened 56 new escrows for the month compared to 71 a year ago and 47 last month. The Group had 14 new listings compared to 29 in January 2015 and 8 last month. We currently have 55 pending sales with a value of $42 million dollars. We have 52 active listings with a value of $60 million dollars. Our average listing price is $1,146,000. This is 14% higher than the $1,007,000 average a year ago.
Wine Country Real Estate results for January 2016:
Sonoma County: The inventory of single-family homes and condominiums for sale in Sonoma County at the end of January stood at 502 compared to 539 last month and 495 a year ago. This is a 1.4% increase on a year over year basis and a 7% decrease from last month. Inventory is just a bit over one-half of what it was in July (961). It is only 18% of the inventory that the County had in January of 2008 (2,744). Inventory generally begins to climb after Super Bowl Sunday so we’ll watch to see if that occurs this year. New sales (323) in January were equal to that of last January (326) and were 17.5% ahead of the pace of last month (275). There is just a 1.6 months supply of inventory in Sonoma County based on the existing sales pace. In January 2008, there was a 12 month supply of inventory. The time it takes to sell a home in Sonoma County (Days on Market) is 80 days compared to 86 a year ago. The median price of homes closed in January in Sonoma County was $538,000. This is a 17% increase over the median price in January 2015 ($460,000). The current median price is 8.6% below the peak median price for the County ($589,000) recorded in June 2005. At this time last year the median was 22% below the peak.
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 22% increase in the number of Luxury Homes closed (346) from 2/1/15 to 1/31/16 compared to 283 from 2/1/14 to 1/31/15. There were 118 luxury properties in inventory at the end of January compared to 131 last month and 108 a year ago. Days on Market for Luxury Home sales was 109 days this January compared to 192 days a year ago. This compares to 80 days on market for all closed properties in the County in January.
Coastal Sonoma: The inventory of homes and condominiums for sale in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point) at the end of January (21) was 19% below the inventory a year ago (26) and equal to the inventory last month (22). There were 5 new home sale for the month of January compared to 3 a year ago and 3 last month. The Days on Market of the 3 homes that closed in January was 114 days compared to 127 days last month.
Healdsburg Trends: There were 39 homes and condominiums available in Healdsburg at the end of January. This is equal to the inventory last January (38) and 9% below the inventory of last month (43). There were 12 new sales for the month. This is a 71% ahead of the pace in January 2015 (7) and down 25% from the pace last month (16). The months of available inventory based on the current sales pace is 3.3 months. The Days on Market for the 16 homes closed in January was 83 days compared to 76 days a year ago and 79 days last month.
Petaluma: The inventory of homes and condominiums for sale (41) in Petaluma at the end of January was 5% behind the inventory in January 2015 (43) and it was 5% below the inventory last month (43). New sales in Petaluma in January (35) were 20.5% behind the 44 new sales in January 2015 and 9% ahead of the sales last month (32). There is just a 1.2 months supply of inventory based on the current sales pace. The median price of the 34 homes that closed in January was $578,000. This is 20% ahead of the median last January ($480,000). This is similar to the increase in the County as a whole. The Days on Market for the closed sales for the month was 66 days compared to 79 a year ago and 58 last month.
Rohnert Park and Cotati: Rohnert Park and Cotati remain the most volatile market in Wine Country. Inventory jumped up 57% in January (33) from 21 last month and 21 a year ago. New sales (25) fell 40.5% from 42 in January 2015 and they were 19% lower than the 31 sales last month. There is a 1.3 months supply of inventory based on the current sales pace comparing to a .5 months supply a year ago and a .7 months supply last month. The month’s supply almost doubled. The Days on Market for the 31 homes that closed in Rohnert Park and Cotati in January was 82 days compared to 69 days a year ago and 54 days last month.
Santa Rosa: The inventory of homes and condominiums for sale in Santa Rosa at the end of January (178) was about equal to that of a year ago (175) and was also equal to the inventory last month (178). New sales in January (126) were 14.4% behind the pace in January 2015 (146) and they were 11% ahead of the pace of last month (113). There is only a 1.4 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 111 homes closed in January in Santa Rosa was $519,000 compared to $448,000 a year ago – a 16% increase. The Days on Market for the homes closed in January in Santa Rosa was 79 days compared to 81 a year ago and 68 last month.
Sebastopol Trends: The inventory of homes and condominiums for sale (17) in Sebastopol at the end of January was 19% lower than that of January 2015 (21) and it was 39% lower than that of last month (28). This is the lowest inventory in Sebastopol for any month since the Trends database started in 2000. More typically, there are 90 to 100 homes in Sebastopol in January. There were 18 new sales for the month of January. This is 125% ahead of the pace in January 2015 (8) and equal to the pace of last month (18). There is a less than one months supply of inventory based on the current sales pace. The Days on Market of the 15 closed homes in Sebastopol in January was 87 days compared to 74 days a year ago and 81 days last month. The median price of the sales that closed in January in Sebastopol was $805,000.
