With homes staying on the market longer and buyers rejecting over-priced homes, many Sonoma County home sellers are wondering when and if the sluggish housing market will bounce back.
The slowdown started last summer when buyers started losing interest in over-inflated home prices and the post-wildfire frenzy to find a home diminished, driving the median home price to $639,000 at the end of the year, from an all-time record of $700,000 in June 2018.
Many experts feel the market shift/downturn was long overdue because of the large appreciation in home prices over the last few years. Rising interest rates, trade wars and stock market volatility are affecting are the housing market and causing a shift.
Home sales in November and December decreased to levels not seen in the last eight years, some of that the result of a natural cyclical, seasonal decline. As Spring approaches, it is likely that more sellers will list their homes and home buyers start actively looking for homes and sellers.
Home appreciation is still expected this year, however, at much lower levels than in past years.