R8 WINE COUNTRY REAL ESTATE • SUNDAY, MARCH 22, 2015
HOME PRICES l t s M a
dness Out There
MENDOCINO COUNTY
SONOMA
COUNTY
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press demo article 3.22.15

Published on: Mar 4, 2016
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Transcripts - press demo article 3.22.15

  • 1. R8 WINE COUNTRY REAL ESTATE • SUNDAY, MARCH 22, 2015 HOME PRICES l t s M a dness Out There MENDOCINO COUNTY SONOMA COUNTY __ Cloverdale 101 H Healdsburg Timber Cove *; Guerneville 116 H 128 B Windsor LAKE COUNTY 3 miles NAPA COUNTY Jenner B Sebastopol S taRosa ra Bodega Bay n116 RohnertPark Cotati —, So ma a n etaluma 12 H 11 MARIN COUNTY 101 Sonoma County prices Cloverdale : Sonoma Coast Healdsburg » Russian River Windsor Sebastopol NW Santa Rosa NE Santa Rosa SW Santa Rosa SE Santa Rosa Oakmont Petaluma West Petaluma East Rohnert Park, Cotati • Sonoma NOTE: Single-Family homeresales, Jan-2015 $385,000 $767,500 $1,261,064 $380,000 $492,500 $560,000 $397,500 $530,000 $393,000 $498,000 $503,750 $615,000 $485,000 $460,000 $545,000 half of homes sold for Single-family home resales January 2015 December 2014 November October September August July June May April March February January Sonoma County $478,000 $515,000 $481,250 $485,000 $499,000 $475,000 $508,500 $498,500 $485,500 $468,975 $498,000 $449,325 $461,000 Jan-2014 $362,500 $635,000 $734,000 $300,000 $460,000 $605,000 $363,250 $495,000 $370,000 $438,500 $473,750 $590,500 $461,000 $432,500 $645,000 more, half sold for less 0 Bay Area $669,590 $718,370 $748,870 $760,610 $730,240 $742,900 $760,430 $771,610 $768,910 $768,110 $724,590 $675,000 $630,475 9 8 8 13 17 7 26 36 9 13 6 9 21 18 23 California $426,790 $453,780 $444,830 $450,270 $461,370 $480,280 $464,750 $457,630 $466,320 $449,360 $435,580 $404,250 $410,990 By Jeff Schween, Pacific Union • Christie's International Real Estate Has the madness of March overtaken you yet? As the NCAA's premier basketball programs kick into gear for this annual rite of passage with every radio station and television channel you turn to covering some angle as it relates to their own audiences, we find ourselves about to embark on our own spring rush in the North Bay real estate markets. Coming off last year's supply constrained market conditions we are seeing even less inventory make its' way to the table for consumption by eager buyers. Many sellers are searching to understand not only what the actual value may be of their current home but also the follow-up to that - where and when will I find my next place? One of the most common components of measure in value is price-per-square foot, a calculation based upon recent averages of perceived similar homes in a perceived similar market area. As inaccurate as this metric may be specifically to your property - just like the median price valuation - it is routinely applied to appraisals to justify valuation for what a market buyer and seller have come to terms with in fostering an agreement and thereby supporting the new lender's position in the property as secured. A current macro overview of the North Bay region of Marin, Sonoma and Napa counties indicates an average price-per-square foot (psf) of $457 for a single family home - an 18 percent gain over February 2014. A good statistic, but one not detailed enough to truly understand a home's value in a specific submarket. Sonoma County has seen resilient growth in its' price-per-square foot metric. In February 2014, as supplies continued to tighten, the value proposition for a single-family home rested at $312 psf. According to data collected by BAREIS MLS, by the close of February 2015, Sonoma County saw this number escalate to $350psf - a 12 percent increase from the prior year - indicating a substantial rise in values and further corroborating the trends experienced during the prior 24 months when the rate of annual increase registered a modestly higher 14 percent. Within Sonoma County, Windsor's price-per-square foot soared to $405 for a single family home - a staggering leap of 96 percent over last year, partly due to a low volume of sales. The city of Sebastopol reported a 39 percent gain to close the month at $528psf. The westside of Petaluma boasted a hearty 21 percent rise as this submarkets tipped the scales at $390psf. Northeast Santa Rosa & the coastal Sonoma areas exhibited 17 percent and 14 percent increases in this metric as values closed February at $334psf and $401psf, respectively. Elsewhere