Market Highlights
- New Record High: The 3-month rolling median house sales price in May reached a new all-time high.
- Increased Listings: As of June 1, 2024, the number of active and coming-soon listings surged by 46% year-over-year, marking the highest count in over two years.
- Contracts on the Rise: The number of listings going into contract in May 2024 reached its highest monthly total since mid-2022.
- Luxury Home Sales: Sales of homes priced at $2 million and above in May 2024 increased by 35% from April, achieving the highest number in 12 months.
- Over Asking Sales: In May, 50% of home sales closed at prices above the asking price.
- Price Reductions: The number of price reductions in May saw a 77% year-over-year increase.
Market Overview
In May and early June, 30-year loan interest rates hovered around 7%. Despite this, buyers and sellers have adapted to these rates, accepting them as the new normal. Additionally, an estimated 30% to 40% of national homebuyers are making purchases with all cash. The stock markets hitting new all-time highs have positively impacted household wealth, contributing to the dynamic real estate market in Sonoma County.
As we move into the summer months, the real estate market in Sonoma County continues to show signs of robust activity. With increased listings and a high percentage of homes selling over the asking price, the market remains competitive. Luxury home sales are particularly strong, reflecting the ongoing demand for high-end properties in the area.
