Kirsten's Sonoma Real Estate Blog

Living in Sonoma with the Chinese "Sacred Lily"

The graceful beauty of this early blooming Narcissus has been a joyful sight every Winter that I've lived in Sonoma Valley.   I remember as a child seeing bunches of them in the hands of visitors stopping by to deliver Christmas cheer.   This year they are arriving in January, delayed---I'm guessing---by a lack of seasonal rain.  But here they are, anyway, in their dependable and determined way.  Living in Sonoma with Nature's bounty is such a privilege---every day!

~ Six Year Low for Sonoma Real Estate Listings ~

The supply of active real estate listings in Sonoma County is at a six year low.  This isn't any surprise to the buyers with whom I've been working lately.  They know there just aren't many homes to chose from.  It's especially difficult to find single level homes in Sonoma or properties for folks with specific requirements like a large level backyard for kids.  The chart below provides the big picture for real estate listings in Sonoma County in terms of months of available inventory.  It's provided by Trendgraphix using data from our multiple listing service, Bay Area Real Estate Information Services.

We have not seen much in the way of new listings since the beginning of 2012.  Seems to me this could be a very good time for Sellers who've been waiting to list their homes to get on it.  The Spring market is coming soon!  If you are a buyer contact me for the latest data on listings in Sonoma County.

~ January 2012 Sonoma Homes for Sale ~

A year ago today there were 157 homes for sale in Sonoma.  Right now, the number of active Sonoma listings sits at 142.  Sonoma's residential listing inventory is low---just as it is in most markets around the country.   The majority of available properties, or nearly 4 out of 5,  are non-distressed listings. 

Bargain-minded buyers are clearly choosing to purchase distressed properties over non-distressed.  More than 75% of all listings under contract  involve Sonoma REOs or Sonoma short sales.

This last chart shows that just a "baker's dozen" of sales are pending as we begin the new year.  More than half of the pending sales are distressed properties, either short sales or bank-owned.

Our spring selling season starts in March.  I expect to see inventory grow fairly rapidly toward the end of February.  Stay tuned for an update on the new offerings!  And if you're considering a sale of your own Sonoma home, contact me for the latest market conditions.

~ The High Cost of Emotional Attachments in Real Estate ~

The house was listed for just under $1.3 Million.  It had been in escrow twice.   The first time,  right after it hit the spring market,  eager Buyers stepped up with a little under asking price and the Seller accepted.  If fell out of escrow, though, after the Buyers found another nearby property that was more to their liking and more in line with  their dreams.

The second offer was lower.  This typically happens after a failed escrow.  Sometimes listing agents will add a note to their comments in the MLS saying the escrow failed "through no fault of the property."  It doesn't matter.  Once an offer is withdrawn----for whatever reason---a listing is considered "tainted."   So,  the seller took the second and lower offer only to have the second Buyer walk after reading the Seller's disclosures.  The documents included an estimate for tens of thousands of dollars in repairs caused by years of deferred maintenance.  Buyer number two thought that a bit much.

Three months after that second failed deal, the house remained empty and listed at the same price.  By the way, it was initially listed at just under $2 Million back in 2008.

A third Buyer with a pretty sharp real estate agent made an offer for $1 Million.  Disclosures in hand, the offer was made in anticipation of a counter.  That counter came in at $1.2 Million.  Sheesh.  The third Buyer bravely offered more only to hear that the Seller was not going to respond because the gap between them in "perceived value" was too great.

The listing agents explained that the Seller was emotionally attached to the house.  They also indicated they knew that the Seller's emotionally-driven perception of value was unrealistic in today's market. 

The property has been taken off the market "to give it a rest."  It will probably reappear in the Spring and the Seller's perceived value will not have changed while the market value may have dropped by ---what do you think?---another 5 to 10%?

All told, the Seller's emotional attachment to this home will likely cost her hundreds of thousands of dollars.  That's a lot of money where most of us grew up!

~ Speechless Sunday - Sonoma County's Bennett Valley ~

~ Wordless Wednesday - An Acorn Woodpecker's Winter Stash ~

~ Sales Up 30% As Sonoma Home Prices Decline ~

Sales of single family homes in Sonoma County were up nearly 30% in October 2011 over sales in October 2010.  According to my friends at the Sonoma County Real Estate Report, sales in October rose nearly 7% from where they were in September.   Those are some pretty significant gains in units traded.   Also noteworthy were the declines in median sale prices of Sonoma County homes.  Year-to-year, county-wide, the decline was almost 10%.  The median sale price in October dropped 11.6% from the median in September.

