The county’s average sales price was the only one that dipped from Q1 to Q2 of this year—falling slightly from $741,361 to $740,338, respectively. Yet when looking at it on a year-over-year basis, which lends itself to a more accurate representation due to the lack of seasonal influences and fluctuations, Sonoma County’s average sales price was up 5 percent from Q2 2016. The total number of homes sold soared this quarter, with 1,204 closings in Q2 being up 48 percent from the start of the year. Sonoma County’s increased inventory also led to increased demand, speeding up the average DOM to 51 this quarter to result in a 13 percent increase from the previous year when the average was 58 DOM.
AVERAGE SALES PRICE BY CITY – THE TOP 10 Calistoga posted the highest average sales price for the county at $2.825 million last quarter, with five of its 13 home sales coming in at over $1 million. However, Occidental and Geyserville had the biggest year-over-year price gains with both cities experiencing 162 percent increases from Q2 2016. At $2.539 million, Kenwood had the second highest average sales price for the county in Q2.
SALES PRICE CHANGE Sonoma County kept up with the trends of other Bay Area counties, where sellers priced high but also within reason of market demand and the prices it yields. As such, homes that required no price change in Q2 sold at 102 percent of sellers’ asking price, while buyers that tested the market netted 91 percent of initial asking price.