Wine Country Real Estate Trends in April 2020

Shelter in Place Market Trends:  As we remain under Shelter in Place (SIP) orders in Wine Country to support the slowing of the transmittal of the Coronavirus, the activities of Realtors, similar to many other businesses, are limited significantly.  In Sonoma and Napa Counties, as of this date, real estate brokerage activities are considered an “essential business”.  Still, Realtor activities are restricted in the following ways:

1. Doing business virtually – seeing properties, signing documents, etc.
2. Limited ability to visit properties with clients

The California Association of Realtors (CAR) has given us new forms to work with during this time.  They are designed to guide buyers and sellers in a safe and reasonable manner.

The statistics are below.  In general, inventory is down on a year over year basis with many properties being in “Temporarily off the Market” (TOM) or “Coming Soon” status in the MLS.  New sales are down in the range of 40 to 50% lower than April 2019 for most of our markets. A number of new sales from March canceled at they progressed into April.  Prices seem to be steady at this time.

Better Homes and Gardens Real Estate|Wine Country Group Results for April 2020

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 28 closings in April 2020 compared to 32 last April and 31 last month.  In April, we closed homes with a total value of $14 million compared to $22.5 million last year and $24 million last month.  The average selling price of the properties sold by the Wine Country Group in April was $528,911.

BHGRE|WCG currently has 31 pending sales with a value of $18 million dollars. This is down 37% in units and down 42% in dollar volume on a year over year basis. We have 92 active listings with a value of $76 million dollars.  Both are 12% ahead of a year ago.  Our average listing price is $826,000 which is equal to last years average.

Congratulations to the following agents who had closings in April:

Theresa Bell (3), Robert Ross and Mari Giblin in Santa Rosa;  Liz Uribe (3), Dorothy Cronquist (2), Carolyn Towon, Randy Knight, Parmeeta Ghoman, Rebecca Nicholls, and Nannet Davis in Sebastopol;  Sheila Deignan (3), Kendra Martin, Norm Brown, Mari Johnson, Freddie Diaz, The Oscar Kopelman Team, and Chelsie Runnings in Sonoma; Eric Garbocci (2), Kemberly Getts, and Trudy Sellars Ramos in Ukiah.

Wine Country Real Estate Trends for April 2020

 Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of April stands at 857.  This is 12% below the inventory in April 2019 (974) and it is 15% above the inventory last month (745).  At the end of the month, there were 89 listings in “Coming Soon” status and another 118 “Temporarily Off Market” (TOM).  If those were added to the “Active” inventory, there would be 1,064 active listings.  This would be consistent with the inventory levels we usually see in April.  It would also put us at 5 months supply of inventory. Many of these Coming Soon and TOM listings are coming on the market at this time as our access to homes has been permitted in our markets.

New sales (215) in Sonoma County in April were 52% below the pace of April 2019 (451) and they were 25% below the pace last month (285).  It is interesting to note that the “new sales” number for March 2020 was adjusted from 304 to 285.  This would seem to indicate that 6% of those March sales canceled prior to closing.  April is typically in the heart of our “spring market” and listings and sales generally rise appreciably month over month through the end of May.  Obviously, the COVID-19 conditions are impacting the market in a negative way.

There is a 4 months supply of inventory in Sonoma County based on the existing sales pace.  This is up from 2.5 months on average over the past year.  The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 22 (Coastal Sonoma) to 119 (Healdsburg) days.  For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status.  On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending.  This may be protracted with the current circumstances.  The average Days on Market for the County as a whole is 63 days. The median price of the 246 homes closed in April in Sonoma County was $645,000.  This is 6% higher than the median price in April 2019 ($610,000).  Over the past four months, Sonoma County homes are selling at roughly 95% of their original list price.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,200,000).  There has been an 12% decrease in the number of Luxury Homes closed (436) from 5/1/19 to 4/30/20 compared to 493 closings in the period 5/1/18 to 4/30/19. The inventory of luxury homes (216) is 24% below the inventory in April 2019 (283 homes).  The pace of new sales (20) in April this year is 57% below the pace of a year ago (47) and it is equal to the pace last month (20).  The Days on Market for Luxury Home closings was 122 days this April compared to 62 days a year ago. This compares to 63 Days on Market for all closed properties in the County in April.  There is a 10.8 months supply of inventory of luxury properties based on the current sales pace compared to a 4 months supply in the overall Sonoma County market. Over the past four months, Sonoma County Luxury Homes are selling at roughly 92% of original list price.

