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Pacific Union Quarterly Report: Q2 2014


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SONOMA COUNTY

After a slow start in the first quarter, home sales in Pacific Union’s Sonoma County region picked up significantly in the second quarter as more, higher-priced inventory arrived on the market.

After sitting on the fence for years, sellers saw equity levels rise substantially and decided the time was right to get in the game. Buyers, meanwhile, were anxious to take advantage of the expanded supply. Many homes received multiple offers, but typically two or three per property – not the 10 or 12 bids seen over the past year.The median sales price rose moderately, but less because of appreciation and more due to the changing nature of home sales. A few years ago the Sonoma County market consisted mostly of short sales and foreclosures, which today account for 10 percent or less of sales.

Equity sales and higher-priced properties are currently predominant as the housing recovery advances and the market returns to normalcy.

Looking Forward: So long as the inventory of available homes continues to rise, we expect continued growth in the region. While demand for homes won’t be as frantic as we’ve seen over the past year, it still runs deep. We look forward to a strong second half for 2014.

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