in Sonoma County buyers were paying $517psf in Healdsburg, $262psf in Southwest Santa Rosa and $328psf in Oakmont - all showcasing increases of 12 percent from the prior year. Notably so, Petaluma East and the town of Sonoma saw regressions of two and six percent to close out the month at $286psf and $432psf, respectively, as a greater number of less expensive homes sold during the month. HOME SALES The Napa County market as a whole saw its' price-per-square foot climb to $416 - a whopping 40 percent improvement from February 2014. The city of Napa posted a robust $421psf as it managed to improve by just by more than 28 percent. While in St. Helena, there were actually no transactions of single family homes during the month, although 12 new deals were put together. Quite a different story in American Canyon where residents there experienced a 20 percent climb in this metric to settle at $215psf as eager buyers jumped into the market ahead of the spring rush. In Marin County, the price-per- square foot closed out February 2015 at $605 - an earthly nine percent increase from a year earlier. Corte Madera checked in with the most dramatic increase to $677psf - yielding a gain of 49 percent from last year. Novato closed the month with a 14 percent rise from last February as it recorded a valuation of $396psf. The remaining submarkets throughout Marin tallied very little gains as some even regressed from this same point a year ago - due primarily to a low volume of properties changing hands. The markets are indicating aggressive demands from buyers with sellers trying to figure out how they can have their cake and eat it too. Most are encountering madness in the process. This year may find the aggressive yet patient buyer have the greatest success as they will likely be more creative in their attempts and eventual realization of their goal while helping to create momentum in the marketplace. SOURCES: Rick Laws, Pacific Union International, California Association of Realtors. Sales of single-family homes recorded in Sonoma County for the week of February 8th. Bodega Bay 210 MiwokRd, $545,000 Calistoga 5150 Petrified Forest Rd, $606,000 Cloverdale 113 Railroad Ave, $230,000 115 Clover Springs Dr, $380,000 Cotati 345 Lincoln Ave, $246,500 Forestville 10738 Old River Rd, $100,000 10503 CozeyCt, $112,000 Forestville 10707 Forest Hills Rd, $315,000 Guerneville 14995 Foothill Blvd, $300,000 17332 Summit Ave, $330,000 14170 Fern Rd, $425,000 Healdsburg 512 Brown St, $602,000 Jenner 22056 Cundall Ct, $295,000 10800 Rock Point Dr, $529,000 Occidental 3950 Joy Rd, $525,000 Penngrove 6077 Malcom Ln, $825,000 Petaluma 3999 Magnolia Ave, $320,000 1255 Kresky Way, $490,000 1627 Juliet Dr, $492,000 1457 Woodside Cir, $520,000 1738 Gateside Dr, $629,000 25 HalseyAve, $826,500 Rohnert Park 747 Bernice Ave, $334,000 6411 Jacaranda St, $410,000 563 Lorraine Ct N, $439,000 1195 Eleanor Ave, $449,000 1384 Middlebrook Way, $480,000 4968 Fern PI, $506,000 Santa Rosa 1711 King St, $200,000 1023 Bush St, $263,636 755 Trowbridge St, $275,000 3295 Moorland Ave, $275,500 3706 Sonoma Ave, $305,000 2054 Marble St, $320,600 512 Morgan St, $350,000 174WBarham Ave, $350,000 658 Sunny Manor Way, $350,000 2119 Crystal Hill Dr, $360,000 1928 San Miguel Rd, $361,000 1886 Terry Rd, $385,000 2427 Amethyst Way, $400,000 1240 Manhattan Way, $410,000 2145 Bock St, $415,000 1955 Hoen Ave, $430,000 2000 Glenwell Dr, $444,500 2133 Saint John Ct, $449,000 2741 Marlow Ct, $459,000 2337 Franklin Ave, $475,000 4711 Bridle Trl, $500,000 2283 Dancing Penny Way, $500,000 2332 Red Oak Dr, $509,000 2516 Horseshoe Dr, $510,000 3838 Chanate Rd, $530,000 3420 Castlerock Ct, $538,000 129 Old Oak Ln, $549,500 3548 Deer Park Ct, $552,000 2132 Parrish Dr, $559,000 6435 Meadowridge Dr, $620,000 1940 Hidden Valley Dr, $699,000 5989 Vista Rdg, $1,175,000 Sonoma 990 1st St W, $421,000 956 Madrone Rd, $489,000 320 Arbor Ave, $505,000 920 2nd St E, $950,000 19111 Orange Ave, $1,125,000 The Sea Ranch 35889 Seaward Reach, $540,000 42067 Rock Cod, $820,000 1284 Seghesio Way, $486,000 11222 Brooks Rd, $3,200,000 Sales reported to the Sonoma County recorder and distributed to The Press Democrat by First American Real Estate Solutions, a real estate services company based in Anaheim. To search an interactive database of Sonoma County home sales since Jan. 1, 2004, go to www.pressdemocrat.com. Issue Date: ro/sa/

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