Cloverdale:  The inventory of homes and condominiums for sale (33) in Cloverdale at the end of April is 13% below the inventory in April 2019 (38).  It is 44% above the inventory last month (23). There were 6 new sales in Cloverdale in April.  This compares to 17 sales in April 2019 and 8 new sales last month.  There is a 5.5 months supply of inventory based on the current sales pace.  The Days on Market for the 7 homes that closed in April was 110 days.

Coastal Sonoma:  There are 23 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 29 homes in inventory in April 2019 and 17 homes last month.  There were 3 new sales in April compared to 7 a year ago and 4 last month.  There is now a 7.7 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 2 homes that closed in April was just 22 days.

Healdsburg Trends:  There are 75 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 29% below the inventory in April 2019 (105) and it is 9% above the inventory last month (69).  New sales in April (9) were 59% below the pace of sales in April 2019 (22) and they were 10% below the sales pace last month (10).  The months of available inventory is now 8.3 months based on the current sales pace.  The Days on Market for the 10 homes that closed in April was 119 days.

Oakmont: There are 42 homes and condominiums available in Oakmont at the end of April.  This is 14% below the inventory in April 2019 (49) and it is 8% ahead of the inventory last month (39).  New sales (9) were 53% below the sales pace of a year ago (19) and equal to the pace of last month (9).  There is a 4.7 months supply of inventory based on the current sales pace.  The median price of the homes sold in Oakmont in the past year has ranged from the high-$500,000’s up to $800,000.  The median price was $597,000 for the 8 homes that closed in April.  The Days on Market for the homes that closed in April was 86 days.

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of April (63) is 9% below the inventory in April 2019 (69) and it is 21% ahead of the inventory last month (52).  There were 33 new sales for the month.  This is 44% below the 59 sales in April 2019 and it is equal to the 33 new sales last month.  The Petaluma market currently has 1.9 months of available inventory based on the current sales pace.  This is one of the lowest months of inventory for any of our markets in Wine Country. The median price of the 31 homes that closed in April was $718,000.  This is 3% ahead of the median price last April ($699,000).  The Days on Market for the homes that closed in April was 45 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of April (48) is 8% below the inventory in April 2019 (52) and it is 41% above the inventory last month (34).  There were 17 new sales in Rohnert Park in April.  This is 65% below the 49 sales in April 2019 and it is 26% below the sales last month (23).  There is a 2.8 months supply of inventory based on the current sales pace.  The median price ($543,000) of the 13 homes and condominiums that closed in April is 4% ahead of the median price a year ago ($520,000).  Days on Market for the homes that closed in April was 34 days.

Russian River:  The inventory of homes and condominiums for sale at the end of April in the Russian River area (Guerneville, Monte Rio and Rio Nido) (49) is 25% below the level of April 2019 (65) and it is 32% above the inventory last month (37).  There were 8 new sales for the month of April. This is 43% below the pace in April 2019 (14) and it is equal to the pace last month. There is a 6.1 months supply of inventory in the Russian River based on the current sales pace.  The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year.  The median was $580,000 for the 5 homes that closed in April. This is a high media price for the area, but a low sample size.  The homes that closed in the Russian River in April went from listing to pending in 96 days.

Santa Rosa:  Thirty-nine percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of April (337) is 7% above the inventory of a year ago (315) and it is 13.5% above the inventory last month (297).  New sales in April (83) are 54% below the pace of last April (181) and they are 36% below the pace last month (129).  There is a 4.1 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 116 homes closed in April in Santa Rosa was $590,000 compared to $573,000 a year ago – a 3% increase.  The Days on Market for the homes that closed in April was 56 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of April in Sebastopol (42) is 31% below the level of April 2019 (61) and it is 8% above the inventory last month (39).  There were 15 new sales for the month of April. This is 32% below the pace in April 2019 (22) and it is 15% above the pace last month (13).  There is a 2.8 months supply of inventory in Sebastopol based on the current sales pace. The 9 homes that closed in Sebastopol in April went from listing to pending in 64 days.

Sonoma Valley: The number of available homes and condominiums for sale (99) at the end of April in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 32% below the inventory last April (145) and it is 7.5% below the inventory of last month (107).  At the end of the month, there were 10 listings in “Coming Soon” status and another 13 “Temporarily Off Market”.  If those were added to the “Active” inventory, there would be 122 active listings.  This would still be 16% below the inventory of last April.  It would also put us at 6.1 months supply of inventory.

