In examining the March real estate market results, it is important to recognize that there is a time-lag of 3-6 weeks between a listing coming on the market and an offer being accepted. With this in mind, almost all the sales data we have as of the first week in April reflects the market before the shelter-in-place went into effect. For all the Bay Area counties March median sales remained quite strong.
According to Realtor.com, March real estate statistics for Sonoma County read like this:
Median List Price: $715,400 (up 7.6% over last year)
Median Listing Price per Sq.Ft.: $406.
Median Sales Price: $636,000
Average Sales Price: $776,202
Median Days on the Market: 46 (trending down since last month)
Number Sold: 251 (up 4.1% from February)
Active Properties: 667 (as of April 5)
Other statistics from various sources:
- Median sales price for single-family homes rose 6.6% year-over-year and 3.1% compared to last March.
- Sales rose 2.9% year-over-year
- Single-family homes pending totaled 348
- Median sales price for condos was up 16.2% year-over-year, but condo sales were down 10.9% compared to last March
- Condos are selling in 59 days
- Days of inventory for homes is now 80
Spring is usually the most active selling season and often sees the highest median sales prices of the calendar year. Give the rapidly changing socio-economic factors in play due to the present pandemic, experts are hesitant to predict how this season will play out.
The good news is that realtors and lenders have found creative avenues around the shelter-in-place restrictions. They are utilizing all the digital and video media available from Zoom to Skype and every platform in-between. Virtual tours are still happening, listings have been going into contract, and escrows continue to be executed. We are a resilient community that has weathered both fires and floods, and we will weather this hardship, too.
Stay calm, breathe, and carry on…this, too, will pass and we will all come out stronger.