Recent Sonoma and Napa Counties real estate statistics reveal a flattening of the market experienced last quarter:
Napa County
- # of closed sales = 276 (1% decrease over prior year)
- Average sales price: $1.0 Million (9% decrease over prior year)
Sonoma County
- # of closed sales = 1,022 (2% decrease over prior year)
- Average sales price: $788,000 (1% increase over prior year)
As of February 2020 Sonoma County Real Estate Market Results:
- Median Price: $660,000 (+4.8%)
- Average Price: $796,992 (4.6%)
- No. Sold: 208 (-24.6%)
- Pending Properties: 357 (+25.3%)
- Active: 586 (-8.3%)
- Sale/List Price Ratio: 98% (-0.3%)
- Days on Market: 94 (+23.4%)
- Days of Inventory: 84 (+2)
At present the market remains divided between listings that buyers find appealing and well-priced (which sell quickly) and listings that sit on the market for longer periods and require price reductions to sell. The difference, most probably, is a lack of preparation on the part of the seller to show the property at its best or pricing buyers find unreasonable.
What can we expect going into 2020? According to economist Broker Rosen at UC Berkeley we are looking at the Bay Area median price to remain basically flat, that is, within a 2% range either way. This means it would look very much like 2019. Nobody can accurately predict the future, but this report sounds much less sensational and more reasonable than others.
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