Q3 2018 Wine Country Market Update
When our broker, Jonathan Soh, released the Q3 2018 Wine Country Market Update this week, we felt it was an essential market update to share after an unpredictable year post wild fires of last October.
The catastrophic fires of last fall wreaked havoc in the real estate market across the board in Sonoma and Napa Counties, driving sales prices up nearly 20% in heavily affected areas. We are starting to see some stabilization, now after a year, following these dramatic increases in sales volume and average sales price.
Please click this link to review the full market update for Q3 2018, which will summarize Napa, St. Helena, Yountville, Calistoga, Sonoma, Healdsburg, Petaluma, Sebastopol, Santa Rosa, Russian River and Sonoma Coast.
The Sonoma Valley market update is reporting a 2% decrease in units sold (111), a 4% decrease in days on market (97), a 4% increase in average sales price ($1.1m) and a 2% increase in sales volume ($127m) – in comparison to 2017’s Q3.
For our clients in Petaluma, the market update is showing a 12% decrease in units sold (141), a 12% increase in average sales price ($848k) and a 2% decrease in overall sales volume ($120m) in contrast to Q3 2017.
Perhaps most interestingly given the events of the last year, the market update for Santa Rosa is reporting the following figures: a 12% decrease in units sold (416), a 5% decrease in days on market (75), a 7% increase in average sales price ($732k) and a 6% decrease in sales volume ($305m).
There has been a lot of information floating around as of late that sales prices are dropping as interest rates are rising. It’s essential that you have a competent agent represent you in an often volatile market such as this.
If you’re considering selling your home or making a move, time is of the essence as buyers are becoming less engaged or being ruled out of the local market given pricing and financing options.
As always, we are always available to discuss market trends or the particular activity in your neighborhood. Give us a call or shoot us an email.
~ Lisa, Tim & Courtney