Median Home Price Rises in Sonoma County

filed under: Market updates posted on April 3rd, 2009

A few days ago I wrote in a post:

The sheer activity level, the vast number of first time buyers and investor clients looking for rental property, and the declining number of new listings have all been detailed here over the previous months. In December, new sales exceeded new listings for the first time in many months, and, beginning in February it seems to us that the bottom was reached and had passed some entry level buyers by.

A few minutes ago I received the following snapshot of the Sonoma County Real Estate Market closed sales figures from March 2008 through March 2009, thanks to my broker, Rick Laws of Coldwell Banker, who compiles our market statistics and shares them generously, with not only me and my colleagues, but the Press Democrat newspaper.
Median sales price starts to rise in Sonoma County, March 2009

Obviously one of the take aways from this graph, year over year, is the 27% drop in median price for the county. But the median price rose from its low in February about $10,000 with a high rate of closed sales and a good statistical base. Prices on the low end seem to have stabilized and maybe bounced upwards a few percent. This is as welcome as the signs of spring!

posted by Pam Buda // 1 Comment »