The prevailing industry sentiment suggests that the Sonoma County real estate market experienced its low in 2023 and is presently in the midst of a significant recovery.
As we step into 2024, the real estate landscape is undergoing a significant transformation fueled by heightened buyer demand.
Sonoma County defied the prevailing trend, achieving an annual growth in the median sales price of 1.2 percent from 2022.
Although the number of homes sold in November dropped by 20% compared to the previous year, the Sonoma County housing market remains robust.
Despite global conflict, diminishing stock markets, and the highest interest rates in 23 years, October witnessed a noteworthy 6.4% surge in the median sales price.
Interest rates continued to rise throughout the quarter, and stock markets generally exhibited a downward trend since mid-summer.
Most counties are still recording numbers last year, the median sales price and price per square foot were approximately three percent higher than the previous year.
The first quarter recorded a 2.4 percent reduced median sales price and a 33.6 percent reduction in the number of single-family homes sold.
Based on the available six months of sales data for 2023, Sonoma County stands out as a market that has shown greater resilience compared to others.
Have questions about the San Francisco or Sonoma real estate markets? Carlos D. Cabarcos is ready to help you navigate your next move. Reach out today and let’s explore how we can make your real estate experience seamless and successful.
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