The news is that the recovery in Sonoma Valley property values continues into a 4th year.
During the first half of 2015, Sonoma Valley residential real estate continues on an upward trajectory in terms of price – rising 4.2% overall. Sales volume was virtually flat, though inherent strength was indicated by days on market – which fell sharply, down 18% to just 61 days.
What I call the mid-market ($1-$2.5M) also saw prices rise 4.2% but the sales volume also jumped 45% to 58 sales.
And the über market ($2.5M+) seems quiet when you first look at the numbers, a sales price rise of 3.3% to $3.625 but again much less time on market – average of just 42 days versus 113. Curiously, there is a drop in the number of sales from 13 to just 8. However, there are 5 more sales in escrow at the moment. And the average sales price for that group is a whopping $4.85M!
So, the market is stronger than it looks and it’s strongest for more expensive properties. One word of caution to sellers. Sonoma Valley is attracting more mercenary buyers. So, beware of offerors who are not buying for good old fashioned reasons such as a love of country property or a love of Sonoma.