Wine Country and Northbay Real Estate Trends 

First– all of us here at Better Homes and Gardens Real Estate Wine Country Group and Better Homes and Gardens Ming Tree want to welcome Bennett Allen born on April 29 to our wonderful Marketing Director Hailey Allen and her husband. Congratulations!

Better Homes and Gardens Real Estate|Wine Country Group Results for April 2024

Better Homes and Gardens Real Estate|Wine Country Group and Better Homes and Gardens Real Estate|Ming Tree enjoyed 56 closings in April 2024 compared to 62 last April and 50 last month.  This April we closed homes with a total value of $28 million compared to $25 million last year and $21 million last month.  The average selling price of the properties sold by BHGRE|WCG-MT in April was $416,000. 

BHGRE|WCG-MT currently has 65 pending sales with a value of $26 million dollars.  This is slightly below our pending dollar volume at this time last year.  We have 132 active listings with a value of $60 million dollars.  We are 58% ahead of our volume of last year.  Our average listing price is $455,000.

Congratulations to the following BHGRE|Wine Country Group-Ming Tree agents who had one or more closings in the month of April.  Jessica Spencer in Clearlake led all agents with a whopping nine closings.  

Chelsie Runnings, Alicia Miller, Annaliese von Borstel, Mak Ahmad, Martha Saly (2), Deborah Melancon (2), Bernadette Luna-Notson, Cheryl Marinaro (2), Elizabeth Gonzalez, Liz Uribe (3), Jana Adams, Isaac Raboy (2), Dave Hughes, Ray Hellgren, Tish Thames (2), Robert Davis (3), Pippa Whelan (2), Sheila Deignan (3), Melinda Scalese, Paige Hotchkiss (2), Jessica Hooten, Jessica Spencer (9), Leo Merle (2), Kendra Martin (3) and Jill Rake.

National Trends

There are more listings, more inventory, and more sales now then there were a year ago.  Some markets around the country are accelerating quickly and some more slowly. Inventory is growing fastest in the southern states.  National inventory is now forecast to end 2024 with a 25% increase from the end of 2023.  We’re still well below pre-Covid year levels.  Sales are increasing ahead of last year and will likely reach their seasonal peak near the end of June.  If rates drop below 7%, sales are expected to pick up further and inventory will fall as it is absorbed.  Indicators for future sales prices indicate flat to slight growth for the year.    

North Bay Real Estate Trends for April 2024

For all the areas covered by our Multiple Listing Service (BAREIS), which includes Marin, Mendocino, Napa, Solano and Sonoma Counties, there is an inventory of 2,551 homes and condominiums for sale at the end of April.  Inventory is up 41% from a year ago (1,810) and it is 22% above the inventory last month (2,095).  As is expected, the inventory is continuing to rise through the Spring market.  There were 1,136 new sales for the month of April.  This number is 9% above a year ago (1,044) and 9% ahead of the pace of last month (1,039).  The median price of homes sold across our North Bay region in April was $740,000 which is 5% above the $705,000 last April.

The “Price Reduction Ratio” (PRR) is considered a leading indicator of future prices for sales and closings.  Across the country, approximately 34% of the homes have a price reduction prior to their selling date.  The higher the ratio, the more likely price appreciation will be less in the coming months.  In normal years, this ratio is in the 30% to 35% range with the higher part of the range being in the Fall months.  For April 2024, of all closed homes in our Wine Country markets, our ratios are generally in-line with the national figures.  In the region combined, 25% of the homes sold in April had a price reduction prior to selling.  This compares to 27% last month and 23% a year ago.  The numbers were 18% for Napa County, 20% for Sonoma County and 36% for Mendocino County.  Conversely, the ratio of homes selling for more than the original asking price was 30% across the region.  This compares to 27% last month and 32% a year ago.  The numbers were 33% in Napa County, 42% in Sonoma County and 14% in Mendocino County.  Twenty-five percent of the homes in the region had a price reduction prior to selling while 54% had a lower selling price than the original list price upon closing.  

