Wine Country Real Estate Trends in July 2020

Wine Country Real Estate Markets Continue to be “Hot”

Real estate sales remained very active in all Wine Country Markets in July.  Sales are up, prices are up and inventory is down in Sonoma, Napa and Mendocino Counties for the month.  Sales did level off a little from the prior several months and it will be interesting to see the results for August.  Going into the month of August, we are below two months of available inventory in nearly every market.  For the “COVID” period – March through July – we have caught up with 2019 sales volume and moved slightly ahead.  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 July 2020

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 59 closings in July 2020 compared to 60 last July and 39 last month.  In July, we closed homes with a total value of $46.3 million compared to $31.2 million last year and $22.7 million last month.  The average selling price of the properties sold by the Wine Country Group in July was $784,530.

BHGRE|WCG currently has 100 pending sales with a value of $71 million dollars. We are 69% ahead of our volume last year.  We have 78 active listings with a value of $72 million dollars.  Our average listing price is $923,000.  This is 3% ahead of last year’s average.

Congratulations to the following agents who had closings in the month of July:

Catherine Carmody (6);  Sheila Deignan (6);  The Oscar-Koppelman Team (3);  Mary Jansen (3);  Eric Garbocci (3);  Nicole Moktan (3);  Martha Saly (3);  Freddie Diaz (2);  Gina Fisicaro (2);  Mike Caselli (2);  Rianne Pasquariello (2);  Mireya Nelson (2);  Mari Johnson (2);  Liz Manfree (2);  Linda Alioto (2);   Trudy Ramos (2);  Laurie Parris (2);  Deborah Melancon (2);  Mara Kahn;  Randy Knight;  Barbara Cronick;  Brian Shea;  Jennifer Carollo;  Norm Brown;  Tish Thames and Pippa Whelan;  Dan Gallagher;  Kendra Martin;  Patty Marken; Liz Uribe and Robert Ross.

Wine Country Real Estate Trends for July 2020

 Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of July stands at 856.  This is 33% below the inventory in July 2019 (1,279) and it is 11.5% below the inventory last month (967).  There is a 1.2 months supply of inventory.  This is the lowest level of inventory for Sonoma County in over two years and the lowest inventory for the month of July that we have ever experienced.  New sales (856) in Sonoma County in July were 52% above the pace of July 2019 (470) and they were 7% ahead of the pace last month (669).  This is the highest level of new sales in Sonoma County in any month since May of 2005.  Because of strong sales in past few months, total sales over the “COVID period” March through July are 3% ahead of 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 64 days.  The median price of the 632 homes closed in July in Sonoma County was $690,000.  This is 9.5% above the median price in July 2019 ($630,000). $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.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,400,000).  Because of accelerated activity in the past three months, there has been a 5% increase in the number of Luxury Homes closed (324) from 8/1/19 to 7/31/20 compared to 308 closings in the period 8/1/18 to 7/31/19. The inventory of luxury homes (220) is 27% below the inventory in July 2019 (300 homes). The pace of new sales (83) in July this year is 144% ahead of the pace of a year ago (34) and it is 17% ahead of the pace last month (71).  The Days on Market for Luxury Home closings was 84 days this July compared to 83 days a year ago. This compares to 64 Days on Market for all closed properties in the County in July.  There is a 2.7 months supply of inventory of luxury properties based on the current sales pace compared to a 1.2 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 (39) in Cloverdale at the end of July is 5% below the inventory in July 2019 (41).  It is 9% below the inventory last month (43). There were 15 new sales in Cloverdale in July.  This compares to 16 sales in July 2019 and 16 new sales last month.  There is a 2.6 months supply of inventory based on the current sales pace.  The Days on Market for the 16 homes that closed in July was 69 days.

