Wine Country Group Results for February 2013
The Wine Country Group had 49 closings this February compared to 72 in February 2012. Despite this reduced number of units, our dollar volume was $26.7 million compared to $26.3 million last year. This is the highest dollar volume of closings that we have had in any February excepting February 2005. Our Sonoma office led with 13 closings in February while the Sebastopol office had 10. The Healdsburg office led in dollar volume with $6 million in closings while the Sonoma and Santa Rosa offices were at $5.2 million and the Sebastopol office was at $5.0 million. Our Wine Country average closing sales price was $545,357 comparing to $365,411 a year ago. Our escrow openings totaled 71 units compared to 87 in February 2012. We had 42 new listings compared to 38 a year ago. This is the first month in a while where we have had an increase in listings on a year over year basis.
The Wine Country Group currently has 100 pending sales with a value of $60 million dollars. We have 123 active listings with a value of $110 million dollars. Last year at this time we had 193 listings, so we are off 36%. Correspondingly, our average listing price is $914,000 – up 13.5% from an average of $805,000 a year ago.
The Wine Country Group currently enjoys number one market share (in either (or both) units and dollar volume) in our Cloverdale, Healdsburg, and Sebastopol markets.
Wine Country Market Analysis – February 2013
Sonoma County: Sonoma County finally had an increase in inventory on a month over month basis. The inventory had essentially fallen every month since April 2011 (21 straight months) until this month. Inventory was 632 units at the end of February compared to 592 units at the end of January. It remains 40% below the inventory of February 2012 (1,047). Now we will see if the market will maintain this upward trend.
New sales (494) were 13% lower than last year (565) but 9.5% ahead of last month (451). There is a just a 1.3 months supply of inventory based on the existing sales pace – a stressed market. New listings for the month (413) were 31% lower than the pace in February 2012 (597). The median price of homes closed in February in Sonoma County ($365,000) was 22% ahead of the median price of a year ago ($300,000).
Distressed properties (foreclosures and short sales) currently make up 15% of the inventory and 27% of the new sales. One year ago, the distressed property inventory represented 29% of the overall inventory and distressed sales represented 58% of all new sales. There is 0.7 months supply of inventory of distressed properties based on the current sales pace. The median price of 108 distressed properties that sold in the month of February ($320,000) was 28% higher than February a year ago ($250,000).
Cloverdale Trends: The inventory of homes and condominiums for sale in Cloverdale (30) at the end of February 2013 was 23% below that of a year ago (39) and was 50% ahead of the inventory last month (20). Sales for the month of February (19) were 36% ahead of the sales a year ago (14) and 19% ahead of the sales reported last month (16). There is a 1.6 months supply of available inventory in Cloverdale based on the current pace of new sales. 13% of the inventory is distressed properties (bank-owned, short sale or foreclosure), 22% of the new sales and 32% of the closings for the month are distressed properties.
Healdsburg Trends: The inventory of homes and condominiums for sale (54) in Healdsburg at the end of February was down 28% from that of last year (75) and it was slightly ahead of that of last month (52). This continues to be a very low inventory for this market. New sales (24) were up one from the 23 new sales in February 2012 and were up from the 21 sales last month. The months of available inventory based on the current sales pace is down to 2.3 months. Only 4% of the inventory (2 homes) in Healdsburg consists of “distressed properties” (bank-owned, short sale or foreclosure), but 12.5% of the new sales were distressed properties and 17% of the closings were distressed properties. There is a 0.7 months supply of inventory based on the sales pace of distressed properties.
Petaluma: The inventory of homes and condominiums for sale (55) in Petaluma at the end of February was 40% lower than a year ago (91) and it was slightly below the supply last month (58). New sales in January (70) were 9% below the pace in February 2012 (77) and they were 29% lower than the pace of last month (99). For whatever reason, the 99 sales last month were an aberrational high. There is less than a one months supply of inventory based on the current sales pace. The median price of the 34 closed homes in Petaluma in February ($448,000) was up 29% from the median closing price in February 2012 ($346,000). Distressed properties (bank-owned, short sale or foreclosure) make up 15% of the available inventory, 30% of new sales and 29% of closings for the month. This compares to 26% of inventory, 60% of new sales and 52% of closings in February 2012.
Santa Rosa: The inventory of homes and condominiums for sale (159) in Santa Rosa at the end of February has been stable at that level for the past three months. It was 56% lower than the inventory a year ago (361). It continues to be the lowest level of inventory in Santa Rosa since the beginning of the millennium. There were 135 new listings and 194 new sales for the month – you can see where that trend will lead. New sales in February (194) were 19% below the pace in February 2012 (238) but they were 21% ahead of the pace of last month (160). There is only a 0.8 months supply of available homes based on the current sales pace. The median price of homes closed in February in Santa Rosa was $342,000 compared to $276,000 a year ago – a 24% increase. Distressed properties (bank-owned, short sale or foreclosure) make up 13% of the available inventory (continues decreasing trend), 24% of new sales and 35% of closings for the month. This compares to 39% of inventory, 56% of new sales and 53% of closings a year ago. There is a one half months supply of distressed properties available. The median price of the distressed property closings for the month was also 21% higher than in February 2012.
Sebastopol Trends: The inventory of homes and condominiums for sale (50) in Sebastopol at the end of February was 24% lower than that of February 2012 (66) and it was about the same as that of last month (48). There were 32 new sales for the month of February. This is 39% higher than the new sales in February 2012 (23) and 46% ahead of the 22 sales last month. There is a 1.6 months supply of inventory based on the current sales pace. There are only four distressed properties (bank-owned, short sale or foreclosure) available in Sebastopol. There were seven distressed sales and seven distressed closings. This market is essentially out of distressed properties at the current time. If they come on the market, they sell right away.
