Sonoma County Real Estate Market Recap
There is no question that Sonoma County, perhaps more than the rest of California, has been on a roller coaster ride for all of 2020. This has been especially true of the real estate market in the county. Below are some statistics that might surprise anyone not familiar with the real estate market, but for those who have been invested in the market, it will serve to reinforce what you have suspected:
- In early 1990, Sonoma County’s median home price was about $180,000; it is currently about $725,000.
- As is normal, the number of listings fell in November to 1400, and yet was still 50% higher than in November 2019.
- Listings going into contract were also 50% higher than in November 2019.
- There was a 19% increase in dollar volume sales in November as compared to November 2019.
- Luxury home sales soared since the pandemic struck. Despite the fires, Sonoma saw the highest year-over-year percentage increase of 110% in luxury home sales. This increase might largely be due to the number of San Francisco and South Bay buyers who sought larger homes with more land to work out of when the work-from-home option became available.
- Average sold price per square foot is $472, a 6% increase over November 2019.
With the 2020 year almost behind us, wildfires abating, and people figuring out new ways to get back into a more normal routine, we can expect to see a persistent robust real estate market in Sonoma County. Buyers will continue to seek out less populous areas looking for more affordable interior and exterior space. Sonoma County is the ideal place to find these advantages at a still affordable price in the Bay Area.
If you are looking to “move up” in this market, but lack the necessary stringent requirements for a loan, give Sun Pacific Mortgage a call at 707-523-2099. We have helped thousands of borrowers obtain the private money loan they needed to realize their dream of home ownership despite obstacles such as low credit scores or hard to prove income.