There were 20 new sales for the month. This is 44% below the 36 sales in April 2019 and it is 31% below the 29 sales last month.  There is a 5 months supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 26 properties that closed in the Sonoma Valley in April is 90 days.  Sixty-three percent (63 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 35% of the new sales (7) in April were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of April starts at $2,400,000.  Twenty-three homes closed in the top quartile in the past twelve months compared to 22 in the twelve months prior to that.  There are 25 homes available in this quartile in April 2020 compared to 56 a year ago and 23 last month. There were no new sales in the top quartile in April. The closed “luxury” homes over the past year closed at a price ranging from $700 to $1,000 per square foot of building area.

Kenwood: There are 8 available homes for sale in Kenwood as of the end of April.  Last April, there were 13 homes in inventory and last month there were 6. The Kenwood inventory peaked in May and June of last year when there were 19 homes on the market.  The average asking price of the eight homes currently available in Kenwood is $2,771,000.  There were no new sales in April compared to none a year ago and one last month.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of April equals 53 properties.  This is 36% above the inventory in April 2019 (39) and it is 33% above the 40 homes last month.  There were 12 new sales for the month.  This is 56% below the pace of sales in April 2019 (27) and it is 37% below the pace of last month (19).  There is a 4.4 months supply of inventory based on the current sales pace.  The days on market for the 14 homes that closed in April in Windsor was 47 days.  The median price ($655,000) of the homes closed in Windsor in April is 10% above the median price a year ago ($595,000).

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of April is 355 properties.  This is 28% below the number of lots in April 2019 (491) and it is 3% below the 366 lots last month.  There were 12 new lot sales in April.  This 78% below the pace of sales in April 2019 (54) and it is 46% below the pace of lot sales last month (22).  The buyers for lots seemed to go on hold last month.  There is a 30 months supply of inventory based on the current sales pace.  The average days on market of the 20 lots closed in April was 210 days and the median price was $210,000 – 18% below the median price a year ago ($257,000).

Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of April is 92 homes.  This is 18% ahead of the number of mobile homes available in April 2019 (78) and it is 9.5% ahead of the number of available mobile homes last month (84).  There were 15 new mobile home sales in April.  This is 53% below the pace of sales in April 2019 (32) and it is 21% below the pace of sales last month (19).  There is a 6.1 months supply of inventory based on the current sales pace. The average days on market of the 19 mobile homes closed in April was 74 days and the median price was $162,000. This median price is essentially equal to the median price of $165,000 in April 2019.

Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of April (348) is 9% below the inventory in April 2019 (384) and it is 15% above the inventory last month (302).  At the end of the month, there were 16 listings in “Coming Soon” status and another 54 “Temporarily Off Market”.  If those were added to the “Active” inventory, there would be 418 active listings. This would be consistent with the inventory levels we usually see in April.  It would also put us at 5.6 months supply of inventory.  Fifty-three percent of the inventory in Napa County (183 properties) is priced at $1,000,000 or above.

New sales (74) are 41% below the pace of last year (126) and are 5% below the 78 sales last month.  It is interesting to note that the “new sales” number for March 2020 was adjusted from 82 to 78.  This would seem to indicate that 5% of those March sales canceled prior to closing.  There is a 4.7 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 51 days.  For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending.  This may be protracted with the current circumstances. The median price of the 69 homes closed in April in Napa County ($695,000) is 3% ahead of the median price of a year ago ($675,000).  Over the past four months, Napa County homes are selling at roughly 94% of original list price.

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $2,100,000 in Napa County at this time.  The number of closings (74) of Luxury Homes (sales price in excess of $2,100,000) in Napa County for the period 5/1/19 to 4/30/20 compared to 88 closings in the period 5/1/18 to 4/30/19.  This is a decrease of 16%.  There are 88 luxury homes in inventory at the end of April 2020 compared to 104 at the end of April 2019.  There were 4 new luxury home listings added in the month of April.  There were 5 new Luxury Home sales in April compared to 2 last month.  This results in a 18 months supply of available Luxury Homes based on the current sales pace compared to 4.7 months supply for the County as a whole.  Days on market for the 2 luxury homes sales in April was 50 days.  Over the past four months, Napa County Luxury Homes are selling at roughly 90% of original list price.

American Canyon:  There are 16 available homes and condominiums in inventory at the end of April in American Canyon. This is 24% below the inventory a year ago (21) and it is 23% above the supply last month (13).  New sales (7) are 53% below the pace of last year (15) and 30% below the 10 sales last month.  There is a 2.3 months supply of inventory based on the current sales pace. The Days on Market for the ten homes that closed in American Canyon last month was 38 days. The median price of the homes that closed in American Canyon in April ($588,000) was 13% ahead of the median price of a year ago ($519,000).  The average price per square foot of the homes sold in American Canyon remains in the $250 to $310 range.  It remains a tight market in American Canyon.

