North Bay Real Estate Trends in January 2021
In the February 28 edition of The Press Democrat, Garrett Snedaker presented a snapshot of the real estate facts and figures for January 2021 broken down by city and type of property. Below are some interesting highlights:
Sonoma County:
- Inventory of SFR & condos = 525 (26% below 1/20 and 8% below 12/20) THE LOWEST INVENTORY IN THE PAST 2 YRS
- New sales=221 (29% below 1/20 and 42% below 12/20)
- Days on Market=28 (Coastal Sonoma) to 57 (Sonoma)
- Median price=$665,000 (7% above 1/20)
- Homes selling at 98% of original price.
Sonoma County Luxury Homes (Exceeds $1.5M):
- Closed: 449 (increase of 80% from 2/1/20 to1/31/21)
- Inventory: 126 (12% below 1/20)
- New sales: 23 (35% above 1/20 and 23% below 12/20)
- Days on Market: 64 (110 days 1/20)
- Homes selling at 95% of original price.
Santa Rosa:
- Inventory of SFR & condos = 251 (17% below 1/20 and 6% below 12/20)
- New sales: 92 (33%below 1/20 and 41% below 12/20)
- Median price: $600,000 (same as last year)
- Days on Market: 52
Other statistics for Sonoma County:
- Existing Home Sales: +15% YTY
- Total Sales Volume: +29% YTY
- Average Price: $837,956 (+12% YTY)
- Unsold Inventory: 2.4 mo. (-4%YTY)
- Median Days on Market: 55 days (-36% YTY)
- Sales to List Price: 97% (+3%)
Across the country, it is expected that 30-35% of homes will have a price reduction, but for January 2021 all closed Wine Country sales only had between 20% (Mendocino) and 28% (Sonoma).
On the other hand, the ration of homes selling more than the original list price ranged from 30% (Mendocino) to 40% (Napa).
From the looks of January real estate business in the North Bay, it appears that we off to a robust, if challenging market, going into the rest of 2021. Buckle up!