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.