Market Update:

One of the most interesting observations of the past month was the decrease in the number of listings year over year – not only in the Sonoma Valley market, but throughout the counties and communities of the North Bay. Sonoma Valley saw a 9% decrease, however across the region, that number ranged from a 1% drop in Mendocino County to a 21% decrease in Marin County.

Other numbers for the month of May were mixed in Sonoma Valley with the median list and sales prices both down year over year by 1% and 11% respectively. However, the number of pending sales up 8% and closed sales up 13% were signs of good activity. Additionally, the days on market decreased 29% from 68 days to 48 days…still very much in favor of a sellers’ market. 



While mortgage interest rates continue to be a formidable driver nationally, our local market still shows strong cash purchases. This suggests that the impact of rates may actually be more indicative of consumer confidence and broader economic perception than a direct constraint on our specific market activity.