Sonoma County Real Estate Market Trends from June
Even though we have been in “pandemic mode” from March through June, the real estate market has surprisingly shown little impact. We are only slightly behind in sales compared to 2019. Prices have climbed in most markets, maybe because of having only one month’s worth of inventory. Some real estate agents in the County have even described the pace as frenzied.
Below are some of the statistics for the end June that will illustrate the strength of the market despite present restrictions:
- All available homes and condos for sale: 967 (7% below May 2020; 22% below June 2019)
- Inventory: 1.4 months (lowest in over 2 years)
- Days on Market: 15-89 (average 59 days)
- Average Price: $763,023
- Median Price: $675,000 (6% above June 2019, and highest median price for sales in any month since tracking started!)
- Selling Price: 96% of original listing price (down 1% since 2019)
What’s the take-away for all this good news? Sonoma County real estate is alive and thriving 4 months into the Corona virus pandemic. Even luxury homes sales in June were 39% above those of last month and were selling around 92% of their original price.
If you backed off placing your home on the market at the beginning of the pandemic, you might want to reconsider. With inventories so low, sellers are having no problem finding willing buyers.
California is in a unique position because of the existing lack of inventory prior to the pandemic. We were already in a seller’s market, and this new wrinkle has only exasperated the condition.
Need a fast loan to secure your new home? Call Sun Pacific Mortgage at 707-523-2099 for a hard money loan. We have been known to obtain financing in less than 2 weeks for our borrowers and are not burdened with the extra regulations imposed on lending since the pandemic.