Sonoma Valley: There were 94 available homes in inventory at the end of February in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) an increase for the second month in a row. The inventory is 32% lower than the inventory a year ago (138) and 16% ahead of the inventory last month (81). There were 44 new sales for the month. This is a reasonable number looking over the past five months, and slightly below the sales in February 2012 (50). There is a 2.1 months supply of inventory based on the current sales pace. Distressed properties (foreclosures and short sales) represent 12% of the inventory, 16% of the new sales for the month and 32% of the closings for the month. This compares to 13%, 48% and 43% a year ago. Distressed sales are less than half of the impact that they were having on our market a year ago.
Windsor: The inventory of homes and condominiums for sale (22) in Windsor at the end of February was 59.3% lower than a year ago (54). It was slightly below the supply last month (25). New sales in February (28) were 26% lower than the pace in February 2012 (38) and they were 7% off of the pace of last month (30). There is only a 0.8 months supply of inventory based on the current sales pace. Distressed properties (bank-owned, short sale or foreclosure) make up 18% of the available inventory, 46% of new sales and 38% of closings for the month. Distressed properties continue to have a larger effect on the market in Windsor than in other parts of the County, however it is decreasing there as well.
Napa County: Unlike Sonoma County, inventory continued to fall in Napa County in February. Napa County has the lowest inventory of available homes (275) for any month going back as far as our database does – January 2000. Even in the height of the boom market in 2004-05, we had more inventory than we do now. The inventory is 39% lower than it was in February 2012 (453) and 4% lower than last month (285). New sales (124) were 15% below that of last year (145) and were 10% below the pace of last month (138). There is a 2.2 months supply of inventory based on the existing sales pace. New listings for the month (105) were 37% lower than the pace in February 2012 (167). The median price of homes closed in January in Napa County ($430,000) was a whopping 30% ahead of the median price of a year ago ($330,000), but that was the lowest median price point for any month in the last twelve. $370,000 seems a more prevalent median price point and the $430,000 is 16% ahead of that.
Distressed properties (foreclosures and short sales) currently make up 13% of the inventory, 24% of the new sales and 34% of the closings. One year ago, the distressed property inventory represented 20% of the overall inventory and distressed sales represented 57% of all new sales. There is 1.2 months supply of inventory of distressed properties based on the current sales pace. The median price of 28 distressed properties that sold in the month of February ($325,000) was 10% higher than January a year ago ($295,000).
Napa: There were 147 available homes in inventory at the end of February in the City of Napa. This is the lowest level of inventory for any month going back as far as our database does – January 2000. It is 40% lower than the inventory a year ago (246) and equal to the inventory last month (148). There were 67 new sales for the month. This is 31% below the sales in February 2012 (97) and 26% below the pace last month (91). There is a 2.2 months supply of inventory based on the current sales pace. Distressed properties (foreclosures and short sales) represent 9% of the inventory, 21% of the new sales for the month and 29% of the closings for the month. This compares to 15%, 57% and 49% a year ago. Distressed sales are having about half of the impact in the City of Napa that they had a year ago.
Up Valley: There were 95 available homes in inventory at the end of February in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville). This is 35% lower than the inventory a year ago (146) and 8% lower than the inventory last month (103). As with the County as a whole, this is the lowest inventory since 2000 when we first collected data. There were 33 new sales for the month, the highest rate since last April. This is 120% higher than the sales in February 2012 (15) and 44% more than the pace last month (23). There is a 2.9 months supply of inventory based on the current sales pace – the lowest in recent memory. Distressed properties (foreclosures and short sales) represent 7% of the inventory (7 units), and 9% of the new sales for the month. A healthy Up Valley market is generally a good sign for overall Wine Country real estate.
Closings: The following agents enjoyed closings for the period from February 1 to February 28, 2013:
In our Cloverdale office, Ron and Jane Pavelka had five closings.
In our Healdsburg office: Ann Amtower had two closings; and Mike Downes, Penelope La Montagne, Nicki Rector, Charlee Schanzer, Gina Cleaver, Linda Farwell and Bernie Curley each had a closing.
In our Napa office: Stacey Oftedal , Lark Raymond and Nick Simone each had two closings.
In our Petaluma office: Ryan Styles enjoyed a closing.
In our Santa Rosa offices: Mark Payne and Jim Famini each had two closings; and, Coralee Barkala, Bonnie Falconer, Carlos Rivas of Mason McDuffie Commercial Real Estate, Larry Tristano, Charles Himes and Lisa Mathia each had a closing.
In our Sebastopol office: Barbara and Paul Cronick enjoyed two closings; and Liz Uribe, Chris Nelson, Pam Buda, Sandie Schach, Rita DeSouza, Si Edman and Laurie Parris each had a closing.
In our Sonoma office: Joyce Davison enjoyed three closings; Isaac Raboy of Mason McDuffie Commercial Real Estate had two closings;, and Erin George, Joan Harrington, Diane Litchfield, Erick Rothfeld, Michael Crain and Gerrett Snedaker of Michael Crain Properties, Diane Krause, Carl MacPetrie, Sheila Deignan, Tish Thames, Mari Johnson and Mara Kahn each had a closing.
And, in our St. Helena office: Liz Manfree and Linda Alioto each had a closing for this period.
Congratulations to all!