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Wine Country Real Estate Trends in June 2020
Wine Country Real Estate Trends in June 2020
Wine Country Real Estate Markets Described as Frenzied
Sales remained very active in all Wine Country Markets in June. It’s nearly a straight line up since April for new sales. Still, for the “COVID” period – March through June – we remain slightly behind sales volume compared to last year. Prices are climbing in most markets. The months of inventory is below one month in several of our markets. The market has been described as “frenzied” by some agents with whom I have spoken. We still have no Open Houses – showings are by appointment only with strict cleaning protocols between showings.
Better Homes and Gardens Real Estate|Wine Country Group Results for June 2020
Better Homes and Gardens Real Estate|Wine Country Group enjoyed 39 closings in June 2020 compared to 33 last June and 20 last month. In June, we closed homes with a total value of $22.7 million compared to $22.3 million last year and $9.3 million last month. The average selling price of the properties sold by the Wine Country Group in June was $583,326.
BHGRE|WCG currently has 71 pending sales with a value of $54 million dollars. While the number of pending sales is equal to that in June last year, the value of our pending sales is 38% ahead of the value a year ago. We have 81 active listings with a value of $75 million dollars. Our average listing price is $926,000. This is 5% ahead of last year’s average.
Congratulations to the following agents who were our Top Producers for the 2ndQuarter of 2020:
Santa Rosa/Petaluma: Mari Giblin: Top units sold and volume
Sebastopol/Bodega Bay: Laurie Parris and Liz Uribe (tie): Top units sold. Randy Knight: Top sales volume Mary Jansen: Top new listings
Sonoma: Sheila Deignan: Top units sold/dollar volume & listings Jennifer Carollo: Top new listings (tie)
St. Helena/Napa: Catherine Carmody: Top units sold and new listings Linda Alioto: Top in dollar volume
Ukiah: Trudy Sellars-Ramos: Top units sold Eric Garbocci: Top units sold (tie); Eric Garbocci: dollar volume and new listings
Wine Country Real Estate Trends for June 2020
Sonoma County: The inventory of homes and condominiums available in Sonoma County at the end of June stands at 967. This is 22% below the inventory in June 2019 (1,245) and it is 7% below the inventory last month (1,042). There is a 1.4 months supply of inventory. This is the lowest level of inventory for Sonoma County in over two years. New sales (700) in Sonoma County in June were 47% above the pace of June 2019 (477) and they were 43% ahead of the pace last month (488). Despite strong sales in May and June, total sales over the “COVID period” March through June are down roughly 8% from the same period last year. The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 45 (Sebastopol) to 89 (Sonoma) 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. The average Days on Market for the County as a whole is 59 days. The median price of the 480 homes closed in June in Sonoma County was $675,000. This is 6% above the median price in June 2019 ($635,000). $675,000 is the highest median price for sales in any month in Sonoma County since we’ve been tracking prices. Over the past four months, Sonoma County homes are selling at roughly 96% of their original list price.
Graphic For_Sonoma County_June
Sonoma County Luxury Homes: About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,300,000). There has been a 4% decrease in the number of Luxury Homes closed (357) from 7/1/19 to 6/30/20 compared to 371 closings in the period 7/1/18 to 6/30/19. The inventory of luxury homes (236) is 30% below the inventory in June 2019 (337 homes). The pace of new sales (89) in June this year is 107% ahead of the pace of a year ago (43) and it is 39% ahead of the pace last month (64). For the period March through June, new Luxury Homes sales are 20% ahead of that for 2019. The Days on Market for Luxury Home closings was 80 days this June compared to 60 days a year ago. This compares to 59 Days on Market for all closed properties in the County in June. There is a 2.7 months supply of inventory of luxury properties based on the current sales pace compared to a 1.4 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 (43) in Cloverdale at the end of June is 10% ahead of the inventory in June 2019 (39). It is slightly below the inventory last month (44). There were 17 new sales in Cloverdale in June. This compares to 12 sales in June 2019 and 14 new sales last month. There is a 2.5 months supply of inventory based on the current sales pace. The Days on Market for the 12 homes that closed in June was 49 days.