Coastal Sonoma:  There are 11 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 32 homes in inventory in July 2019 and 16 homes last month. There were 11 new sales in July compared to 3 a year ago and 9 last month.  There is now a 0.9 months supply of inventory in Coastal Sonoma based on the current sales pace.  This is very low for this market.  The Days on Market for the 10 homes that closed in July was 163 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 July 2019 (136) and it is equal to the inventory last month.  New sales in July (35) were 94% ahead of the pace of sales in July 2019 (18) and they were 6% ahead of the sales pace last month (33).  The months of available inventory is now 2.6 months based on the current sales pace.  The Days on Market for the 31 homes that closed in July was 103 days.

Oakmont: There are 57 homes and condominiums available in Oakmont at the end of July.  This is 12% ahead of the inventory in July 2019 (51) and it is 15% below the inventory last month (67).  New sales (29) were 53% ahead of the sales pace of a year ago (19) and 45% ahead of the pace of last month (20).  There is a 2.0 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 $550,000 for the 19 homes that closed in July.  The Days on Market for the homes that closed in July was 63 days.

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of July (58) is 46% below the inventory in July 2019 (112) and it is 5% below the inventory last month (61).  There were 55 new sales for the month.  This is 30% equal to the sales in July 2019 and it is 28% below the 76 new sales last month.  The Petaluma market currently has one months of available inventory based on the current sales pace. The median price of the 63 homes that closed in July was $749,000. This is 2% ahead of the median price last July ($732,000).  The Days on Market for the homes that closed in July was 43 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of July (30) is 55% below the inventory in July 2019 (66) and it is 32% below the inventory last month (44).  There were 50 new sales in Rohnert Park in July.  This is 14% ahead of the 44 sales in July 2019 and it is 6% below the sales last month (53).  There is a 0.6 months supply of inventory based on the current sales pace.  This is the lowest supply of inventory in any of our markets.  The median price ($573,000) of the 42 homes and condominiums that closed in July is 2% ahead of the median price a year ago ($563,000).  Days on Market for the homes that closed in July was 47 days.

Russian River:  The inventory of homes and condominiums for sale at the end of July in the Russian River area (Guerneville, Monte Rio and Rio Nido) (36) is 60% below the level of July 2019 (91) and it is 20% below the inventory last month (45).  There were 45 new sales for the month of July. This is 45% ahead of the pace in July 2019 (31) and it is 5% ahead of the pace last month (43).  There is a 0.8 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 $546,000 for the 37 homes that closed in July.  The homes that closed in the Russian River in July went from listing to pending in 69 days.

Santa Rosa:  Forty-three 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 July (369) is 10% below the inventory of a year ago (409) and it is 8% below the inventory last month (400). New sales in July (283) are 47% ahead of the pace of last July (192) and they are 8% ahead of the pace last month (261).  There is a 1.3 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 251 homes closed in July in Santa Rosa was $635,000 compared to $585,000 a year ago – a 8.5% increase.  The Days on Market for the homes that closed in July was 66 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of July in Sebastopol (38) is 54% below the level of July 2019 (83) and it is 17% below the inventory last month (46).  There were 42 new sales for the month of July. This is 62% ahead of the pace in July 2019 (26) and it is slightly below the pace last month (43).  There is a 0.9 months supply of inventory in Sebastopol based on the current sales pace. The 41 homes that closed in Sebastopol in July went from listing to pending in 54 days.