Sonoma Valley: The number of available homes and condominiums for sale (52) in January in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) was 25% below the level of last January (69) and it was 19% below the inventory of last month (64). As with Sebastopol, this is the lowest level of inventory in the Sonoma Valley for any month since 2000. There were 33 new sales for the month. This is 22% ahead of the pace of sales in January 2015 (27) and it is 106% ahead of the pace of last month (16). There is a 1.8 months supply of inventory in Sonoma based on the current pace of sales compared to 2.6 months supply a year ago and a 4 month supply last month. The Days on Market for the 27 closed sales in Sonoma in January was 86 days compared to 89 a year ago and 85 last month. Over 48% of the inventory in the Sonoma Valley is priced at $1,000,000 or above while 21% of the new sales (7) month were priced at $1,000,000 or more. There were 30% more sales (35) in the top quartile (excess of $2,400,000) in the Sonoma Valley over the past twelve months than the prior twelve months (27).
Windsor: The inventory of homes and condominiums for sale (30) in Windsor at the end of January is up 25% from the 24 homes in inventory in January 2015 and is equal to the 30 homes last month. There were also 30 new sales in Windsor in January. This is 87% ahead of the sales in January 2015 (16) and 43% ahead of the 21 sales last month. There is a one months supply of inventory based on the current sales pace. The median price of the 14 sales that closed in January in Windsor was $515,000. This is 5% ahead of the median price of a year ago ($492,000).
Napa County: The inventory of homes and condominiums available for sale in Napa County in January (247) is 6% below the inventory in January 2015 (263) and 7% below the inventory last month (265). As with some other areas in Wine Country, this is the lowest inventory for any month in Napa County dating back over 15 years. New sales (90) were 10% below the pace last year (100) and slightly above the pace of last month (84). There is a 2.7 months supply of inventory based on the current sales pace. The Days on Market for the 83 homes closed in January was 92 days compared to 100 days a year ago and 80 days last month. The median price of homes closed in January in Napa County ($555,000) was 16% ahead of the median price of a year ago ($477,000). The current median price is still 18% 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 $2,300,000 in Napa County at this time. The sales of Luxury Homes (sales price in excess of $2,300,000) in Napa County have increased 12% for the period 2/1/15 to 1/31/16 (56) compared to 2/1/14 to 1/31/15 (50). There were 61 luxury homes in inventory at the end of January 2016 compared to 47 at the end of January 2015. There is a 20.3 months supply of available Luxury Homes based on the current sales pace compared to 8.2 months supply last year. It will be interesting to see if that supply is reduced in the coming months.
Napa: There were 119 available homes and condominiums in inventory at the end of January in the City of Napa. This is 15% below the inventory a year ago (140) and it is 10% below the supply last month (146). This is the lowest inventory of homes in Napa in any month going back before January 2000. New sales (63) were 10% below the pace of January 2015 (70) and they were about equal to the pace of last month (61). There is a 1.9 months supply of inventory based on the current sales pace. The Days on Market for the 59 homes closed in January in the City of Napa was 88 days compared to 90 days in January 2015. The median price of the homes that closed in Napa in January was $583,000. This is 17% ahead of the median price of the homes closed in January 2015 ($497,000). The median price in January remains 10% 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 (81) in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville) at the end of January 2016 was 4% below the level of 84 in January 2015 and it was 2% below the level last month (83). There were just 9 new sales for the month compared to 14 a year ago and 14 last month. There is now a 9 months supply of inventory based on the current sales pace. The Days on Market for the 11 closings last month was 97 days compared to 170 days in January a year ago and 92 days in December.
Closings: The following agents enjoyed closings for the period from January 1 to January 31, 2016:
In our Bodega Bay office: Barbara and Paul Cronick had a closing.
In our Healdsburg office: Kent Mitchell had three closings and Maria Avila, Perry Hardin and Steven Thorpe each had a closing.
In our Napa office Teresa Castrillo had three closings; Patricia Duran had two closings and Ida Clark Ramos, Dana Adana and Maria Gema Rapolla each had a closing.
In our Santa Rosa office: Lori Allen, Mark Payne and Beth Sirks each had a closing.
In our Sebastopol office: Parmeeta Ghoman had three closings and Bette Meritt, Martha Harvey Charnofsky, Kira Malek, Sandra Mathews and Geri McCauley each had a closing.
In our Sonoma office: Sheila Deignan had three closings; Tracy Reynes had two closings and dollar volume exceeding $5.4 million dollars; Patty Keiser, Herb Heil, Patty Marken and Mari Johnson also had two closings each. Oak Senvardarli had a closing.
Congratulations to all