“Times, they are a-changin’.” – Bob Dylan
This sentiment rings true as we navigate the twists and turns of Sonoma County’s real estate market. November’s data paints a picture of both opportunities and challenges, prompting buyers and sellers alike to reassess their strategies heading into the new year.
PDF: Sonoma County Market Report November 2024
For single-family homes, the median sold price stood at $810K, a slight month-over-month decline of 0.9% but up 2.3% from last year. Properties sold at an average of $552 per square foot, marking a modest 1.1% increase year-over-year. With an average of 63 days on the market, homes are taking slightly longer to sell compared to previous months, reflecting seasonal trends. Inventory levels rose to 2.6 months, remaining steady year-over-year, but signaling a slower sales pace.
The condominium market showed resilience with a median sold price of $440K, up 6% month-over-month and 1.1% year-over-year. However, the pace of sales slowed, with 29 properties sold—a significant 52.6% increase from last year, despite a 12.1% month-over-month decline. Condos averaged 61 days on the market, consistent with October but up from last year, while inventory remained relatively low at 1.9 months.
What do these changes mean for you? Whether you’re exploring opportunities in the luxury market, downsizing, or purchasing your first home, now is the time to evaluate your goals. With inventory levels rising and market conditions evolving, partnering with a knowledgeable agent can provide clarity and confidence in your decisions. Please reach out, I would love to help you with your real estate goals!