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of April stands at 745 homes.  This is 52% above the inventory in April 2023 (422) and it is 34% above the inventory last month (556).  We are experiencing the expected rise in inventory that the Spring market typically brings.  Fifty-three percent of the available homes for sale in Sonoma County (398) currently are priced at $1,000,000 or more.  New sales (378) in Sonoma County in April were 15% above the pace of April 2023 (328) and they were 20% above the pace last month (315).  There is a 2-month 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 32 (Rohnert Park) to 112 (Coastal Sonoma) days.  For 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 all the County is 52 days.  The median price of the 331 homes closed in April in Sonoma County was $812,000. This is about 1% below the median price in April 2023 ($818,000).  The annualized average price ($1,016,456) of all homes sold in the County also increased 3% in the past twelve months.  Over the past four months, Sonoma County homes are selling at 97% of their original list price.  In April, 42% of the homes in Sonoma County sold at a price more than the original asking price and 20% of the homes had a reduction in price before they sold.  Forty-two percent of the homes closed last month had a lower selling price than the original list price.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price more than $2,450,000).  There has been a 5% increase in the number of Luxury Homes closed (154) from 5/1/23 to 4/30/24 compared to 147 closings in the period 5/1/22 to 4/30/23.  This is the second increase in year over year luxury home sales in the past couple of years.  The inventory of luxury homes (185) is 47% above the inventory in April 2023 (126 homes) and it is 29% above the inventory last month (144).  The pace of new sales (25) in April is 108% above last year’s pace (12) and it is 79% above the sales pace last month (14).  The Days on Market for 13 Luxury Home closings was 63 days this April.  The Days on Market for all closed properties in the County in April was 52 days.  There is a 7.4-month supply of inventory of luxury properties based on the current sales pace compared to a 2-month supply in the overall Sonoma County market.  Over the past four months, Sonoma County Luxury Homes are selling at roughly 97% of original list price.  The Luxury Home market seems to be strengthening in Sonoma County.

Coastal Sonoma:  There are 12 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 11 homes in inventory in April 2023 and 11 homes last month.  There were 5 new sales in April compared to 3 a year ago and 4 last month.  The Days on Market for the 5 homes that closed in April is 112 days.  

Healdsburg Trends:  There are 59 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 7% above the inventory in April 2023 (55) and it is 4% above the inventory last month (57).  New sales in April (26) were 100% above the pace of sales in April 2023 (13) and they were 24% above the pace of sales last month (21).  There are 2.3-months of available inventory based on the current sales pace.  The Days on Market for the 21 homes that closed in April is 78 days.  

Oakmont:  There are 26 homes and condominiums available in Oakmont at the end of April.  This is 160% above the inventory in April 2023 (10) and it is 86% above the inventory of last month (14).  New sales (14) were 42% below the sales pace of a year ago (24) and they were 44% below the pace of last month (25).  There is a 1.9-month 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 low $600,000’s up to $832,000.  The median price was $715,000 for the 23 homes that closed in April.  The Days on Market for the homes that closed in April is 47 days.  

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of April (60) is 25% above the inventory in April 2023 (48) and it is 7% above the inventory last month (56).  There were 45 new sales for the month.  This is 36% above the sales in April 2023 (33) and it is essentially equal to the sales pace last month (46).  The Petaluma market currently has 1.3 months of available inventory based on the current sales pace. The median price of the 42 homes that closed in April was $918,000.  This is 9% below the median price last April ($1,005,000).  The Days on Market for the homes that closed in April is 53 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of April (38) is 81% above the inventory in April 2023 (21) and it is 23% above the inventory last month (31).  There were 36 new sales in Rohnert Park in April.  This sales pace is 29% above the 28 sales in April 2023 and it is 57% above the sales last month (23).  There is a 1.1-month supply of inventory based on the current sales pace.  The median price ($715,000) of the 28 homes and condominiums that closed in April is 1% below the median price in April a year ago ($724,000).  Days on Market for the homes that closed in April is 32 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) (61) is 91% above the level of April 2023 (32) and it is also 91% above the inventory last month (32).  There were 13 new sales for the month of April.  This is 32% below the pace in April 2023 (19) and it is 8% ahead of the pace last month (12).  There is a 4.7-month supply of inventory in the Russian River based on the current sales pace.  The median price in the Russian River has ranged from about $500,000 to $725,000 over the past year.  The median was $560,000 for the 16 homes that closed in April.  The homes that closed in the Russian River in April went from listing to pending in 54 days.

Santa Rosa:  Thirty-six 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 (268) is 55% above the inventory of a year ago (173) and it is 40% above the inventory last month (192).  New sales in April (145) are 8% above the pace of last April (134) and they are 12% above the 130 sales last month.  There is 1.8-month supply of available homes in Santa Rosa based on the current sales pace. The median price of the 133 homes closed in April in Santa Rosa was $750,000 which is equal to the $750,000 price a year ago.  The Days on Market for the homes that closed in April is 51 days.  

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of April in Sebastopol is 46 homes.  This is 100% above the inventory last April (23) and it is 53% above the inventory last month (30).  There were 26 new sales for the month of April. This is 8% above the pace in April 2023 (24) and it is 86% above the pace last month (14).  There is a 1.8-month supply of inventory in Sebastopol based on the current sales pace.  The 15 homes that closed in Sebastopol in April went from listing to pending in 50 days.

