Wine Country and Northbay Real Estate Trends 

Better Homes and Gardens Real Estate|Wine Country Group Results for June 2022

Better Homes and Gardens Real Estate|Wine Country Group and Better Homes and Gardens Real Estate|Ming Tree enjoyed 82 closings in June 2022 compared to 51 last June and 77 last month.  In June, we closed homes with a total value of $35 million compared to $38 million last year and $39 million last month.  The average selling price of the properties sold by BHGRE|WCG in June was $427,000. 

BHGRE|WCG currently has 114 pending sales with a value of $40 million dollars.  We are 43% ahead of our pending unit volume last year.  We have 172 active listings with a value of $108 million dollars.  We are 320% ahead of last year in our listing unit volume.  Our average listing price is $628,000.

Congratulations to the following BHGRE|Wine Country Group agents who had one or more closings in June:

Cheryl Marinaro; Sarah Duschka; David Hughes; Team Ramos; Jessica Spencer; Ray Hellgren; Paige Hotchkiss; Misty Platt; Isaac Raboy; Parmeeta Ghoman; Carina De Herrera; Maria Flores; Jerry Moulton; Darla McKenzie; Theresa Kessenich; David Lucido; Robert Davis; Jana Adams; Mari Giblin; Barbara Cimino; Michael Crain; Sheila Deignan; Patty Marken; Dan Gallagher; Jessica Hooten; Laurie Parris; Randy Coffman; Mari Johnson; Mara Kahn; Zebi Bojarski; Melanie Zuniga; Freddie Diaz; Rob Ross; Heather Thurber; Kendra Martin; Norm Brown; Nicole Moktan; Leo Merle; Liz Manfree; Ana Moreno; Summer Dahlquist; Taran Pitzer; Natalie Hill; Larry Salmon and Jessica Valencia

North Bay Real Estate Trends for June 2022

For all of the areas covered by our Multiple Listing Service (BAREIS), which includes Marin, Mendocino, Napa, Solano and Sonoma Counties, there is an inventory of 2,429 homes and condominiums for sale at the end of June.  Inventory is 30% above that of a year ago (,871) and it is 19% above the inventory last month (2,045).  This continues the trend over the past two months where inventory in a current month has exceeded inventory one year prior.  It is also consistent with national data where listings are 31% ahead of a year ago.  Despite the pick-up in June, inventory remains very low on a historical basis.  At times, the inventory has exceeded 10,000 homes in the BAREIS region.  There were 1,310 sales for the month of June.  This number is 30% below a year ago (1,872) and 12% below the pace of last month (1,486). 

I have been following a data point I call the “Price Reduction Ratio” (PRR) for the past year, or so.  Across the country, on average, one might expect that 30 to 35% of the homes put into the MLS will have a price reduction before they eventually sell.  Currently, for the entire country, the ratio is currently 30% and heading up at a rapid rate.  It is an increase from 25% last month.  In our region, the ratio is lower.  For June 2022, of all closed homes in our Wine Country markets, the ratio was from 16% for Sonoma County, 22% for Mendocino County and 23% for Napa County.  Conversely, the ratio of homes selling in excess of Original List Price was 26% in Mendocino County, 45% in Napa County and 61% in Sonoma County.  Though our ratios are lower, the trend is consistent as we are seeing an increase in homes selling with price reductions.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of June stands at 653 homes.  This is 13% below the inventory in June 2021 (753) and it is 16% above the inventory last month (564).  New sales (455) in Sonoma County in June were 32% below the pace of June 2021 (667) and they were 12% below the pace last month (519).  There is a 1.4 months supply of inventory based on the current sales pace.  The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 21 (Petaluma) to 40 (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 31 days.  The median price of the 449 homes closed in June in Sonoma County was $820,000. This is 6% above the median price in June 2021 ($775,000).  Over the past four months, Sonoma County homes are selling at 104% of their original list price.  In June, 61% of the homes in Sonoma County sold at a price in excess of the original list price and 16% of the homes had a reduction in price before they sold.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1.900,000) This price is down from $2,300,000 last month.  There has been a 13% increase in the number of Luxury Homes closed (384) from 7/1/21 to 6/30/22 compared to 350 closings in the period 7/1/20 to 6/30/21.  The inventory of luxury homes (171) is 8% below the inventory in June 2021 (185 homes) and it is 3% above the inventory last month (166).  The pace of new sales (30) in June this year is 9% below the pace of a year ago (33) and it is 21% below the pace last month (38).  There seems to be a slowing of activity in this high quartile sector.  The Days on Market for 37 Luxury Home closings was 39 days this June compared to 57 days a year ago. This compares to 31 Days on Market for all closed properties in the County in June.  There is a 5.7 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 103% of original list price.

