November ended with a median home price of $615,000 a drop of nearly 9 percent from the record peak of $700,000 in June. More homes are entering the market, perhaps indicating a greater balance between buyers and sellers in negotiating home sales.
According to the Press Democrat monthly housing report prepared by Rick Laws of Compass Real Estate and staff writers Robert Digitale and Martin Espinoza, the number of homes for sale at the end of November increased to 909, a 77 percent increase in inventory levels last year.
Still recovering from the loss of 5,334 homes in last October’s wildfires, the Sonoma County market saw a spike in prices as home buyers with the means purchased properties at inflated prices. With those buyers out the market, prices are coming down to more “reasonable” levels.
For many fire survivors, insurance payouts from their destroyed properties will come to an end early next year and the decision to continue renting, rebuild, or purchase a new home is weighing heavily on their minds. If buyers cannot find dwellings at affordable prices, they may leave Sonoma County entirely in search of adequate homes that meet their budget requirements and family needs.
For now, the market appears to be responding with a number of great homes available at or below the current Sonoma County median.
From vintage Santa Rosa bungalows to futuristic Sea Ranch retreats, a number of intriguing properties are available at or below the current Sonoma County median home price of $615,000.
Click through our gallery above to see a sample of the offerings.