Napa:  Fifty-six percent of the inventory in Napa County is in the City of Napa.  There are 196 available homes and condominiums in inventory at the end of April in the City of Napa. This is 6% below the supply at the end of April 2019 (208) and it is 20% above the inventory at the end of last month (164). New sales (50) were 44% below the pace of April 2019 (90) and they were 6% below the pace of last month (53). There is a 2.5 months supply of inventory based on the current sales pace. The Days on Market for the 49 closings last month was 43 days compared to 84 days in April 2019.  The median price of the homes that closed in the City of Napa in April was $700,000. This is slightly below the median price of the homes closed in April 2019 ($710,000).

Up Valley Napa County:  The inventory of homes and condominiums for sale in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville) at the end of April 106) is 14% below the level of 123 in April 2019 and it is 19% above the inventory last month (89). There were 10 new sales this month compared to 17 a year ago and 8 last month.  There is now a 9.4 months supply of inventory based on the current sales pace.  The Days on Market for the 7 closings last month was 92 days.  Approximately 53% of the Luxury Market inventory (price in excess of $2,100,000) in Napa County is in the Up Valley Market (47 homes).  There were two luxury home (price in excess of $2,100,000) closings in the Up Valley Market last month and there were four new luxury home sales.

Angwin: The inventory of homes and condominiums for sale at the end of April in Angwin is 10 homes. This compares to 14 homes in April 2019 and 11 homes last month.  There were two new sales in the month of April compared to none a year ago and none last month.  The average asking price of the 10 homes in inventory in Angwin is $2,542,000.

Mobile Homes in Napa County: The inventory of available mobile homes for sale in Napa County at the end of April is 33 homes.  This is 34% below the number of mobile homes available in April 2019 (50) and it is equal to the number of available homes last month (32).  There were 6 new mobile home sales in April.  This is 33% below the pace of sales in April 2019 (9) and it is equal to the pace of sales last month (6).  There is a 5.5 months supply of inventory based on the current sales pace.  The average days on market of the 4 mobile homes closed in April was 92 days and the median price was $200,000.  This is 43% above the median price of $140,000 in April 2019.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of April stands at 224.  This is 33% below the inventory in April 2019 (334) and it is essentially equal to the inventory last month (225).  At the end of the month, there were 10 listings in “Coming Soon” status and another 20 “Temporarily Off Market”.  If those were added to the “Active” inventory, there would be 254 active listings. This is still well below last year’s inventory in April (334).  New sales (30) in Mendocino County in April were 58% below the pace of April 2019 (71) and they were 30% below the pace last month (43).  There now is a 7.5 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 40 homes sold in Mendocino County in April is 130 days. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending.  This may be protracted with the current circumstances.  The median price of the homes closed in April in Mendocino County was $397,000. This is 5% below the median price in April 2019 ($419,000).

Ukiah: The inventory of homes and condominiums for sale at the end of April in Ukiah is 40 homes.  This is 42% below the level of April 2019 (69) and it is 14% ahead of the inventory last month (35).  There were 9 new sales for the month of April.  This is 67% below the number of sales in April 2019 (27) and it is 40% below the sales last month (15).  There is now 4.4 months of inventory based on the current sales pace. The Days on Market for the 11 closings last month was 76 days.  The median price of the homes sold in Ukiah in the past year has ranged from 360,000 to $480,000. The median price was $399,000 for the homes that closed in April.

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of April in Hopland and Talmage is 9 homes.  This is 36% below the level of April 2019 (14) and it is equal to the inventory last month.  There was one new sale for the month of April.  This compares to three sales in April 2019 and no new sales last month.  There is a 9 months supply of inventory based on the current sales pace. There were no homes that closed in April in Hopland/Talmage.

Redwood Valley and Calpella: The inventory of homes and condominiums for sale at the end of April in Redwood Valley and Calpella is 18 homes. This is 33% below the level of April 2019 (27) and it is slightly above the inventory last month (17).  There were four new sales for the month of April. This compares to 11 sales in April 2019 and 4 new sales last month.  There is a 4.5 months supply of inventory based on the current sales pace.  The median price of the homes sold in Redwood Valley/Calpella in the past year has ranged from $400,000 to $655,000.

Marin County: Marin County’s inventory (301 homes) is 44% below the 533 homes in April 2019 and it is 32% above the 228 homes in inventory last month.  New sales (111) were 59% below the number last April (270) and were 11% below last month (124).  This creates a 2.7 months supply.  The median price of the 101 homes sold in Marin County in April was $1,120,000. This is the 1% higher than the median price a year ago ($1,111,000).