Wine Country Real Estate Trends During and After the Pandemic – Fort Bragg Advocate-News

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Gerrett Snedaker, Wine Country Group

Following the enactment of the Shelter In Place Act in March 2020, the residential real estate industry essentially shut down during May 2020. The market then accelerated rapidly from May to October. Thus, these market deviations will distort annual statistical comparisons.

North Bay Real Estate Trends May 2021

For all areas covered by our Multiple Listing Service (BAREIS), which includes Lake, Marin, Mendocino, Napa, Solano and Sonoma counties, there are 1804 homes and condos for sale at the end of May. Stocks are 43% lower than a year ago (3,151) and 10% higher than last month (1,635). Sometimes the inventory exceeds 10,000 houses in the BAREIS area. In May, 1,924 sales were made. This is 17% more than a year ago (1640), and 6% more than last month (1819).

Nationwide, 20 to 25% of homes placed on the MLS can be expected to have a price cut before they are ultimately sold. As of May 2021, of all gated homes in Wine Country Markets, the range ranges from 13% (Mendocino and Napa Counties) to 15% (Sonoma County). Conversely, the ratio of homes sold in excess of the original list price ranged from 49% (Mendocino) to 61% (Sonoma County). In Napa County, it was 56%. The average price decline rate for all neighborhoods fell from 29% in September 2020 to 14% in May 2021, while home sales above the original list price rose from 33% to 55% over the same period.

Mendocino County

The inventory of houses and condominiums available in Mendocino County at the end of May is 141. This is 40% less than May 2020 (236) and 10% higher than last month (128). New sales (70) in Mendocino County in May were 32% higher than May 2020 (53) and 7% lower than last month (75). Mendocino County currently has a two-month supply of inventory based on current sales rates. The average number of days on the market for the 64 homes sold in Mendocino County in May is 59 days. For the purposes of our MLS (BAREIS), “Days on the Market” represents the time from the moment a property is first listed on the MLS to the date the property becomes pending (all terms removed). On average, it may take 0 to 30 additional days before properties are closed after they are closed. The average price for homes closed in May in Mendocino County was $ 579,000. This is 36% higher than the average price in May 2020 ($ 426,000) and is the highest average price recorded in any month for which we have records. Homes in Mendocino County are in high demand and prices are rising rapidly.

Ukiah

The list of houses and condominiums for sale at the end of May in Ukiah is 30 houses. This is 33% below the level of May 2020 (45) and slightly below the level of last month’s stocks (31). There were 19 new sales in May. This is 6% above the number of sales in May 2020 (18) and 35% below the sales in the last month (29). We currently have 1.6 months stock in stock based on current sales rates. Days on the market for 28 closes last month were 50 days. The average price of homes sold in Ukiah last year ranged from $ 370,000 to $ 505,000. The average price for homes closed in May was $ 556,000. This is a new high for average house prices in Ukiah.

Gopland and Talmag

The list of houses and condominiums for sale at the end of May in Hopland and Talmag is nine houses. For comparison: 13 houses in inventory at the end of May 2020 and 11 houses in inventory last month. There were five new sales in May. For comparison: two sales in May 2020 and five new sales last month. The Talmag-Hopland market closed four times last month, with an average market day of 94 days.

Valley Redwood and Calpella

The list of homes and condominiums for sale at the end of May in Redwood Valley and Calpella is 18 homes. This is 20% above the level of May 2020 (15) and 39% above the level of stocks last month (13). There were five new sales in May. For comparison: five sales in May 2020 and six new sales last month. Based on the current pace of sales, the stock is 3.6 months. The average price of homes sold in the Redwood / Calpella Valley last year ranged from $ 400,000 to $ 655,000. In May, six homes in the Redwood / Calpella Valley were closed at an average price of $ 603,000 and sold in 61 days.

Sonoma County

The inventory of houses and condominiums available in Sonoma County at the end of May is 740. This is 29% lower than the inventory in May 2020 (1,042) and 13% higher than last month (653). Forty-five percent of the inventory in Sonoma County (330 homes) is valued at over $ 1,000,000 at the end of May 2021. New sales (723) in Sonoma County in May are 44% faster than May 2020 (502). and they were 9% higher than last month (653). We have a monthly stock of stock based on current sales rates. The time it takes to sell a home in different areas of Sonoma County (days on the market) ranges from 23 (Petaluma) to 63 (Oakmont) days.

For the purposes of our MLS (BAREIS), “Days on the Market” represents the time from the time the property is first listed in the MLS until the date the property becomes pending (all terms removed). On average, it may take 0 to 30 additional days before properties are closed after they are closed. The average number of days on the market for the county as a whole is 40 days. The median price of 638 homes closed in May in Sonoma County was $ 746,000. That’s 16% higher than the average price in May 2020 ($ 645,000). Homes in Sonoma County have sold at 101% of their original list price in the past four months.

Luxury Homes in Sonoma County

About a quarter of the inventory in Sonoma County can be described as luxury homes (ad price exceeds $ 1,900,000). From June 1, 2020 to May 31, 2021, the number of closed luxury homes increased by 213% (376), compared to 120 closed in the period from June 1, 2019 to May 31, 2020. 181) is 39% ahead of the May 2020 inventory (130 homes). The rate of new sales (45) in May this year is 36% faster than the rate of a year ago (33) and 5% higher than the rate of the previous month (43). In May this year, 52 days were closed on the luxury home market, up from 62 days last year. This compares to 40 days of sale for all gated properties in the county in May. There is a four-month stock of luxury properties based on current sales rates, compared to a month’s stock in the Sonoma County market as a whole. Over the past four months, Sonoma County luxury homes have sold for about 98% of the original list price.

For more information contact Gerrett Snedaker at 707-939-2009 or gsned@winecountrygroup.com.

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