Cloverdale:  There are 29 homes and condominiums available in Cloverdale.  This compares to 38 homes in inventory in June 2021 and 26 homes last month.  There were 10 new sales in June compared to 12 a year ago and 12 last month.  There is now a 2.9 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 11 homes that closed in June is 40 days.  

Coastal Sonoma:  There are 6 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 8 homes in inventory in June 2021 and 5 homes last month.  There were 3 new sales in June compared to 5 a year ago and 8 last month.  There is now a just a 2 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 5 homes that closed in June is 36 days. 

Healdsburg Trends:  There are 67 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 16% below the inventory in June 2021 (80) and it is 4% below the inventory last month (70).  New sales in June (22) were 41% below the pace of sales in June 2021 (37) and they were 4% below the sales pace last month (23).  The months of available inventory is 3 months at the end of June based on the current sales pace.  The Days on Market for the 20 homes that closed in June is 38 days.  

Oakmont:  There are 20 homes and condominiums available in Oakmont at the end of June.  This is 62% below the inventory in June 2021 (52) and it is equal to the inventory of last month (20).  New sales (18) were 44% below the sales pace of a year ago (32) and 22% below the pace of last month (23).  There is a 1.1 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 $810,000.  The median price was $665,000 for the 25 homes that closed in June.  The Days on Market for the homes that closed in June is 24 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of June (65) is 30% above the inventory in June 2021 (50) and it is 33% above the inventory last month (49).  There were 62 new sales for the month.  This is 8% below the sales in June 2021 (67) and it is equal to the sales pace last month (62).  The Petaluma market currently has one months supply of available inventory based on the current sales pace. The median price of the 56 homes that closed in June was $947,000.  This is 6% above the median price last June ($895,000). The Days on Market for the homes that closed in June is 21 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of June (26) is 21% below the inventory in June 2021 (33) and it is slightly ahead of the inventory last month (25).  There were 37 new sales in Rohnert Park in June.  This sales pace is 26% below the 50 sales in June 2021 and it is 21% below the sales last month (47).  This is the twenty-fifth month in a row where sales were in excess of the inventory at the beginning of the month in Rohnert Park.  In June, the month started with 25 available properties and there were 37 sales in the month.  There is a 0.7 months supply of inventory based on the current sales pace.  This remains a very tight market.  The median price ($733,000) of the 32 homes and condominiums that closed in June is 32% above the median price in June a year ago ($555,000).  Days on Market for the homes that closed in June is 22 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) (44) is 4% below the level of June 2021 (46) and it is 15% above the inventory last month (38).  There were 30 new sales for the month of June.  This is 40% below the pace in June 2021 (50) and it is 6% below the pace last month (32).  There is a 1.5 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 $783,000 over the past year.  The median was $725,000 for the 29 homes that closed in June.  The homes that closed in the Russian River in April went from listing to pending in 38 days.

Santa Rosa:  Thirty-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 June (218) is 24% below the inventory of a year ago (286) and it is 28% above the inventory last month (171).  New sales in June (184) are 36% below the pace of last June (288) and they are 11% below the pace last month (206).  There is a 1.2 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 181 homes closed in June in Santa Rosa was $750,000 compared to $710,000 a year ago.  This is a 6% increase.  The Days on Market for the homes that closed in June is 29 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of June in Sebastopol is 42 homes.  This is 17% above the inventory last June and 12% below the inventory last month.  There were 29 new sales for the month of June.  This is 17% below the pace in June 2021 (35) and it is 12% below the pace last month (33).  There is a 1.4 months supply of inventory in Sebastopol based on the current sales pace.  The 30 homes that closed in Sebastopol in June went from listing to pending in 39 days.

Sonoma Valley:  The number of available homes and condominiums for sale (91) at the end of June in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 24% below the inventory last June (119) and it is 6% above the inventory of last month (84).  Seventy-seven percent of the available properties in the Sonoma Valley (70) are priced at $1,000,000, or more. There were 43 new sales for the month. This is 26% below the 58 sales in June 2021 and it is 14% below the 50 sales last month.  There is a 2.1 months supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 48 properties that closed in the Sonoma Valley in June is 44 days.  The closings in the month had a selling price equal to 97% of the original listing price.  In June, 37% of the homes in the Sonoma Valley sold at a price in excess of the original list price and 31% of the homes had a reduction in price before they sold.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of June starts at $4,750,000 (up from $4,500,000 last month).  Ten homes closed in the top quartile in the past twelve months compared to 19 in the twelve months prior to that.  In June, there was one new sale in this quartile.  There are 23 homes available in this quartile in June 2022 compared to 18 a year ago and 18 last month. Based on the current sales pace, the months of inventory is 23 months.  

