We predicted that the spring would bring increased inventory levels and bring out the buyers and we weren’t disappointed. Here is a round up of the last month’s housing activity in Sonoma County:
– Inventory levels increased for the first time in 7 months with 767 homes for sale across the county
– New listings have increased up to 380 an increase of 15% over the previous month.
– The number of new listings for properties over $1m increased 297% to 67
– The number of properties sold increased 17% from 254 to 298 but a huge uptick in the number of properties in pending status was up 40% to 411 showing how active March was
– Total number of properties either sold or pending is 709, the highest since October of last year
– For properties over $1m, there was a 86% increase in the number of properties sold or in pending to 99
– Sale price to list price remains the same at 95% which is highest its been for six months since last August
– For properties greater than $1m sale to list price is running at 92%, an 8% discount on the list price.
– The average days on market for all properties has fallen to 68 from a high of 87 in December
– For properties priced over $1m the average time on market is 104 days a 15% increase from prior month
In summary, some experts are saying it is “Goldilocks Conditions” right now for buyers with a perfect mixture of high inventory, 4-5% growth forecast and low interest rates through 2019 and beyond.