SONOMA COUNTY MARKET UPDATE
NOVEMBER 2020 WRAP-UP
The Sonoma County market remained very active last month though seasonality does seem to be setting in; the number of active listings dropped 11 percent from October to November (782 to 696). It is unclear how the latest pandemic news will affect the market in December, which is typically the slowest month of the year.
The median sale price continues to post large gains over last year at 11.7 percent for November. Similarly, the median price per square foot is up 13.3 percent to $460. Homes also continue to spend less time on the market with the median days down to 32 from 49. With these substantially higher prices combining with low inventory, increased demand, and news of coronavirus vaccines approaching widespread rollout, buyers should prepare to face a particularly competitive spring homebuying season.
Mortgage rates remained flat last week at a historically low 2.71 percent for a 30-year fixed. FreddieMac reported, ‘Mortgage rates remain at record lows, resisting their typical correlation to Treasury yields, which have recently been moving higher. Mortgage spreads – the difference between mortgage rates and the 10-year Treasury rate – are declining from their elevated levels earlier this year. Although today’s mortgage spread is about 1.8 percentage points and still has some room to move down if the 10-year Treasury continues to rise, it’s encouraging to see that the spread is almost back to normal levels.’
The median sale price continues to post large gains over last year at 11.7 percent for November. Similarly, the median price per square foot is up 13.3 percent to $460. Homes also continue to spend less time on the market with the median days down to 32 from 49. With these substantially higher prices combining with low inventory, increased demand, and news of coronavirus vaccines approaching widespread rollout, buyers should prepare to face a particularly competitive spring homebuying season.
Mortgage rates remained flat last week at a historically low 2.71 percent for a 30-year fixed. FreddieMac reported, ‘Mortgage rates remain at record lows, resisting their typical correlation to Treasury yields, which have recently been moving higher. Mortgage spreads – the difference between mortgage rates and the 10-year Treasury rate – are declining from their elevated levels earlier this year. Although today’s mortgage spread is about 1.8 percentage points and still has some room to move down if the 10-year Treasury continues to rise, it’s encouraging to see that the spread is almost back to normal levels.’
YEAR-OVER-YEAR COMPARISON
MONTH-OVER-MONTH
YEAR-OVER-YEAR REGION COMPARISON
TOP FIVE SALES IN NOVEMBER 2020
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749 INDIAN SPRINGS ROAD, Kenwood
$5,300,000 $1,960/sq. ft. 3 bed/4 bath 2,704 sq. ft. 48.00 Acres |
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405 LONDON WAY, Sonoma
$4,650,000 $733/sq. ft. 5 bed/6 bath 6,340 sq. ft. 3.95 Acres |
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1750 MOON MOUNTAIN ROAD, Sonoma
$4,175,000 $899/sq. ft. 6 bed/5 bath 4,644 sq. ft. 148.75 Acres |
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5250 GRAVENSTEIN HIGHWAY N, Sebastopol
$4,000,000 6 bed/5 bath 6.04 Acres |
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470 CHESTNUT AVENUE, Sonoma
$3,599,000 $1,094/sq. ft. 3 bed/4 bath 3,291 sq. ft. 1.24 Acres |
MEDIAN SALE PRICE
MEDIAN MARKET TIME
NUMBER OF SALES
