The region’s $741,361 average sales price was up 12 percent year-over-year, and amounted to the highest quarterly sales average in market history. Sales volume was down just slightly from the previous year, but the 816 homes sold weren’t much of an aberration during a time when sellers were strategically holding out until the busy spring selling season. The average 72 DOM exhibited just a slightly faster pace than the year prior. With wider inventory than the seven-figure markets and sales prices not expected to jump much after a very strong first quarter, buyers should be very excited about Q2 2017 opportunities in Sonoma County.
AVERAGE SALES PRICE BY CITY – THE TOP 10
Of cities with sizable data pools, Sonoma proper saw some of the strongest growth, with its $1.082 million average sale up 21 percent year-over-year. While both Kenwood and Jenner appear to have had massive gains in Q1, both cities did not have a large enough number of sales to accurately justify such market growth.
SALES PRICE CHANGE
Sellers priced high, but also within reason of market demand. As such, sales above list price were scarce, although those who tested the market still recovered a comfortable 91 percent of initial asking price.