The Gentrification of Sonoma: 2016 Q1 Market Report

Residential property values climbed again this winter, rising 18.6% over Q1 2015. The number of sales was virtually the same; 94 versus 93 last year. The unit sales figures include a handful of land sales each year. Indeed, it was the price of land that rocketed higher as it has over the last four years, the average price jumped from just under $780,000 to over $1,114,000 a 43% leap. However, the small sample size makes the land sales data less representative.  

Among houses, the price per square foot jumped from $425 to $498 a 17.1% rise.  More properties are breaking above $1M. In Q1 2015, there were 18 sales over that threshold, the most expensive selling for $2.4. In 2016, there were 22 sales over $1M, with five selling for $2.4 or more.  

Please don’t hesitate to contact me with any real estate questions.

Cheers, 

Donald  

Please go to www.KinnybrookDrive.com , the property pictured above, to see a wonderful home on approximately 14 acres, with a new price of $3.45M.