Stay Up-To-Date on Industry Trends & Forecasts
Did You Know?
- It used to be the Three L’s of real estate – LOCATION, LOCATION, LOCATION – that drove decision making and yes, this is still true, but these days I find almost everyone at every price-point may be as well served by focusing on the THREE C’S of real estate: Compromise, Compromise, Compromise.
- The number of Americans ages 100 and older is projected to more than quadruple over the next 3 decades, from an estimated 101,000 in 2024 to about 422,000 in 2054, according to projections from the U.S. Census Bureau. Centenarians currently make up just 0.03% of the overall U.S. population, and they are expected to reach 0.1% in 2054. Expect people to work longer, remain active longer, and need homes that allow for those who don’t like/want stairs!
- Empty nester Boomers own about 28% of homes in the US with 3 or more bedrooms. 54% of baby boomers own their home free of any debt. Almost 40% of baby boomers have stayed in their homes for at least 20 years.
Tools
- Sale of your home – Calculation of Capital Gains
- Capital Gains Calculator
Market Trends & Forecasts
- February Monthly Housing Market Trends Report
- National Market Trends Flipbook
- Sonoma County Market Trends Flipbook
Market Update
We began the year with the expectation of a burst in market activity and a reduction in interest rates. Sellers, Buyers and Realtors were all in a hurry to realize this expectation. And, while it’s true that the weather hasn’t helped move things along, one can only blame so much on the rain.
It must be said that while the market did not “burst”, and despite no reduction in interest rates, real estate in Sonoma Valley did move in a pretty positive direction, albeit less so than what we would consider “normal” in pre-pandemic years . The number of listings was up by a surprising 27% year over year but only up about 8.5% since January and closed sales jumped about at 21% YOY in February. Even the median sales price was up by 25% from $915,000 in 2023 to $1,140,000 this year. The only negatives we saw were in the median list price (good news for Buyers) which dropped from $1,595,000 to $1,195,000 – a 25% reduction year over year and the number of days on market which actually showed a slight increase of 9% from 48 days to 52 days, meaning that properties may be taking a little longer to sell (more possible good news for Buyers).
According to the California Association of Realtors, “compared to 2023, the number of home sales in the state in 2024 will increase 23%, the California median home sales price will rise 6.25% and the average 30-year mortgage interest rate will decline to 6.3%”. So, while we find ourselves in this little bit of ‘hurry up and wait’ scenario (a phrase that traces its origination back to the military in the 1940s), we are encouraged by the overall trends in the market and are anxious to see what the Spring selling season will bring.
New To The Market: 623 Cherry Ave. (Sonoma Greens)
Sunny, peaceful and convenient describes this 2 bedroom, 2 bath condo. Quiet and spacious, this upper end unit offers additional privacy and natural light. The living room features a cozy fireplace, perfect for relaxing. Sliding doors open onto the private deck from the dining room, offering a seamless indoor-outdoor living. Conveniently located close to the single car garage and guest parking that offers ease of access for residents and visitors alike. This community enjoys the amenities that include a greenbelt, pools, and tennis courts, providing opportunities for outdoor activities. Low maintenance, convenience and privacy make this the ideal for Wine Country living.
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