Sonoma Valley:  The number of available homes and condominiums for sale (117) at the end of April in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 54% above the inventory last April (76) and it is 27% above the inventory of last month (92).  There were 39 new sales for the month. This is 22% above the 32 sales in April 2023 and it is 18% above the 33 sales last month.  There is a 3-month supply of inventory in Sonoma based on the current pace of sales.  The average Days on Market for the 34 properties that closed in the Sonoma Valley in April is 61 days.  The closings in the month had a selling price equal to 97% of the original listing price.  In April, 21% of the homes in the Sonoma Valley sold at a price more than the original list price and 35% had a reduction in price before they sold.  Sixty-two percent of the homes in the Valley had a lower selling price than the original list price.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of April starts at $3,950,000 (up from $3,700,000 last month). Nineteen homes closed in the top quartile in the past twelve months compared to 16 in the twelve months prior to that.  In April, there was 4 new sales in this quartile comparing to 1 new sale a year ago and 1 new sale last month. There are 29 homes available in this quartile in April 2024 compared to 24 a year ago and 19 last month.  

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of April is 21 properties.  This is 16% below the inventory in April 2023 (25) and it is 163% above the 8 homes in inventory last month.  There were 15 sales in the month.  This is 21% below the pace of sales in April 2023 (19) and it is essentially equal to the pace of last month (14).  There is a 1.4-month supply of inventory based on the current sales pace.  The days on market for the 14 homes that closed in April 2024 in Windsor is 44 days.  The median price ($743,000) of the homes closed in Windsor in April compares to a median price of ($759,000) a year ago, a decrease of 2%. 

Mobile Homes in Sonoma County:  The inventory of available mobile homes for sale in Sonoma County at the end of April is 63 homes.  This is 4% below the number of mobile homes available in April 2023 (71) and it is 12% above the number of available mobile homes last month (61).  There were 31 new mobile home sales in April.  This is 6% below the pace of sales in April 2023 (33) and it is 35% above the pace of sales last month (23).  There is a 2.2-month supply of inventory based on the current sales pace.  The average days on market of the 28 mobile homes closed in April is 69 days and the median price was $205,000 compared to $209,000 a year ago and $180,000 last month.  

Lots for Sale and Sold in Sonoma County:  The inventory of available lots for sale in Sonoma County at the end of April is 316 properties. The current inventory is 16% above the number of lots in April 2023 (273) and it is 4% above the number of available lots last month (305). There were 29 new lot sales in April.  This is 21% above the pace of sales in April 2023 (24) and it is 28% below the pace of lot sales last month (40).  There is a 11-month supply of inventory based on the current sales pace.  The average days on market of the 25 lots closed in April is 92 days and the median price is $395,000 compared to $278,000 a year ago and $399,000 last month.   

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of April (309) is 28% above the inventory in April 2022 (241) and it is 25% above the inventory last month (248).  New sales (94) were 12% above the pace of last year (84) and are just below the sales last month (95).  There is a 3.3-month supply of inventory based on the current sales pace.  The Days on Market for the homes closing in Napa County is currently 53 days.  In 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 92 homes closed in April in Napa County ($938,000) is 17% above the median price of a year ago ($805,000).  The annualized average price ($1,226,052) of all homes sold in the County decreased 11% in the past twelve months.  Over the past four months, Napa County homes are selling at roughly 94% of original list price.  In April, 33% of the homes in Napa County sold at a price that was more than the original asking price and 18% of sold homes had a price reduction prior to sale.  Fifty-two percent of the homes sold at a price that was less than the original asking price.  

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market currently begins at $4,250,000 in Napa County (up from $3,450,000 last month.  There has been a decrease of 42% for the number of closings (21) of Luxury Homes (sales price more than $4,250,000) in Napa County for the period 5/1/23 to 4/30/24 compared to 36 closings in the period 5/1/22 to 4/30/23 .  The Napa luxury market does not seem to be responding as quickly as the Sonoma County luxury market.  There are 79 luxury homes in inventory at the end of April 2024 compared to 62 homes in inventory at the end of April 2023 and 54 last month. There were 2 new Luxury Home sales in April compared to 2 last year and 5 last month.  This creates a 40-month supply of inventory.  Over the past four months, Napa County Luxury Homes are selling at roughly 91% of original asking price and the 5 homes that closed last month were on the market for 53 days.

American Canyon:  There are 12 available homes and condominiums in inventory at the end of April in American Canyon. Last year there were 16 homes in inventory and there were 11 homes in inventory last month.  There were 7 new sales in the month.  This compares to 10 new homes sales last April and 7 new sales last month.  There is a 1.7-month supply of inventory based on the current sales pace.  The Days on Market for 7 homes that closed in American Canyon last month was 47 days.  The median price in American Canyon has ranged from about $500,000 to $800,000 over the past year.  The median was $660,000 in April.  

