How's The Sonoma County Real Estate Market?

December 13th, 2024

With the new year upon us, it’s the perfect time to reflect and take a closer look at how the real estate market shaped up at the end of 2023 compared to the end of 2024.

It’s easy to get caught in the same old narrative: low inventory, high interest rates, skyrocketing home prices, and the idea that waiting it out might be the best move. But instead of sticking to the usual chatter, let’s cut through the noise and dive into the facts.

Here’s what you need to know:

SONOMA COUNTY INVENTORY

We’re keeping a close eye on the balance between sales activity and listing inventory. If we look at the most recent month of November 2024 compared to November 2023, we see a 19% increase in active listings in Sonoma County — debunking the myth that fewer homes are available. This growth in inventory is giving buyers more opportunities in the market!

Additionally, there’s been a 23% increase in sold homes, compared to last year, proving that buyers are active in our market and taking advantage of the listings available.

In the month of November 2024, home prices sold 1.6% higher than they did in November of 2023. While many properties continue to sell at prices above last year’s levels, they don’t always reach the lofty expectations some sellers may have hoped for.

EXPECTATIONS TO BEGIN 2025

Inventory:

• More properties on the market

• As inventory grows, motivated sellers may start adjusting their expectations by lowering listing prices or accepting offers

Seller’s Success:

• Sellers who stay ahead of market trends and list their homes accurately see greater success

• Today's market hinges on three key factors: strategic pricing, strong presentation, and perfect timing

Buyer's negotiations:

• With more choices available, buyers are increasingly confident in making offers closer to market value and asking for seller concessions.