Coastal Sonoma: There are 16 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point). This compares to 30 homes in inventory in June 2019 and 26 homes last month. There were 9 new sales in June compared to 9 a year ago and 10 last month. There is now a 1.8 months supply of inventory in Coastal Sonoma based on the current sales pace. The Days on Market for the 9 homes that closed in June was 79 days.
Healdsburg Trends: There are 92 homes and condominiums available for sale in Healdsburg at the end of the month. This is 32% below the inventory in June 2019 (135) and it is 3% above the inventory last month (89). New sales in June (33) were 57% ahead of the pace of sales in June 2019 (21) and they were 50% ahead of the sales pace last month (22). The months of available inventory is now 2.8 months based on the current sales pace. The Days on Market for the 19 homes that closed in June was 76 days.
Oakmont: There are 67 homes and condominiums available in Oakmont at the end of June. This is 16% ahead of the inventory in June 2019 (58) and it is 8% ahead of the inventory last month (62). New sales (20) were 18% ahead of the sales pace of a year ago (17) and 11% ahead of the pace of last month (18). There is a 3.4 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 $580,000 for the 15 homes that closed in June. The Days on Market for the homes that closed in June was 67 days.
Petaluma: The inventory of homes and condominiums for sale in Petaluma at the end of June (61) is 41% below the inventory in June 2019 (103) and it is 14% below the inventory last month (71). There were 79 new sales for the month. This is 30% ahead of the 61 sales in June 2019 and it is 46% ahead of the 54 new sales last month. The Petaluma market currently has 0.8 months of available inventory based on the current sales pace. This is the lowest months of inventory for any of our markets in Wine Country. The median price of the 60 homes that closed in June was $771,000. This is 4.5% ahead of the median price last June ($738,000). The Days on Market for the homes that closed in June was 54 days.
Rohnert Park: The inventory of homes and condominiums for sale in Rohnert Park at the end of June (44) is equal to the inventory in June 2019 and it is slightly ahead of the inventory last month (43). There were 54 new sales in Rohnert Park in June. This is 32% ahead of the 41 sales in June 2019 and it is 64% ahead of the sales last month (33). There is a 0.8 months supply of inventory based on the current sales pace. This ties Petaluma with the lowest supply of inventory. The median price ($575,000) of the 37 homes and condominiums that closed in June is 10% ahead of the median price a year ago ($524,000). Days on Market for the homes that closed in June was 53 days.
Russian River: The inventory of homes and condominiums for sale at the end of June in the Russian River area (Guerneville, Monte Rio and Rio Nido) (45) is 45% below the level of June 2019 (82) and it is 29% below the inventory last month (63). There were 47 new sales for the month of June. This is 57% ahead of the pace in June 2019 (30) and it is 47% ahead of the pace last month (32). There is a 1.0 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 $520,000 for the 32 homes that closed in June. The homes that closed in the Russian River in June went from listing to pending in 59 days.
Santa Rosa: Forty-one 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 June (400) is 3% below the inventory of a year ago (414) and it is 4% below the inventory last month (416). New sales in June (270) are 55% ahead of the pace of last June (174) and they are 45% ahead of the pace last month (186). There is a 1.5 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 175 homes closed in June in Santa Rosa was $600,000 compared to $575,000 a year ago – a 4% increase. The Days on Market for the homes that closed in June was 53 days.
Sebastopol Trends: The inventory of homes and condominiums for sale at the end of June in Sebastopol (46) is 44% below the level of June 2019 (83) and it is 16% below the inventory last month (55). There were 45 new sales for the month of June. This is 73% ahead of the pace in June 2019 (26) and it is 96% above the pace last month (23). There is a 1.0 months supply of inventory in Sebastopol based on the current sales pace. The 31 homes that closed in Sebastopol in June went from listing to pending in 45 days.
Sonoma Valley: The number of available homes and condominiums for sale (127) at the end of June in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 32% below the inventory last June (186) and it is 5% ahead of the inventory of last month (121). There were 65 new sales for the month. This is 41% above the 46 sales in June 2019 and it is 25% ahead of the 52 sales last month. There is a 2.0 months supply of inventory in Sonoma based on the current pace of sales. For the period March through June, new sales are just 2% below the same period of a year ago. The average Days on Market for the 52 properties that closed in the Sonoma Valley in June is 89 days. Sixty-two percent (79 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 54% of the new sales (30) in June were priced at over $1,000,000.
