Real estate experts indicate that Sonoma County housing market experienced a late summer surge due to a second wave of wildfire survivors opting to buy an existing home rather than rebuilding. This second wave of buyers has driven up pricing on single family homes and added to the existing inventory shortages. August saw a median home price of $712,000, up from the previous record of $697,000 in June 2018 and a substantial increase from the median price of $658,500 at the height of the Spring peak this year.
This buying spike was expected since a significant amount of homeowners have not even begun the construction and many are reaching their limit for insurance payments to cover their monthly rent. Still others who had dreams of rebuilding are coming to the realization that, in most instances, the insurance payout does not cover of the cost of a rebuild.
For many, it comes down to deciding whether to commit to the time, hassle and expense of a rebuild vs. finding an existing home without all the hassle.