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Sonoma County Housing Market has Slowest Summer in Five Years

lisasheppard | September 14, 2016

The summer housing market tends to be a bustling and robust market, with sales reaching their peak for the year.  This summer, Sonoma County market experienced one it’s slowest seasons in the last five years, with only 1,384 single-family homes sold during the 3-month period, compared to 1,526 homes sold a year earlier.

The county’s home prices have certainly rebounded since 2012, with the median price rising to $590,000 in August, coming quite close to the record high median price of $619,000 in August 2005.  Since 2012, home prices have enjoyed an annual increase of 8% or more.  Sellers have typically enjoyed the upper hand due to multiple offers and low inventory.  However, buyers now seem to be more resistant to making full-price offers, and many offers are coming in well below asking price.

Brokers typically expect a slowdown in mid- to late August due to the start of school, however, this slowdown started earlier and is lasting longer than expected.  A number of factors could be contributing to the decline in home sales, such as the lack of inventory and new listings and uncertainty about the upcoming presidential election.

While the last few years have been a seller’s market, it appears the market may be leveling out a bit.

 

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