Sales of Million-Dollar Homes Surge in Sonoma CountyJuly 14th, 2017 by lisasheppard
Sales of million dollar homes in Sonoma County saw a jump last month, with listings and sales increasing while sales have decreased slightly in the rest of the market. The surge in sales of million dollar homes has been fueled by Bay Area buyers that made money in Silicon Valley, but are looking for paradise in the country.
Facebook, Google, Apple and other tech companies have created thousands of new millionaires. Because the Bay Area’s median price condo sells for $1.2 million, these buyers are now looking outside of the big urban areas to reside. While Sonoma County has experienced increasing demand and higher median prices, it is still considered one of the most affordable places to live in the Bay Area.
The top areas for million dollar home sales are Santa Rosa, Sonoma Valley, Healdsburg, Sebastopol and Petaluma. Sonoma County was recently named among U.S. metro areas where the number of million dollar home listings has skyrocketed.
Sonoma County has seen a significant boost in home sales after the national housing crisis that began in 2007. However, while home prices have increased, home sales have declined in the last 3-4 years due to lack of available homes.
While homes have become unaffordable for most living in the county, those that reside outside of the county find the homes attractively priced. These buyers are often looking for second or third homes away from the hustle and bustle of the city, with a country feel and a warm, sunny climate. Those of us that live in Sonoma County already know it is the best place on Earth. Now others are discovering that as well!