Sonoma County’s proved to be the most affordable region in the Bay Area this quarter—even as its average sales price grew 9 percent year-over-year to reach $766,737 in Q3. Much like its North Bay counterpart in Napa, Sonoma County was the only other area to see a quarter-over-quarter rise in average sales price, up 4 percent from Q2. A total of 1,296 homes sold here in Q3, making it the highest sales volume since Q2 2015.
Sonoma County’s Q3 sales volume also outperformed its previous benchmarks set in Q2 2017 and Q3 2016, by 8 percent and 1 percent, respectively. This uptick in available inventory on the market also led to an uptick in demand, moving the average pace of a transaction to 56 DOM in Q3. This was 8 percent faster than just that of a year ago.
AVERAGE SALES PRICE BY CITY – THE TOP 10
Glen Ellen saw the highest average sales price this quarter at $1.725 million, a 39 percent increase from the previous year. At $1.479 million, Geyserville took home the second highest average sales price, despite it being an 8 percent drop year-over-year.
SALES PRICE CHANGE
Homes in Sonoma County that required no price change received 101 percent of the initial ask price. Meanwhile, properties priced too high and were hit with a price reduction, only recovered 92 percent of the original list price.