Wine Country Real Estate Trends in August 2020

Wine Country Real Estate Market Sales May Be Cresting

Real estate sales remained very active in all Wine Country Markets in August on a year over year basis, however, they were typically below last month’s numbers.  Some markets continued a surge in new sales for the month but most showed a slight drop on a month to month basis.  It may be that we had our “Spring Market” through the May to July period and now we are entering a slower “Summer” market for a time.  We do usually get a boost in sales in the early Fall with sales dropping as we approach Thanksgiving.  With COVID and fires, this is obviously not a normal year.  Prices are up and inventory is down in Sonoma, Napa and Mendocino Counties for the month.  For the “COVID” period – March through August – 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 August 2020

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 62 closings in August 2020 compared to 41 last August and 59 last month.  In August, we closed homes with a total value of $48.7 million compared to $25.2 million last year and $46.3 million last month.  The average selling price of the properties sold by the Wine Country Group in August was $784,941.

BHGRE|WCG currently has 108 pending sales with a value of $79 million dollars.  We are 65% ahead of our volume last year.  We have 67 active listings with a value of $63 million dollars.  Our average listing price is $940,000.  This is 14% ahead of last year’s average.

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

Sheila Deignan (7);  The Ramos Team (4);  Catherine Carmody (3); The Oscar-Koppelman Team (3);  Liz Manfree (3);  Gina Fisicaro (3); Terry Bell (3);  Kendra Martin (3);  Mireya Nelson (2);  Liz Uribe (2);   Dan Gallagher (2);  Gregory Sparks;  Mari Giblin & Todd Wentworth;  Freddie Diaz; Mike Caselli;  Rianne Pasquariello;  Linda Alioto; Laurie Parris;  Patty Keiser;  Mara Kahn;  Ryan Gourd;  Parmeeta Ghoman;  Frank Lazzarotto;  Jill Rake;  Maureen Linde;  Heather Thurber;  Norbert Tenenbaum;  Bill McKinley;  Ann Conger;  Nicole Moktan;  Julie Etchell;  Erick Rothfeld;  Eric Lucas; Nannet Davis;  Barbara Cimino;  Isaac Raboy and Patricia Vance.

Wine Country Real Estate Trends for August 2020

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of August stands at 737.  This is 40% below the inventory in August 2019 (1,235) and it is 14% below the inventory last month (856).  There is a 1.1 months supply of inventory.  This is the lowest level of inventory for Sonoma County for the month of August that we have ever experienced.  New sales (661) in Sonoma County in August were 33% above the pace of August 2019 (497) and they were 2.4% below the pace last month (677).  Because of strong sales in past few months, total sales over the “COVID period” March through August are 7% 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 42 (Rohnert Park) to 94 (Healdsburg) days.  For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status.  On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending.  The average Days on Market for the County as a whole is 62 days.  The median price of the 594 homes closed in August in Sonoma County was $677,000.  This is slightly above the median price in August 2019 ($670,000).  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 $1,500,000).  Because of accelerated activity in the past four months, there has been an 18% increase in the number of Luxury Homes closed (301) from 9/1/19 to 8/31/20 compared to 255 closings in the period 9/1/18 to 8/31/19. The inventory of luxury homes (188) is 28% below the inventory in August 2019 (261 homes). The pace of new sales (55) in August this year is 77% ahead of the pace of a year ago (31) and it is 21% behind the pace last month (70).  The Days on Market for Luxury Home closings was 78 days this August compared to 90 days a year ago. This compares to 62 Days on Market for all closed properties in the County in August.  There is a 3.4 months supply of inventory of luxury properties based on the current sales pace compared to a 1.1 months supply in the overall Sonoma County market. Over the past four months, Sonoma County Luxury Homes are selling at roughly 93% of original list price.

Coastal Sonoma:  There are only 3 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This compares to 32 homes in inventory in August 2019 and 10 homes last month.  There essentially are no homes to purchase there. There were 14 new sales in August compared to 4 a year ago and 10 last month.  There is now a 0.2 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the 8 homes that closed in August was 79 days.  Between COVID-19, hot weather and fires – the Sonoma coast seems to be a popular place to be.

Healdsburg Trends:  There are 77 homes and condominiums available for sale in Healdsburg at the end of the month.  This is 38% below the inventory in August 2019 (124) and it is 16% below the inventory last month.  New sales in August (29) were 16% ahead of the pace of sales in August 2019 (25) and they were 15% below the sales pace last month (34).  The months of available inventory is now 2.7 months based on the current sales pace.  The Days on Market for the 25 homes that closed in August was 94 days.

Oakmont: There are 48 homes and condominiums available in Oakmont at the end of August.  This is 11% below the inventory in August 2019 (54) and it is 16% below the inventory last month (57).  New sales (24) were 33% ahead of the sales pace of a year ago (18) and 11% below the pace of last month (27).  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 $638,000 for the 24 homes that closed in August.  The Days on Market for the homes that closed in August was 58 days.