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of June is 45 properties.  This is 32% above the inventory in June 2021 (34) and it is 55% above the 29 homes in inventory last month.  There were 27 sales in the month.  This is 31% below the pace of sales in April 2021 (39) and it is 23% below the pace of last month (35).  There is a 1.7 months supply of inventory based on the current sales pace.  The days on market for the 29 homes that closed in April 2021 in Windsor is 24 days.  The median price ($800,000) of the homes closed in Windsor in April is 3% above the median price a year ago ($775,000).

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of June is 39 homes.  This is 36% below the number of mobile homes available in June 2021 (61) and it is 22% above the number of available mobile homes last month (32).  There were 35 new mobile home sales in June.  This is 10% below the pace of sales in June 2021 (39) and it is 35% above the pace of sales last month (26).  There is a 1.1 months supply of inventory based on the current sales pace.  The average days on market of the 32 mobile homes closed in June is 52 days and the median price was $180,000.  This median price is 6% ahead of the median price of $170,000 in June 2021.

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of June is 289 properties. The current inventory is 10% below the number of lots in June 2021 (321) and it is 9% above the number of available lots last month (265). There were 25 new lot sales in June.  This is 34% below the pace of sales in June 2021 (38) and it is 17% below the pace of lot sales last month (30).  There is a 11.6 months supply of inventory based on the current sales pace.  The average days on market of the 28 lots closed in June is 169 days and the median price is $478,000.   

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of June (232) is 9% below the inventory in June 2021 (255) and it is 12% above the inventory last month (208).  Sixty-nine percent of the inventory in Napa County (159 properties) is priced at $1,000,000 or above.   New sales (106) are 31% below the pace of last year (154) and are 19% below the 131 sales last month.  There is a 2.2 months supply of inventory based on the current sales pace.  The Days on Market for the homes closing in Napa County is currently 50 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 the114 homes closed in June in Napa County ($920,000) is 8% above the median price of a year ago ($850,000).  Over the past four months, Napa County homes are selling at roughly 97% of original list price.  In June, 45% of the homes in Napa County sold at a price in excess of the original list price and 23% of the homes had a reduction in price before they sold.

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $4,000,000 in Napa County at this time.  This is down from $4,750,000 last month.  There has been a decrease of 22% for the number of closings (50) of Luxury Homes (sales price in excess of $4,000,000) in Napa County for the period 7/1/21 to 6/30/22 compared to 64 closings in the period 7/1/20 to 6/30//21.  This continues last month’s trend where we see a decrease in this number.  There are 58 luxury homes in inventory at the end of June 2022 compared to 61 homes in inventory at the end of June 2021 and 57 last month. There were 10 new Luxury Home sales in June compared to 2 last year and 6 last month.  Over the past four months, Napa County Luxury Homes are selling at roughly 89% of original list price.

American Canyon:  There are 15 available homes and condominiums in inventory at the end of June in American Canyon. Last year at this time there were 7 homes in inventory and there were 6 homes in inventory last month.  There were 11 new sales in the month.  This compares to 9 new homes sales last June and 10 new sales last month.  There is a 1.4 months supply of inventory based on the current sales pace.  The Days on Market for 10 homes that closed in American Canyon last month was 29 days. The median price of the homes that closed in American Canyon in June ($733,000) is 1% ahead of the median price of a year ago ($725,000).  The average price per square foot of the homes sold in American Canyon was at $385 last month.  This is in line with the $300 to $400 per square foot range where the sales have been over the past several years.

Napa:  Fifty percent of the inventory in Napa County is in the City of Napa.  There are 117 available homes and condominiums in inventory at the end of June in the City of Napa. This is 6% below the supply at the end of June 2021 (124) and it is 19% above the inventory at the end of last month (98).  New sales (69) were 44% below the pace of June 2021 (124) and they were 23% below the pace of last month (89). There is a 1.7 months supply of inventory based on the current sales pace. The Days on Market for the 80 closings last month is 32 days.  The median price of the homes that closed in the City of Napa in June was $884,000. This is 6% above the median price of the homes closed in June 2021 ($833,000).

