Sonoma County Home Sales
The outlook for sellers in Sonoma County has been brutal. Week after week, the Press Democrat has posted reports of a gloom-and-doom market. Sellers have been getting 10% less on average for their properties than they would of had they sold last year. In fact, Sonoma County took the biggest hit on prices in the greater Bay Area. Realtors are furious at the large daily paper, feeling that their front page reporting is creating fear in buyers and a reluctance in sellers to sign listings at all. Some realtors are refusing certain listings unless they feel that the seller is willing to be very realistic about what their home will fetch. The houses that have taken the biggest price hits are condos, mid- to upper priced tracts. and custom tract homes. Yet many listings coming from owners of luxury second homes/vacation rentals in Healdsburg or Bodega Bay remain on the market without price reductions. There were no sales reported on the coast this week; the coastside buzz is that owners are waiting for the market to swing back in their favor before listing, and since many are enjoying unprecedented occupancy in their vacation rentals, they are in no big hurry to sell. There is plenty of inventory in the county in the $400,000 to $800,000 range, and a few steals at around $300,000. Meanwhile, rents are inching skyward again after the easier prices of 2006. With last week being a slowish start to the traditional buying season, and with numerous price reductions and conforming interest rates at well under 7%, it will be interesting to watch what happens this summer. Current inventory: 3,469 homes
Highest price sold: 4729 Muirfield Court, Santa Rosa (single family home) $1,320,000
Lowest price sold: 5020 Warm Springs Rd. Glen Ellen $200,000
Current unsold low price single family home: $207,000
411 E. 1st St. Cloverdale, a 1 bedroom, 1 bath 470 sq. ft. 1920′s era cottage
Agent’s Remarks: Own a small piece of Cloverdale. The Seller is replacing the carpet the week of May 28th. This little home will sparkle. The roof is 3 years old, and the double pane windows were installed 2 years ago, and a new front door to grace the entrance to the home.
