North Bay Real Estate Trends in January 2021

[Ken and Ari Walker]

In the February 28 edition of The Press Democrat, Garrett Snedaker presented a snapshot of the real estate facts and figures for January 2021 broken down by city and type of property.  Below are some interesting highlights:

Sonoma County:

• Inventory of SFR & condos = 525 (26% below 1/20 and 8% below 12/20) THE LOWEST INVENTORY IN THE PAST 2 YRS
• New sales=221 (29% below 1/20 and 42% below 12/20)
• Days on Market=28 (Coastal Sonoma) to 57 (Sonoma)
• Median price=$665,000 (7% above 1/20)
• Homes selling at 98% of original price.

Sonoma County Luxury Homes (Exceeds $1.5M):

• Closed:  449 (increase of 80% from 2/1/20 to1/31/21)
• Inventory:  126 (12% below 1/20)
• New sales:  23 (35% above 1/20 and 23% below 12/20)
• Days on Market:  64 (110 days 1/20)
• Homes selling at 95% of original price.

        Santa Rosa:

• Inventory of SFR & condos = 251 (17% below 1/20 and 6% below 12/20)
• New sales:  92 (33%below 1/20 and 41% below 12/20)
• Median price:  $600,000 (same as last year)
• Days on Market:  52

Other statistics for Sonoma County:

• Existing Home Sales:  +15% YTY
• Total Sales Volume: +29% YTY
• Average Price:  $837,956 (+12% YTY)
• Unsold Inventory:  2.4 mo. (-4%YTY)
• Median Days on Market: 55 days (-36% YTY)
• Sales to List Price:  97% (+3%)

Across the country, it is expected that 30-35% of homes will have a price reduction, but for January 2021 all closed Wine Country sales only had between 20% (Mendocino) and 28% (Sonoma).

On the other hand, the ration of homes selling more than the original list price ranged from 30% (Mendocino) to 40% (Napa).

From the looks of January real estate business in the North Bay, it appears that we off to a robust, if challenging market, going into the rest of 2021.  Buckle up!

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