Petaluma:   The inventory of homes and condominiums for sale in Petaluma at the end of August (59) is 53% below the inventory in August 2019 (125) and it is essentially equal to the inventory last month (58).  There were 54 new sales for the month.  This is 5% below the sales in August 2019 (57) and it is equal to the 54 new sales last month.  The Petaluma market currently has 1.1 months supply of available inventory based on the current sales pace. The median price of the 60 homes that closed in August was $800,000. This is 9% ahead of the median price last August ($736,000).  This is the first time the the median price for closed homes in Petaluma has reached $800,000.  The Days on Market for the homes that closed in August was 45 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of August (28) is 48% below the inventory in August 2019 (54) and it is 7% below the inventory last month (30).  There were 60 new sales in Rohnert Park in August even though the month started with an inventory of just 30 homes.  This sales pace is 48% ahead of the 41 sales in August 2019 and it is 28% ahead of the sales last month (47).  There is a 0.5 months supply of inventory based on the current sales pace. This is the lowest supply of inventory in any of our markets except Coastal Sonoma.  The median price ($580,000) of the 49 homes and condominiums that closed in August is 24% ahead of the median price a year ago ($468,000). Days on Market for the homes that closed in August was 42 days.

Santa Rosa:  Forty-four 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 August (323) is 20% below the inventory of a year ago (403) and it is 13% below the inventory last month (369). New sales in August (282) are 58% ahead of the pace of last August (178) and they are 7% ahead of the pace last month (263).  There is a 1.1 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 223 homes closed in August in Santa Rosa was $630,000 compared to $630,000 a year ago.  The Days on Market for the homes that closed in August was 60 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of August in Sebastopol (32) is 57% below the level of August 2019 (74) and it is 16% below the inventory last month (38).  There were 40 new sales for the month of August. This is 14% ahead of the pace in August 2019 (35) and it is slightly above the pace last month (39).  There is a 0.8 months supply of inventory in Sebastopol based on the current sales pace. The 30 homes that closed in Sebastopol in August went from listing to pending in 54 days.

Sonoma Valley: The number of available homes and condominiums for sale (103) at the end of August in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 32% below the inventory last August (152) and it is 9% below the inventory of last month (113).   There were 66 new sales for the month. This is 22% above the 54 sales in August 2019 and it is 23% below the 86 sales last month. There is a 1.6 months supply of inventory in Sonoma based on the current pace of sales.  For the period March through August (the COVID period), new sales are 18% ahead of the same period of a year ago.  The average Days on Market for the 68 properties that closed in the Sonoma Valley in August is 60 days.  Sixty-two percent (64 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 47% of the new sales (31) in August were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of August starts at $2,800,000.  Forty-five homes closed in the top quartile in the past twelve months compared to 13 in the twelve months prior to that.  There are 26 homes available in this quartile in August 2020 compared to 45 a year ago and 28 last month. There were 8 new sales in the top quartile in August.  Based on this current sales pace, the months of inventory went from 21 to 3.3 between April and August.

Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of August is 94 homes.  This is 5% below the number of mobile homes available in August 2019 (99) and it is 11% below the number of available mobile homes last month (105).  There were 38 new mobile home sales in August.  This is 41% above the pace of sales in August 2019 (27) and it is 9% ahead of the pace of sales last month (35).  There is a 2.5 months supply of inventory based on the current sales pace.  The average days on market of the 35 mobile homes closed in August was 87 days and the median price was $160,000.  This median price is 17% ahead of the median price of $137,000 in August 2019.

Napa County: The inventory of homes and condominiums available for sale in Napa County at the end of August (297) is 39% below the inventory in August 2019 (489) and it is 15% below the inventory last month (351).  Sixty-three percent of the inventory in Napa County (187 properties) is priced at $1,000,000 or above.   New sales (194) are 53% ahead of the pace of last year (127) and are 10% ahead of the 177 sales last month.  There is a 1.5 months supply of inventory based on the current sales pace compared to a 3.9 months supply last year.  The Days on Market for homes closing in Napa County is currently 76 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 169 homes closed in August in Napa County ($820,000) is 20% ahead of the median price of a year ago ($685,000).  This is the first time that the median price for any month in Napa topped $800,000.  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 $3,500,000 in Napa County at this time.  This is up from the $3,000,000 last month and $2,700,000 in June.  The number of closings (60) of Luxury Homes (sales price in excess of $3,500,000) in Napa County for the period 9/1/19 to 8/31/20 compared to 36 closings in the period 9/1/18 to 8/31/19.  There are 73 luxury homes in inventory at the end of August 2020 compared to 80 at the end of August 2019. There were 13 new Luxury Home sales in August compared to 2 last year and 11 last month.  This results in a 5.6 months supply of available Luxury Homes based on the current sales pace compared to a 1.5 months supply for the County as a whole.  Days on market for the 7 luxury homes sales in August was 156 days.  Over the past three months, Napa County Luxury Homes are selling at roughly 88% of original list price.