The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of June starts at $2,700,000. Twenty-nine homes closed in the top quartile in the past twelve months compared to 15 in the twelve months prior to that. There were 12 closings alone in the Top Quartile in June. There are 31 homes available in this quartile in June 2020 compared to 59 a year ago and 25 last month. There were 9 new sales in the top quartile in June. Based on this sales pace, the months of inventory went from 24 to 3.4 between April and June.
Graphic For_Sonoma Valley_June
Windsor: The inventory of homes and condominiums for sale in Windsor at the end of June equals 48 properties. This is 20% below the inventory in June 2019 (60) and it is 25% below the 64 homes last month. There were 52 new sales for the month. This is 68% above the pace of sales in June 2019 (31) and it is 49% above the pace of last month (35). There is a 0.9 months supply of inventory based on the current sales pace. The days on market for the 31 homes that closed in June in Windsor was 57 days. The median price ($720,000) of the homes closed in Windsor in June is 13% ahead of the median price a year ago ($635,000).
Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of June is 395 properties. This is 26% below the number of lots in June 2019 (533) and it is 8% above the 366 lots last month. There were 49 new lot sales in June. This is 20% above the pace of sales in June 2019 (41) and it is 104% ahead of the pace of lot sales last month (24). There is a 8.1 months supply of inventory based on the current sales pace. The average days on market of the 24 lots closed in June was 163 days and the median price was $267,000 – 13% below the median price a year ago ($308,000).
Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of June is 109 homes. This is 30% ahead of the number of mobile homes available in June 2019 (84) and it is 9% ahead of the number of available mobile homes last month (100). There were 35 new mobile home sales in June. This is 17% below the pace of sales in June 2019 (42) and it is equal to the pace of sales last month (35). There is a 3.1 months supply of inventory based on the current sales pace. The average days on market of the 27 mobile homes closed in June was 110 days and the median price was $157,000. This median price is essentially equal to the median price of $160,000 in June 2019.
Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of June (380) is 21% below the inventory in June 2019 (478) and it is 5% below the inventory last month (398). Fifty-seven percent of the inventory in Napa County (199 properties) is priced at $1,000,000 or above. New sales (191) are 34% ahead of the pace of last year (143) and are 63% ahead of the 117 sales last month. Despite strong sales in May and June, total sales over the “COVID period” March through June are down roughly 12% from the same period last year. There is a 2.0 months supply of inventory based on the current sales pace. The Days on Market for homes closing in Napa County is currently 69 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. The median price of the 101 homes closed in June in Napa County ($714,000) is 2% ahead of the median price of a year ago ($700,000). Over the past four months, Napa County homes are selling at roughly 91% 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 $2,700,000 in Napa County at this time. This is a large jump up from $2,000,000 last month. The number of closings (46) of Luxury Homes (sales price in excess of $2,700,000) in Napa County for the period 7/1/19 to 6/30/20 compared to 45 closings in the period 7/1/18 to 6/30/19. There are 96 luxury homes in inventory at the end of June 2020 compared to 105 at the end of June 2019. There were 9 new Luxury Home sales in June compared to11 last year and 7 last month. This results in a 10.7 months supply of available Luxury Homes based on the current sales pace compared to a 2.0 months supply for the County as a whole. Days on market for the 9 luxury homes sales in June was 103 days. Over the past four months, Napa County Luxury Homes are selling at roughly 86% of original list price.
American Canyon: There are 16 available homes and condominiums in inventory at the end of June in American Canyon. This is 24% below the inventory a year ago (21) and it is 30% below the supply last month (21). New sales (21) are 40% ahead of the pace of last year (15) and 62% ahead of the 13 sales last month. There is a 0.8 months supply of inventory based on the current sales pace. The Days on Market for the 13 homes that closed in American Canyon last month was 53 days. The median price of the homes that closed in American Canyon in June ($510,000) is 9% below the median price of a year ago ($558,000). 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-three percent of the inventory in Napa County is in the City of Napa. There are 203 available homes and condominiums in inventory at the end of June in the City of Napa. This is 19% below the supply at the end of June 2019 (249) and it is 5% below the inventory at the end of last month (213). New sales (121) were 20% ahead of the pace of June 2019 (101) and they were 61% ahead of the pace of last month (75). There is a 1.7 months supply of inventory based on the current sales pace. The Days on Market for the 64 closings last month was 56 days. The median price of the homes that closed in the City of Napa in June was $745,000. This is 2% below the median price of the homes closed in June 2019 ($757,000).
