SONOMA COUNTY MARKET UPDATE
Q3 2020 WRAP-UP
Seven months into the pandemic, Sonoma County has seen a strong surge of activity during the past quarter. Pent-up demand, limited inventory, and record-low mortgage rates have driven sales to new heights. Q3 ended with a 6.7 percent increase in the median sale price from the same time last year while the price per square foot gained 2.1 percent. 34.2 percent more homes were sold last quarter with over a third of homes selling over asking.
Looking across regions, most cities saw an increase in the number of sales and median sale price. Monte Rio recorded the largest percent spike in the number of homes sold while Kenwood, Occidental, and Sonoma all experienced significant upsurges in their median sale prices.
Mortgage rates again hit another record low this week with FreddieMac reporting, ‘Low mortgage rates have become a regular occurrence in the current environment. As we hit yet another record low, the tenth record this year, many people are benefitting as refinance activity remains strong. However, it's important to remember that not all people are able to take advantage of low rates given the effects of the pandemic.’
Looking across regions, most cities saw an increase in the number of sales and median sale price. Monte Rio recorded the largest percent spike in the number of homes sold while Kenwood, Occidental, and Sonoma all experienced significant upsurges in their median sale prices.
Mortgage rates again hit another record low this week with FreddieMac reporting, ‘Low mortgage rates have become a regular occurrence in the current environment. As we hit yet another record low, the tenth record this year, many people are benefitting as refinance activity remains strong. However, it's important to remember that not all people are able to take advantage of low rates given the effects of the pandemic.’
YEAR-OVER-YEAR COMPARISON
MONTH-OVER-MONTH
YEAR-OVER-YEAR REGION COMPARISON
TOP FIVE SALES IN Q3 2020
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19257 ADMIRAL COOKE LANE, Sonoma
$14,750,000 $2,305/sq. ft. 6 bed/7 bath 6,400 sq. ft. 18.30 Acres |
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5282 SHARP ROAD, Calistoga
$9,600,000 $1,600/sq. ft. 4 bed/4 bath 6,000 sq. ft. 412.00 Acres |
|
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710-720 SHILOH TERRACE, Santa Rosa
$7,630,000 $938/sq. ft. 7 bed/8 bath 8,138 sq. ft. 19.90 Acres |
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3900 LOVALL VALLEY ROAD, Sonoma
$6,828,606 $1,197/sq. ft. 3 bed/7 bath 5,704 sq. ft. 6.05 Acres |
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20376 WOLF MEADOW LANE, Sonoma
$6,000,000 $1,030/sq. ft. 5 bed/6 bath 5,828 sq. ft. 5.02 Acres |
MEDIAN SALE PRICE
MEDIAN MARKET TIME
NUMBER OF SALES
