This quarter’s average sales price of $720,875 was also the highest figure in county history, and the third-consecutive quarter in which Sonoma County had topped the $700,000 mark. North Bay activity was somewhat scattered this quarter, therefore its record average sales price came a 10 percent drop-off in sales volume, with a total of 1,055 homes sold. Both of these figures, along with an average 67 DOM, can be tied to limited inventory within the county. These trends should not come as a surprise and should continue to with some degree of predictability in 2017, as Sonoma County remains the most affordable of all seven Bay Area counties we serve.
AVERAGE SALES PRICE BY CITY – THE TOP 10
Glen Ellen and Healdsburg posted year-over-year gains of 48 percent and 34 percent, respectively. Glen Ellen also ended the fiscal year up 44 percent on the average home sale, while Healdsburg was up a still-impressive 16 percent over the previous fiscal year.
SALES PRICE CHANGE
Homes were generally priced in accordance with what buyers were looking to spend, as homes that required no price change closed just above their initial asking price and sellers who tested the market were able to recover 92 percent of their initial listing.