Market Commentary Prices & Sales Continue Rising

Although the median prices for single-family, re-sale homes backed off slightly from the all-time high set in October, it was up 14.6% over last November.

That’s the sixty-fifth month in a row the median price has higher than the year before.

The average price for homes rose 15.9%.

The median price for condominiums in Sonoma County set another new high for the second month in a row in November.

The median price for condominiums was $479,000, a gain of 15.2%, year-over-year. The average price rose 15.7%.

Home sales rose 1.3% from last November. At 385 homes sold, that’s below the average monthly sales of 422 since January 1998. Year-to-date, home sales are off 5.7%.

Condo sales were up 21.7% but they are down 7.6% year-to-date.

Homes are selling quickly, taking only sixty-six days from coming onto the market to when they go under contract. The average since January 1998 is eighty days. Condos are selling in fifty-three days, whereas the average is seventy-three days.

The sales price to listing price ratio stayed over 100% for the second month in a row: 101.1%. The ratio for condos is 102.3%.

Inventory continues to be abysmal. It is less than one-third the average since 2008. As of the 5th of November, there were four-hundred and twelve homes for sale. We average fifteen-hundred and twenty-eight!

This is reflected in our Days of Inventory statistic which is thirty. The average is one-hundred and eleven.

If you would like to know what’s going on in your neighborhood, click on Recent Sales & Listings. That will tell you what is for sale, what has sold and what is pending in a radius around your home.

Click here to review the full report.

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