Char’s April 2024 Blog – Market Update

Charleen Price

7 months ago

Stay Up-To-Date on Industry Trends & Forecasts

Things To Ponder:

“If we believe that time and energy and focus are finite, when you live in that world online something is going to give in your real life,” – Brené Brown

A recent study of online news in Nature found that each negative word in a headline increases the click-through rate by 2.3%. (WSJ)

Last week tens of millions of Americans in the Northeast were reminded just how powerless we are to Mother Nature when a mild earthquake rattled buildings ….and nerves. A few days later many witnessed the eclipse of the sun. Yes, nature is BIG and we humans are really, really small, and powerless….. or are we? April 22 is Earth Day…… it is important to be respectful and honor our planet.

One item that emerges from a series of interviews with older people looking back at their lives that they might do differently? Worry less about what others think of you.

When confronted with criticism, evaluate the following three questions:
- 1. Does this person mean well?
- 2. Does this person have a stake in whatever they are criticizing?
- 3. Is this person’s criticism valid?
If the answer to any of those questions is ‘no,’ you should probably just ignore the attack and move on with whatever you’re supposed to be doing. Don’t get distracted by people who aren’t trying to help or who don’t know what they’re talking about. Definitely don’t respond. (Inc)
Surround yourself with people who deserve you.

Did You Know?

Younger millennials (25 – 33 years old) made up a smaller share of homebuyers for the generation, but 24% of them moved directly from a family home before buying their own. Nevertheless, 75% of younger millennials and 44% of older millennials were first-time buyers. And they got help from their parents; 24% of younger millennials got money from their family for a down payment. (A recent survey found more than a third of millennials and Gen Zers who are planning to buy a home expect their parents, or family, to help with their down payment.) (NAR)
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.
The Value Of Your Listing Agent (PDF)

Tools

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Market Trends & Forecasts

March Monthly Housing Market Trends Report
National Market Trends Flipbook
Sonoma County Market Trends Flipbook

Market Update

We commented last month that “we can only blame so much on the rain” but after the rainy month of March, we also have to acknowledge that the weather may indeed be impacting a little bit of a slow start to the Spring selling season. Truth is, there are many factors which are having an impact on sellers’ decision to bring their homes to market including low interest rates on their current property, extensive capital gains on homes that have been owned for a long period of time – especially in more expensive areas, the lack of properties to move to, and the median duration of homeowners staying in their homes having doubled over the past 20 years.

That being said, Sonoma Valley did witness a slight uptick in the number of listings on the market year over year in March from 91 to 100, a 21% increase and the number of closed sales also registered a 21% increase from 19 to 23. However, both the median list price and median sales price saw reductions year over year by 3% and 21% respectively. But as referenced in previous reports, we are working with relatively small numbers of transactions, so small changes can make a big impact percentage wise.

Maybe a slightly better outlook on the Sonoma Valley market is to look at the changes just since January. In that data, we find that listings have increased by 34%, homes going under contract by 88% and closed sales coming in at a 12% increase. So, does this foretell a more robust Spring and 2024 ahead…we certainly hope so.

Please note, all information is for single family residences in the Sonoma Valley as reported to BAREIS, the local multiple listing service through Broker Metrics.

This BLOG is intended to provide information and content of value. Suggestions about what you would like to see more of, feel free to email me and certainly feel free to forward to friends and family.