Napa:  Fifty-four percent of the inventory in Napa County is in the City of Napa.  There are 167 available homes and condominiums in inventory at the end of April in the City of Napa. This is 45% above the supply at the end of April 2023 (115) and it is 21% above the inventory at the end of last month (138).  New sales (75) were 37% above the pace of April 2023 (56) and they were 62% above the pace of last month (47).  There is a 2.5-month supply of inventory based on the current sales pace.  The Days on Market for the 69 closings last month is 46 days.  The median price of the homes that closed in the City of Napa in April was $930,000. This is 15% above the median price of the homes closed in April 2023 ($810,000).  

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 (117) is 29% above the level of 91 in April 2023 and it is 36% above the inventory last month (86).  There were 15 new sales this month compared to 20 a year ago and 17 last month.  There is now a 7.8-month supply of inventory based on the current sales pace. The Days on Market for the 15 closings last month is 86 days.  Over the past four months, Up Valley homes are selling at roughly 90% of original list price.  Sixty-one percent of the Luxury Market inventory (price more than $4,250,000) in Napa County is in the Up Valley Market (38 homes). There were 3 luxury home (price more than $4,250,000) closings in the Up Valley Market last month and there was 1 new luxury home sale.

Angwin:  The inventory of homes and condominiums for sale in the Angwin at the end of April (12) compares to 9 in April 2023 and 11 last month.  There were 2 new sales this month compared to1 a year ago and 1 last month.  The average asking price for the 12 homes on the market in Angwin is $3,249,000.

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 38% above the number of mobile homes available in April 2023 (24) and it is just above the 32 available homes last month.  There were 15 new mobile home sales in April.  This compares to 15 home sales last April 2023 and 13 sales last month.  There is a 2.2-month supply of inventory based on the current sales pace.  The average days on market of the 8 mobile homes closed in April is 38 days and the median price was $245,000.  This compares to a median price of $201,000 in April 2023 and $219,000 last month.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of April stands at 269.  This is 8% above the inventory in April 2023 (250) and it is 11% above the inventory last month (242).  New sales (48) in Mendocino County in April were 46% above the pace of April 2023 (33) and they were 8% below the pace last month (52).  There now is a 5.6-month supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 50 homes sold in Mendocino County in April is 89 days.  For 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 sold homes in Mendocino has been between $400,000 and $600,000 over the past year.  The median price of the homes closed in April in was $580,000.  Over the past four months, Mendocino County homes are selling at roughly 87% of original asking price.  In April, 14% of the homes in Mendocino County sold at a price greater than the original asking price.  Thirty-six percent of the homes showed a price reduction prior to selling and 68% of homes closed at a price less than their original list price.

Lake County:  The inventory of homes and condominiums available in Lake County at the end of April stands at 448.  Approximately 33% of the inventory (150 homes) is in the communities of Clearlake and another 12% (52 homes) are in Lakeport.  The countywide inventory is 7% above the inventory in April 2023 (420) and it is 14% above the inventory last month (392).  Closed sales (79) in Lake County in April were 18% below the pace of April 2023 (67) and they were 11% ahead of the pace last month (71).  There now is a 6.5-month supply of inventory in Lake County based on the existing closings pace.  The median Days on Market for the homes sold in Lake County in April is 41 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 April in Lake County was $310,000. This is 3% above the median price in April 2023 ($300,000) and it is also 3% above the median price last month ($300,000).  The homes sold in Lake County last month sold at an average of 95% of original list price.

Humboldt County:  There are 385 active listings in Humboldt County as of 3/31/24.  This is 16% increase over the inventory last month (325).  They have a median list price of $452,500 and an average list price of $554,000.  There were 86 closings in the month of April.  This is 29% more closings than in March (69).  The sold properties had a median sold price of $399,450 and an average sold price of $439,836.  They sold for 95% of original list price and had an average days on market of 66 days.

Marin County:  Marin County is often considered a “feeder” county to our North Bay Wine Country markets.  Marin County’s inventory (405 homes) is 32% above the 306 homes in April 2023 and it is 35% above the 301 homes in inventory last month.  New sales (211) were 4% above the number last April (203) and they were 3% above the pace of last month (205).  There is a 1.9-month supply of inventory at the end of April 2024.  The median price of the 191 homes sold in Marin County in April is $1,500,000.  This is 6% below the median price a year ago ($1,600,000).  Homes sold in an average of 31 days and at 100% of original asking price.