American Canyon:  There are just 10 available homes and condominiums in inventory at the end of August in American Canyon. This is 33% below the inventory a year ago (15) and it is 25% above the supply last month (8).  New sales (13) are 7% below the pace of last year (14) and 41% below the 22 sales last month.  There is a 0.8 months supply of inventory based on the current sales pace. The Days on Market for the 21 homes that closed in American Canyon last month was 37 days. The median price of the homes that closed in American Canyon in August ($585,000) is 14% above the median price of a year ago ($515,000).  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:  Forty-eight percent of the inventory in Napa County is in the City of Napa.  There are 143 available homes and condominiums in inventory at the end of August in the City of Napa. This is 46% below the supply at the end of August 2019 (264) and it is 23% below the inventory at the end of last month (186). New sales (139) were 54% ahead of the pace of August 2019 (90) and they were 19% ahead of the pace of last month (117). There is a 1.0 months supply of inventory based on the current sales pace. The Days on Market for the 113 closings last month was 64 days.  The median price of the homes that closed in the City of Napa in August was $825,000. This is 18% above the median price of the homes closed in August 2019 ($695,000).  This, too, is the highest median price that we’ve seen for any month in the City of Napa.

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 August (132) is 20% below the level of 165 in August 2019 and it is 5% below the inventory last month (139).  There were 38 new sales this month compared to 17 a year ago and 33 last month.  There is now a 3.5 months supply of inventory based on the current sales pace.  The Days on Market for the 29 closings last month was 118 days.  Approximately 67% of the Luxury Market inventory (price in excess of $3,500,000) in Napa County is in the Up Valley Market (49 homes).  There were two luxury home (price in excess of $3,500,000) closing in the Up Valley Market last month and there were 5 new luxury home sales.

Mobile Homes in Napa County: The inventory of available mobile homes for sale in Napa County at the end of August is 35 homes.  This is 27% below the number of mobile homes available in August 2019 (48) and it is slightly above the number of available homes last month (34).  There were 14 new mobile home sales in August.  This is 17% above the pace of sales in August 2019 (12) and it is slightly ahead of the pace of sales last month (13).  There is a 2.5 months supply of inventory based on the current sales pace.  The average days on market of the 10 mobile homes closed in August was 123 days and the median price was $168,000.  This is 13% below the median price of $193,000 in August 2019.

Mendocino County:  The inventory of homes and condominiums available in Mendocino County at the end of August stands at 154.  This is 55% below the inventory in August 2019 (345) and it is 9% below the inventory last month (170).  New sales (87) in Mendocino County in August were 26% ahead of the pace of August 2019 (69) and they were 7% below the pace last month (93).  There now is a 1.8 months supply of inventory in Mendocino County based on the existing sales pace.  The average Days on Market for the 76 homes sold in Mendocino County in August is 101 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 August in Mendocino County was $520,000. This is 26% ahead of the median price in August 2019 ($412,000).  This is the first time that the median price for any month has topped $500,000 in Mendocino County.

Ukiah: The inventory of homes and condominiums for sale at the end of August in Ukiah is 32 homes.  This is 48% below the level of August 2019 (62) and it is slightly below the inventory last month (34).  There were 28 new sales for the month of August.  This is 47% ahead of the number of sales in August 2019 (19) and it is 27% above the sales last month (22).  There is now 1.1 months of inventory based on the current sales pace. The Days on Market for the 22 closings last month was 67 days.  The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $440,000. The median price was $487,000 for the homes that closed in August.

Hopland and Talmage:  The inventory of homes and condominiums for sale at the end of August in Hopland and Talmage is 13 homes.  This is slightly ahead of the level of August 2019 (11) and it is equal to the inventory last month.  There were three new sales for the month of August.  This compares to one sale in August 2019 and two new sales last month.  There is a 4.3 months supply of inventory based on the current sales pace. Two homes closed in August in Hopland/Talmage with a Days on Market period of 102 days.

Redwood Valley and Calpella: The inventory of homes and condominiums for sale at the end of August in Redwood Valley and Calpella is 14 homes. This is 7% below the level of August 2019 (15) and it is equal to the inventory last month.  There were 6 new sales for the month of August.  This compares to 7 sales in August 2019 and 9 new sales last month.  There is a 2.3 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 August of this year they reached $577,000.

Marin County: Marin County’s inventory (398 homes) is 20% below the 500 homes in August 2019 and it is 7% above the 372 homes in inventory last month.  New sales (306) were 38% ahead of the number last August (222) and were 15% below the pace of last month (359).  This creates a 1.3 months supply.  The median price of the 317 homes sold in Marin County in August was $1,350,000.  This is 29% ahead of the median price a year ago ($1,045,000) but it equals the median price of last month.