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Sonoma County Real Estate & the Coronavirus |
We hope this update finds you and your loved ones healthy and happy during this challengingtime. For a quick snapshot of the current real estate market, please click the video above.
With any market update, the first thing to remember is that there is a time lag - usually 3 to 6+ weeks - between a new listing coming on market, an offer being negotiated and accepted, and when the transaction actually closes sale. This means that almost all of the sales price data we have, as of the first week of April, still reflects the market BEFORE the shelter-in-place rules went into effect. In virtually all Bay Area counties, March median sales prices were quite strong. This report will look at the effect of the crisis on supply and demand by reviewing week by week statistics, at sales price trends reflecting the market before the crisis, and longer-term trend data to give context to how the market typically performs at this time of year. Spring is usually the most active selling season and often sees the highest median sales prices of the calendar year, due to both the level of buyer demand and the seasonal surge in the luxury home market. (A higher percentage of luxury home sales pulls up the overall median sales price.) We do not know how the crisis will ultimately play out, depending as it does on so many, rapidly changing, socio-economic factors. |
Median Sales Price Trends |
These first 2 charts review median sales price trends in the short and long-term. March and first quarter prices generally reflect the pre-crisis market. |
Shelter-in-Place Effect on Inventory & Dealmaking - by Week |
The following 4 charts detail the plunge in listing and accepted-offer activity, and the surge in listings being pulled off the market by sellers, over the past 4 weeks. Typically, at this time of year, the first 3 charts would be seeing steady climbs over February numbers, and the 4th chart would have a very low, flat trend line. Though the numbers are way down, some listings have still been going into contract.
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Normal Seasonal Demand Trends by Month |
This is the time of year when market activity usually soars. |
2 Bed | 1 Bath | West Petaluma
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Thanks for reading! As always, we are here for you through every real estate market.
Giving back is what we do. We are on a mission to raise $25k for Mentor Me by donating a portion of our commission from every sale. Learn more All our best, Steven and Jeanette RC |
*conditions apply. For details regarding our guaranteed sales programs, please contact us. |
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© Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under
multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075,
1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented
herein is intended for informational purposes only and is compiled from sources deemed reliable
but has not been verified. Changes in price, condition, sale or withdrawal may be made without
notice. No statement is made as to accuracy of any description. All measurements and square
footage are approximate. Equal Housing Opportunity.
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