Could it be that the Real Estate Market in Sonoma County is starting to level off? In May 2015 the median price for a single family home in Sonoma County went over $500,000 and was as high as $545,000 in June, 2015. July 2015 the median price went down a little bit to $540,000.00
For the last 38 months in a row the median price in Sonoma County has been higher than it was that month the year before. But will that trend continue? Sonoma County is still well below the high for the median value of $618,450....that record was set in August, 2005. Consider that there are no longer the same "Liar Loans" available that required no down payment and no income documentation, so it would seem likely that since buyers have to qualify for their financing that reaching the same peak may not be in the cards.
However, the shortage of inventory combined with pent up demand and a growing job market may just test the highs yet again. Inventory levels of homes for sale in Sonoma County fell over 30% year over year last month!
Due to the extremely low inventory of homes for sale I don't see any market correction in the near future, however I do believe there will be some flattening of the price increases since the majority of buyers can not qualify for any higher prices than we have now and will be priced out of the market.
Keep in mind that in my experience there is consistincy with these trends in all the local real estate markets, including Windsor, Healdsburg, Cloverdale, Santa Rosa, Forestville, Guerneville, Sebastopol, Occidental, Rohnert Park, Cotati and Petaluma. I'm seeing the same real estate trends in Glen Ellen and Kenwood Real Estate and the City of Sonoma also.
As always, feel free to call me with your questions at (707) 836-3445