Sonoma Valley: The number of available homes and condominiums for sale (113) at the end of July in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 35% below the inventory last July (174) and it is 11% below the inventory of last month (127).   There were 88 new sales for the month. This is 110% above the 42 sales in July 2019 and it is 47% ahead of the 60 sales last month. There is a 1.3 months supply of inventory in Sonoma based on the current pace of sales.  For the period March through July (the COVID period), new sales are 17% ahead of the same period of a year ago.  The average Days on Market for the 73 properties that closed in the Sonoma Valley in July is 62 days.  Sixty-three percent (71 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 48% of the new sales (42) in July were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of July starts at $2,800,000.  Thirty-six homes closed in the top quartile in the past twelve months compared to 12 in the twelve months prior to that.  There are 28 homes available in this quartile in July 2020 compared to 47 a year ago and 29 last month. There were 10 new sales in the top quartile in July.  Based on this sales pace, the months of inventory went from 24 to 2.8 between April and July.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of July equals 38 properties.  This is 37% below the inventory in July 2019 (62) and it is 21% below the 48 homes last month.  There were 50 new sales for the month.  This is 138% above the pace of sales in July 2019 (21) and it is equal to the pace of last month.  There is a 0.8 months supply of inventory based on the current sales pace.  The days on market for the 42 homes that closed in July in Windsor was 58 days.  The median price ($681,000) of the homes closed in Windsor in July is 1% ahead of the median price a year ago ($675,000).

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of July is 387 properties.  This is 27% below the number of lots in July 2019 (530) and it is 2% below the 395 lots last month.  There were 72 new lot sales in July.  This is 112% above the pace of sales in July 2019 (34) and it is 50% ahead of the pace of lot sales last month (48).  There is a 5.4 months supply of inventory based on the current sales pace. The average days on market of the 39 lots closed in July was 325 days and the median price was $325,000 – 48% ahead of the median price a year ago ($219,000).

Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of July is 105 homes.  This is 17% ahead of the number of mobile homes available in July 2019 (90) and it is 4% below the number of available mobile homes last month (109).  There were 41 new mobile home sales in July.  This is 13% above the pace of sales in July 2019 (36) and it is 32% ahead of the pace of sales last month (31).  There is a 2.6 months supply of inventory based on the current sales pace. The average days on market of the 35 mobile homes closed in July was 75 days and the median price was $165,000. This median price is 14% ahead of the median price of $145,000 in July 2019.

Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of July (351) is 27% below the inventory in July 2019 (483) and it is 7.6% below the inventory last month (380).  Sixty-two percent of the inventory in Napa County (216 properties) is priced at $1,000,000 or above.   New sales (189) are 69% ahead of the pace of last year (112) and are 3% ahead of the 183 sales last month.  There is a 1.9 months supply of inventory based on the current sales pace compared to a 4.3 months supply last year.  The Days on Market for homes closing in Napa County is currently 77 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 174 homes closed in July in Napa County ($760,000) is 13% ahead of the median price of a year ago ($674,000).  Over the past four months, Napa County homes are selling at roughly 92% 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 $3,000,000 in Napa County at this time.  This is a up from the $2,700,000 last month and $2,000,000 in May.  The number of closings (46) of Luxury Homes (sales price in excess of $3,000,000) in Napa County for the period 8/1/19 to 7/31/20 compared to 38 closings in the period 8/1/18 to 7/31/19.  There are 83 luxury homes in inventory at the end of July 2020 compared to 85 at the end of July 2019. There were 15 new Luxury Home sales in July compared to 2 last year and 6 last month.  This results in a 5.5 months supply of available Luxury Homes based on the current sales pace compared to a 1.9 months supply for the County as a whole. Days on market for the 7 luxury homes sales in July was 91 days.  Over the past four months, Napa County Luxury Homes are selling at roughly 85% of original list price.

American Canyon:  There are just 8 available homes and condominiums in inventory at the end of July in American Canyon. This is 64% below the inventory a year ago (22) and it is 50% below the supply last month (16).  New sales (23) are 35% ahead of the pace of last year (17) and 15% ahead of the 20 sales last month.  There is a 0.3 months supply of inventory based on the current sales pace. The Days on Market for the 17 homes that closed in American Canyon last month was 37 days. The median price of the homes that closed in American Canyon in July ($635,000) is 15% above the median price of a year ago ($553,000).  The average price per square foot of the homes sold in American Canyon remains in the $250 to $310 range.  It remains a very tight market in American Canyon.