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 June (138) is 17% below the level of 167 in June 2019 and it is 5% above the inventory last month (132). There were 38 new sales this month compared to 26 a year ago and 18 last month. There is now a 3.6 months supply of inventory based on the current sales pace. The Days on Market for the 16 closings last month was 125 days. Approximately 63% of the Luxury Market inventory (price in excess of $2,700,000) in Napa County is in the Up Valley Market (60 homes). There was one luxury home (price in excess of $2,700,000) closing in the Up Valley Market last month and there were 3 new luxury home sales.
Angwin: The inventory of homes and condominiums for sale at the end of June in Angwin is 11 homes. This compares to 18 homes in June 2019 and 12 homes last month. There were four new sales in the month of June compared to two a year ago and two last month. The average asking price of the 11 homes in inventory in Angwin is $2,850,000.
Mobile Homes in Napa County: The inventory of available mobile homes for sale in Napa County at the end of June is 38 homes. This is 30% below the number of mobile homes available in June 2019 (54) and it is slightly below the number of available homes last month (39). There were 17 new mobile home sales in June. This is 6% above the pace of sales in June 2019 (16) and it is 70% ahead of the pace of sales last month (10). There is a 2.2 months supply of inventory based on the current sales pace. The average days on market of the 7 mobile homes closed in June was 83 days and the median price was $185,000. This is 29% ahead of the median price of $143,000 in June 2019.
Mendocino County: The inventory of homes and condominiums available in Mendocino County at the end of June stands at 204. This is 46% below the inventory in June 2019 (377) and it is 14% below the inventory last month (236). New sales (110) in Mendocino County in June were about 75% ahead of the pace of June 2019 (63) and they were 100% ahead of the pace last month (55). There now is a 1.9 months supply of inventory in Mendocino County based on the existing sales pace. The average Days on Market for the 52 homes sold in Mendocino County in June is 90 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. The median price of the homes closed in June in Mendocino County was $423,000. This is 6% ahead of the median price in June 2019 ($400,000).
Ukiah: The inventory of homes and condominiums for sale at the end of June in Ukiah is 33 homes. This is 59% below the level of June 2019 (81) and it is 27% below the inventory last month (45). There were 36 new sales for the month of June. This is 38% ahead of the number of sales in June 2019 (26) and it is 71% ahead of the sales last month (21). There is now 0.9 months of inventory based on the current sales pace. The Days on Market for the 18 closings last month was 50 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 $392,000 for the homes that closed in June.
Hopland and Talmage: The inventory of homes and condominiums for sale at the end of June in Hopland and Talmage is 10 homes. This is 23% below the level of June 2019 (13) and it is also 23% below the inventory last month (13). There were four new sales for the month of June. This compares to one sale in June 2019 and two new sales last month. There is a 2.5 months supply of inventory based on the current sales pace. Four homes closed in June in Hopland/Talmage with a Days on Market period of 45 days.
Redwood Valley and Calpella: The inventory of homes and condominiums for sale at the end of June in Redwood Valley and Calpella is 17 homes. This is 15% below the level of June 2019 (20) and it is 13% ahead of the inventory last month (15). There were 7 new sales for the month of June. This compares to 8 sales in June 2019 and 6 new sales last month. There is a 2.4 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 (456 homes) is 22% below the 587 homes in June 2019 and it is slightly below the 459 homes in inventory last month. New sales (356) were 24% ahead of the number last June (287) and were 30% ahead of last month (274). This creates a 1.3 months supply. Despite strong sales in May and June, total sales over the “COVID period” March through June are down roughly 21% from the same period last year. The median price of the 264 homes sold in Marin County in June was $1,321,000. This is 8% ahead of the median price a year ago ($1,220,000).