Sonoma County followed its record-setting Q3 average sales price of $766,737 with a 3 percent gain this quarter. At $791,223 for the county, this Q4 average became the highest recorded figure in the past 10 years. It also accounted for a 10 percent rise year-over-year from the $720,875 seen in Q4 2016. The total number of homes sold fell by 15 percent from the previous quarter, but did see a 5 percent rise from the previous year.
In all, Sonoma County had 1,103 transactions take place during the fourth quarter. Homes in Sonoma County spent an average of 62 DOM prior to close, for an 8 percent (or 5 days) faster transaction process than last year’s 67 DOM. The community with the most notable year-over-year gains this quarter was Kenwood, where the average sales price reached $2.564 million, a significant increase from the $922,500 recorded just a year ago.
AVERAGE SALES PRICE BY CITY – THE TOP 10
After Kenwood, Geyserville saw the next highest average sales price in Q4 at $1.284 million, up 28 percent year-over-year. A $7.996 million home sale in Healdsburg was the most expensive transaction in Sonoma County this quarter, helping to maintain the area’s average sales price of $1.174 million.
SALES PRICE CHANGE
Sonoma’s relatively steady marketplace meant that properties priced appropriately, requiring no reductions, sold at 102 percent of the initial asking price. Homes that received price changes took home only 91 percent of the original list price.