Napa:  Fifty-three percent of the inventory in Napa County is in the City of Napa.  There are 186 available homes and condominiums in inventory at the end of July in the City of Napa. This is 28% below the supply at the end of July 2019 (258) and it is 8% below the inventory at the end of last month (203).  New sales (123) were 62% ahead of the pace of July 2019 (76) and they were 3% ahead of the pace of last month (119). There is a 1.5 months supply of inventory based on the current sales pace. The Days on Market for the 114 closings last month was 66 days.  The median price of the homes that closed in the City of Napa in July was $725,000. This is 8% above the median price of the homes closed in July 2019 ($669,000).

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 July (139) is 14% below the level of 161 in July 2019 and it is slightly above the inventory last month (138). There were 36 new sales this month compared to 15 a year ago and 35 last month.  There is now a 3.9 months supply of inventory based on the current sales pace.  The Days on Market for the 36 closings last month was 122 days.  Approximately 61% of the Luxury Market inventory (price in excess of $3,000,000) in Napa County is in the Up Valley Market (51 homes).  There were five luxury home (price in excess of $3,000,000) closing in the Up Valley Market last month and there were 8 new luxury home sales.

Angwin: The inventory of homes and condominiums for sale at the end of July in Angwin is 11 homes. This compares to 14 homes in July 2019 and 11 homes last month.  There were four new sales in the month of July compared to two a year ago and two last month.  The average asking price of the 11 homes in inventory in Angwin is $2,477,000.

Mobile Homes in Napa County: The inventory of available mobile homes for sale in Napa County at the end of July is 38 homes.  This is 30% below the number of mobile homes available in July 2019 (54) and it is slightly below the number of available homes last month (39).  There were 17 new mobile home sales in July.  This is 6% above the pace of sales in July 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 July was 83 days and the median price was $185,000. This is 29% ahead of the median price of $143,000 in July 2019.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of July stands at 170.  This is 53% below the inventory in July 2019 (361) and it is 17% below the inventory last month (204).  New sales (105) in Mendocino County in July were about 64% ahead of the pace of July 2019 (64) and they were slightly ahead of the pace last month (103).  There now is a 1.6 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 73 homes sold in Mendocino County in July 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 July in Mendocino County was $476,000. This is 21% ahead of the median price in July 2019 ($395,000).

Ukiah: The inventory of homes and condominiums for sale at the end of July in Ukiah is 34 homes.  This is 51% below the level of July 2019 (70) and it is about equal to the inventory last month (35).  There were 28 new sales for the month of July.  This is equal to the number of sales in July 2019 and it is 20% below the sales last month (36).  There is now 1.2 months of inventory based on the current sales pace. The Days on Market for the 24 closings last month was 64 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 $439,000 for the homes that closed in July.

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of July in Hopland and Talmage is 13 homes.  This is equal to the level of July 2019 (13) and it is 30% ahead of the inventory last month (10).  There were two new sales for the month of July.  This compares to two sales in July 2019 and four new sales last month.  There is a 6.5 months supply of inventory based on the current sales pace. Two homes closed in July in Hopland/Talmage with a Days on Market period of 63 days.

Redwood Valley and Calpella: The inventory of homes and condominiums for sale at the end of July in Redwood Valley and Calpella is 14 homes. This is 22% below the level of July 2019 (18) and it is 18 % below the inventory last month (17).  There were 10 new sales for the month of July.  This compares to 8 sales in July 2019 and 7 new sales last month.  There is a 1.4 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.  In July of this year they reached $675,000.

Marin County: Marin County’s inventory (372 homes) is 27% below the 511 homes in July 2019 and it is 18% below the 456 homes in inventory last month.  New sales (372) were 61% ahead of the number last July (231) and were 8.5% ahead of last month (343).  This creates a 1.0 months supply.  The median price of the 355 homes sold in Marin County in July was $1,350,000. This is 20% ahead of the median price a year ago ($1,125,000).