Spring and summer are two most active selling seasons in Sonoma, but a substantial amount of business will still occur before the market starts to enter its winter holiday hibernation in mid-November. So far, 2017 has seen significant home price appreciation virtually throughout the county. As illustrated in the first chart below, a big factor is its much greater affordability when compared to Marin and San Francisco. Of course, Sonoma is also simply a wonderful and beautiful place to live and still be within relatively easy driving distance of the city and its amenities.
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Which counties are most expensive or most affordable, have the highest overbidding and appreciation rates? Which are healthiest, most educated, have the highest incomes or worst poverty percentages? What cities have the biggest, most expensive homes? And where do Bay Area residents come from?
August 2017 Report
Median House Price Appreciation since 1990
Appreciation trend lines are largely similar across the Bay Area, but some counties have outperformed others. Solano is still well below its previous peak price ten years ago, » Read more about: Bay Area Home Prices, Incomes & Demographics »
The chart below compares median house sales prices since 2012 for March through May sales, year-over-year, for Sonoma, Marin and San Francisco Counties: Sonoma prices are illustrated by the blue columns. Many Bay Area Counties hit new peaks in median sales prices this spring, while Sonoma, which started its recovery a bit later than counties closer to the high-tech boom, is just a tad below its previous peak in 2006. This is illustrated in the longer-term annual chart below.
Before we look at longer-term market statistical and appreciation trends in the county, this chart above looks at the ebb and flow of new inventory and sales activity during the year. New listings start pouring onto the market in February to peak in mid-spring and early summer. The jump in new inventory fuels sales activity which peaks in late spring and early/mid-summer. That is, Sonoma is just getting into full swing, and we will know a lot more about the direction of the 2017 market in a couple more months.
Rents, and Selected Demographic Angles by County
February 2017 Survey
The chart below is specific to the Marin County market,
Comparing Q1 2016 with Q1 2015, the Sonoma median house sales price jumped 13% and its median condo price increased 15%. Those are larger jumps than seen in either San Francisco or Marin, which probably has to do with the much greater affordability of Sonoma homes. The inventory of listings available to purchase in the county dropped a little year over year, but, conversely, the number of sales actually increased a little, which is a clear indication of increasing demand. » Read more about: Sonoma County Real Estate Report : Strong 2016 Start to Sonoma Homes Market »
Median sales price is that price at which half the sales occurred for more and half for less. It is a very general statistic, which typically disguises a huge range of prices in the underlying individual sales. It can be affected by other factors besides changes to fair market value, such as inventory available to purchase, interest rates, and significant changes in the luxury, new-construction or distressed-home market segments. Homes in different communities often cannot be compared on an apples-to-apples basis, » Read more about: Sonoma County Home Values by City »
Long-term Trends in Median Home Sales Prices
Sonoma continued to see considerable home sales price appreciation in the first half of 2016. As a point of comparison, in San Francisco, where the market has begun to distinctly cool, median sales prices have started to plateau on a year-over-year basis.
Sonoma Median Home Price Appreciation by City
2011 to 2015 to 2016 YTD
These next 2 charts below look at median sales price appreciation 2011 to 2015, » Read more about: Sonoma County Real Estate Report – 2016 1st Half Review »
Sonoma County Median Home Price Appreciation
by Quarter and by Year
Since 2011, the Sonoma County median house price has appreciated by 85% and its median condo price by 129%. One major factor in such large jumps is that the distressed property crisis plunged Sonoma home prices to unreasonable lows during the recession. For the last few years, the market has been like a balloon which has been untied from an anchor, » Read more about: Sonoma County’s Autumn Market Begins »