While the fires have no doubt slowed real estate buying & selling activity in the North Bay for the time being, we know from past disaster experiences, that we can expect the market to tighten up. With more demands for housing already existing within Sonoma County and surrounding regions – and the demands being placed on the market from those wishing to move into the area – we should see some intense home buying activity going into September!
Below are some statistics regarding the average price per square foot (psf) this month compared to last year as quoted in the recent issue of the Press Democrat:
- Sonoma County: $477 (7% up Med. Prop value- $700,000)
- Sonoma Coast: $597 (17% up)
- Northwest S.R.: $412 (13% up)
- Sonoma: $692 (11% up and most expensive city in County)
- Northeast S.R.: $429 (8% up)
- East Petaluma: $414 (6% up)
- Cotati & Rohnert Park: $389 (6% up)
- Russian River: $450 (4% up)
- Windsor: $366 (3% up)
- Healdsburg: $631 (no change)
- Southwest S.R. $368 (no change)
- Petaluma West: $453 (6% down)
- Oakmont: $394 (6% down)
- Sebastopol: $556 (7% down)
- Cloverdale: $323 (10% down)
- Southeast S.R.: $385 (23% down)
Having been through ups and downs in Sonoma County over the past several decades, we can safely predict the aftermath relative to the real estate market. Going into this phase, we were already facing a dearth of inventory and the demand just continues to grow now with those who have lost homes in the fires or those who have decided not to rebuild but just buy another home elsewhere in this area.
For anyone thinking of selling this is the time! For anyone looking to buy, you want to connect up with an experienced local Realtor and Lender to find out what you qualify for. Then find a loan program to make your purchase offer stronger so yours can be accepted! For example, consider shorter closing dates, possibly getting alternative financing such as a Hard Money loan so your loan condition can be shorter, etc.