Are Sellers Ready To Enter the Housing Market in Sonoma County?
Updated: Jul 3, 2021
One of the biggest questions in real estate today is, “When will sellers return to the housing market?” An ongoing shortage of home supply in Sonoma County has created a hyper-competitive environment for hopeful buyers, leading to the ultimate sellers’ market in North Bay communities such as Santa Rosa, Sebastopol, Healdsburg, and more.
It is truly astounding to see the downward trend of average days on market for residential re-sales in Sonoma County over the past year. From a high of 66 days to now at only 33 days, down 45%.
During the same period, the median sale price of single family homes in Sonoma County is up $100,000!
So, the question now is "Will more sellers finally be in sight?" As the economy continues to improve and more people get vaccinated, we are seeing signs of positivity for this.
The Home Purchase Sentiment Index (HPSI) by Fannie Mae recently noted the percentage of consumer respondents who say it’s a good time to sell a home increased from 61% to 67%. Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae, indicates:
“Consumer positivity regarding home-selling conditions nearly matched its all-time high.” (See graph below):
Fannie Mae isn’t the only expert group noticing a rise in the percentage of people thinking about selling. George Ratiu, Senior Economist at realtor.com, shares:
“The results of a realtor.com survey . . . showed that one-in-ten homeowners plans to sell this year, with 63 percent of those, looking to list in the next 6 months. Just as encouragingly, close to two-thirds of sellers plan to sell their homes at prices under $350,000, which would offer a tremendous boost to affordable housing for first-time buyers.”
Bottom Line If you’re considering selling your house, don’t wait for more competition to pop up in your neighborhood. Let’s connect today to explore the benefits of selling your house now before more homes come to the market.