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 (87) is 21% below the level of 110 in June 2021 and it is 2% below the inventory last month (89).  There were 21 new sales this month compared to 16 a year ago and 25 last month.  There is now a 3.8 months supply of inventory based on the current sales pace. The Days on Market for the 19 closings last month is 131 days.  Fifty-five percent of the Luxury Market inventory (price in excess of $4,000,000) in Napa County is in the Up Valley Market (32 homes). There were five luxury home (price in excess of $4,000,000) 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 in the Angwin at the end of June (10) is 44% below the level of 18 in June 2021 and it is equal to the inventory last month.  There was one new sale this month compared to 5 a year ago and 2 last month.  There is now a 10 months supply of inventory based on the current sales pace. The median asking price for the ten homes on the market in Angwin is $2,841,000.

Mobile Homes in Napa County:  The inventory of available mobile homes for sale in Napa County at the end of June is just 11 homes.  This is 59% below the number of mobile homes available in June 2021 (27) and it is 83% above the 6 available homes last month.  There were 10 new mobile home sales in June.  This compares to 7 home sales last June and 14 sales last month.  There is a 1.1 months supply of inventory based on the current sales pace making this a very tight market. The average days on market of the 8 mobile homes closed in June is 24 days and the median price was $255,000.  This compares to a median price of $155,000 in June 2021 and $223,000 last month.  The median price of sold mobile homes in Napa varies quite a bit from month to month.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of June stands at 288.  This is 99% above the inventory in June 2021 (145) and it is equal to the inventory last month (288).  New sales (51) in Mendocino County in June were 31% below the pace of June 2021 (74) and they were 19% below the pace last month (63).  There now is a 5.6 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 74 homes sold in Mendocino County in June is 71 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 $550,000. This is 3.5% below the median price in June 2021 ($570,000).  In June, 26% of the homes in Mendocino County sold at a price in excess of the original list price and 22% of the homes had a reduction in price before they sold.

Ukiah:  The inventory of homes and condominiums for sale at the end of June in Ukiah is 65 homes.  This is 150% above the level of June 2021 (26) and it is 14% above the inventory last month (57).  There were 15 new sales for the month of June.  This is 38% below the number of sales in June 2021 (24) and it is also 38% below the sales last month (24).  There is 4.3 months of inventory based on the current sales pace. The Days on Market for the 25 closings last month is 63 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $580,000. The median price was $626,000 for the homes that closed in June.  This is the highest median price that we’ve ever recorded in Ukiah for a single month.

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of June in Hopland and Talmage is 13 homes.  This compares to 3 homes in inventory at the end of June 2021 and 13 homes in inventory last month.  There was one new sale for the month of June.  This compares to 4 sales in June 2021 and 2 new sales last month.  The Days on Market for the 4 closings last month is 61 days.  

Redwood Valley and Calpella:  The inventory of homes and condominiums for sale at the end of June in Redwood Valley and Calpella is 33 homes.  This is the highest that we’ve ever seen in this area and compares to 14 homes in June 2021 and 31 homes last month.  There were 5 new sales for the month of June.  This compares to 7 sales in June 2021 and 7 new sales last month.  There is a 6.6 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 $725,000.  There were 10 closings in Redwood Valley/Calpella in June at a median price of $615,000 and the homes sold in 53 days. 

Lake County:  The inventory of homes and condominiums available in Lake County at the end of June stands at 522.  Approximately 25% of the inventory (130 homes) is in the communities of Clearlake.  The countywide inventory is 65% above the inventory in June 2021 (317) and it is 24% above the inventory last month (421). Closed sales (102) in Lake County in June were 25% below the pace of June 2021 (136) and they were 11% below the pace last month (115).  There now is a 5.8 months supply of inventory in Lake County based on the existing sales pace.  The median Days on Market for the homes sold in Lake County in June is 28 days.  Usually “Days on Market” are traced from listing date to pending date, so the closing date would be somewhat longer.  The median price of the homes closed in June in Lake County was $349,500. This is essentially equal to the median price in June 2021 ($350,000) and 3% above the median price last month ($339,000).  The homes sold in Lake County last month sold at 97% of original list price.

Marin County:  Marin County is often considered a “feeder” county to our North Bay Wine Country markets.  Marin County’s inventory (352 homes) is 22% above the 289 homes in June 2021 and it is 33% above the 264 homes in inventory last month.  New sales (252) were 26% below the number last June (342) and were 12% below the pace of last month (284).  This creates a 1.4 months supply.  The median price of the 259 homes sold in Marin County in June is $1,720,000.  This is 11% above the median price a year ago ($1,550,000).