Our hearts go out to so many of our friends and neighbors affected by these terrible fires, and our gratitude is too deep for words to those fighting the fires and assisting those needing help. We continue to issue market reports during these times of such difficulty simply because there are still people who have to make decisions regarding the purchase and sale of homes.
The table below compares Q3 statistics across 5 years.
Median sales prices can rise because of increases in fair market value – i.e. buyers are paying more money for the same home (supply and demand) – and/or because buyers are purchasing larger, more expensive houses, often in more expensive communities. Both dynamics are currently at play, but it is certain that affluent and very affluent buyers have made up a dramatically increasing percentage of the demand in Sonoma County and other Bay Area markets.
The average size of Sonoma houses sold in Q3 2020 is up about 6% on a year-over-year basis.
Long-Term Trends in Median House Sales Price
through YTD 2020
Annual percentage changes in median house sales price: The 2020 YTD percentage will almost certainly change, one way or another, by the time full-year sales data is in.
The increase in the sales of very expensive homes in Sonoma County has been astounding.
Median Sales Price Trends by City
Selected Supply & Demand Indicators
In September, we also updated our semi-annual Survey of Bay Area Markets.