Wine Country Real Estate October 2018

We keep hearing in, the market has shifted. But just how much has the market shifted?

SONOMA COUNTY

The inventory of homes and condominiums available in Sonoma County at the end of October is 89% ahead of the inventory in October 2017. With available residential properties standing at 1,160. This remains a relatively high inventory for recent years but not an unreasonably high number for historical purposes. 

There is a 2.6 months supply of inventory in Sonoma County based on the existing sales pace. New sales  in Sonoma County in October were 12% below the pace of October 2017, however they were slightly ahead of the pace last month. 

The average Days on Market for the County as a whole is 60 days - the highest since January of this year. The median price of homes closed in October in Sonoma County was $620,000. This is a 1.6% increase over the median price in October 2017 ($610,000).

As we expected, the appreciation rate has settled down from the 12% year over year increase in the first part of the year. We’ll continue to watch to see if the rate of appreciation continues to decline.

NAPA COUNTY

The inventory of homes and condominiums available for sale in Napa County at the end of October is 31% ahead of the inventory in October 2017. With available Residential Properties standing at 417. There is a 3.2 months supply of inventory based on the current sales pace. The Days on Market for homes closing in Napa County is currently 68 days. 

The median price of the 114 homes closed in October in Napa County ($668,000) was 7% higher than the median price of a year ago ($625,000). 44% of the inventory in Napa County (104 properties) are priced at $1,000,000 or above.

We are still seeing a change in our market due to the wild fires last October.  Some are rebuilding and are under construction; some are rebuilding and going through “the process”; some have bought replacement homes and are selling their lots; some are renting and selling their lots; some are moving on to other places.

It will take a couple of “seasons” for the physical scars of the fires to heal and it may take that long, or longer, for the mental scars to heal.