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Hi Everyone,

While the number of units sold (homes and residential land) was up only slightly, prices jumped in the 3rd Quarter. Compared to 2012 summer prices, the average home price rose 37%. Land prices surged 70%! The time it took to sell a property was also down 31%, from 221 to 152 days.

Nearly all segments showed strength. The average sales prices for:

– Homes selling for less than a $1 million rose 13.4%

– Homes selling for between $1 and $2 million rose only slightly, but the per square foot price rose 16.3%.

The luxury market finally woke up this summer too, with four home sales over $3 million, including the $8.4 million dollar sale of 3866 Lovall Valley Road, a co-listing of yours truly J. During the summer of 2012 there were five sales over $2 million, but all were for less than $3 million.

Have prices recovered to the highs of 2005-2007? The quick answer is no. (See page 3 of attachment to see a snapshot of Q3 for the data.) After averaging the per square foot sales prices of the 3rd quarter of those three years and adjusting for slightly higher square average square footage, we are still 11.4% down in price from that cyclical high.

If you or someone you know (and like!) needs help with Sonoma Valley real estate, please let me know.

Donald

2013 Q2, Performed within the top 2.4% of all Sotheby’s Agents

The post Market Analysis 3rd Quarter – Recovery Gathers Steam appeared first on Donald Van de Mark.

Boom Valley!

The average price of homes jumped 33 percent this Spring, compared to Spring of 2012, from $636,000 to $845,000. Reflecting the tight inventory, the number of homes sold actually dropped slightly from 175 to 172, while the price per square foot leapt 35 percent, from $307 to $413.

The number of land sales held steady at 7, but the price for raw land soared 93 percent! Prices took off from $564,686 to $1,087,429 though this was largely due to one sale this Spring – a big vineyard property on Upper Nelligan Road, Glen Ellen which went for $5,500,000.

The real strength is still in the lower end (under $1M) and creeping into the mid-market ($1M-$2.5M). One sector that has really jumped is well-located small acreage with a fixer on it. These 1-5 acre parcels that are within bicycling distance to the Plaza are attracting multiple, all-cash bids. And they should. Sonoma is being inundated with home buyers who want wine country within an hour of foggy San Francisco. And while they’re prepared to invest $2-$3M, they’d rather pay more for land, and take their time renovating structures.

If you’re in the market to sell, prices have now retraced about half of their drop from the peak. If you’re in the market to buy, be bold! This move up may last for several years to come.

Donald

The post Market Analysis 2nd Quarter – Boom Valley! appeared first on Donald Van de Mark.

Hello Everyone,

We are poised for a good year for real estate in Sonoma Valley. This isn’t wishful thinking. It’s part of a trend that seems to be gathering strength.

Here is the data for 2012:

Total unit sales rose 24%

The average home price rose 12%

For the 4th quarter:

Total unit sales rose 9% (over the 4th quarter 2011)

The average home price jumped 23%.

We also had 9 pieces of land sell, whereas in the 4th quarter of 2011 we had NONE.

Cheers,

Donald

The post Market Analysis 1st Quarter – Sonoma Real Estate Sales Point to a Stronger 2013 appeared first on Donald Van de Mark.

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