The chart above shows inconsistent sales activity from town to town or in different micro-markets throughout Sonoma County.  This is an excellent illustration of why regional reports often fail to provide accurate information about market behavior in specific communities.   I note that Sonoma posted close to a 74% year-to-year increase in sales while the median price in Sonoma dropped a whopping 42% due to our increasing inventory of distressed properties.  The chart below shows how sales of homes under $500,000 continue to dominate the Sonoma County real estate scene.

Demand for Sonoma County real estate in many areas is very strong right now, even as we head into the holiday season.  If you are interested in knowing more about the inventory here or might be considering the sale of your property, please contact me now.  There are lots of buyers out there!

~ See What We Love About Living in Sonoma in the Autumn ~

I looked in my rear view mirror as I was passing through Bennett Valley on a late November day.  What an amazing Autumn landscape!   I pulled over at the driveway into  Mayacama Winery, took off my shoes, and climbed onto the roof of my car.   It was slippery up there in my socks.  The wind was biting and nasty.   But I didn't care because my heart was on fire with love for the incredible beauty.  Have you ever seen blazing vineyards?  It is such a joy to live in Sonoma County.

Will Sonoma Home Prices come Roaring Back?

California home prices may rise dramatically in the not too distant future, according to a group of highly respected California economists.   This forecast is something Sonoma home buyers should be taking into account as they consider whether to buy now or later.

 

I've been showing a lot of Sonoma real estate lately---entry level homes, second homes in Sonoma, and beautiful wine country estates.  Buyers have been reluctant to make offers.  It's understandable, with all the gloomy news about the U.S. and European economies.  But the fact is this is a good time to buy if you see a property that "sings to you."  Prices are lower than they've been in nearly a decade.  Interest rates remain incredibly low.   And if the UCLA economists are right and you wait much longer to buy your Sonoma home, you may wind up singing the blues.

Want info about the best real estate in Sonoma, Glen Ellen, Kenwood, Petaluma, Santa Rosa, Sebastopol, or Healdsburg?  Call, text, or email me.  I will listen carefully and promise the straight talk you want and need.

Search Sonoma Listings   Search Glen Ellen Listings  Search Kenwood Listings

Search Petaluma Listings  Search Santa Rosa Listings  Search Sebastopol Listings

Search Healdsburg Listings

707.337.1182 | Kirsten@KirstenLindquist.com | SonomaIsHome.com

Pacific Union International &  Christie's Great Estates

The Best Sonoma Real Estate

109 East Napa Street | Sonoma, CA  95476

CA DRE #01313592

 

 

 

 

7 comments • Kirsten Lindquist - Realtor Sonoma Wine Country • November 11 2011 12:33PM

A Sonoma/Napa Real Estate Off-Road Trip

~ A Sonoma/Napa Real Estate Off-Road Trip ~

It was like a great vacation.  Two days of travel through some of the most ruggedly beautiful land in upper Napa County and on the Sonoma Coast.  It was business---I was showing property---but it was really pure pleasure.  The buyers were looking at ranches.  We toured thousands of acres.   At one property near Lake Berryessa in Napa County we traveled in a Polaris Ranger ATV to an elevation of 2400 feet where the views were amazing.

On the Sonoma Coast we spent several hours at a ranch with forever views of the Pacific Ocean.   At this property in Bodega Bay we were taken by Jeep to a hilltop far above the harbor full of fishing boats.   Closer to shore and grazing the land---to the sound of breaking waves---we saw Belted Galloway cows, a rare breed of Scottish beef cattle that some people call "Oreo Cows."

 

From Lake Berryessa to Bodega Bay is quite a distance.  Seventy to eighty miles, depending on the route you take.  Sometimes I gripe about the amount of driving I do as a real estate agent.  And then there are days like these---when I wish the journey would never end.

Want info about the best real estate in Sonoma, Glen Ellen, Kenwood, Petaluma, Santa Rosa, Sebastopol, or Healdsburg?  Call, text, or email me.  I will listen carefully and promise the straight talk you want and need.

Search Sonoma Listings   Search Glen Ellen Listings  Search Kenwood Listings

Search Petaluma Listings  Search Santa Rosa Listings  Search Sebastopol Listings

Search Healdsburg Listings

707.337.1182 | Kirsten@KirstenLindquist.com | SonomaIsHome.com

Pacific Union International &  Christie's Great Estates

The Best Sonoma Real Estate

109 East Napa Street | Sonoma, CA  95476

CA DRE #01313592

 

 

 

 

5 comments • Kirsten Lindquist - Realtor Sonoma Wine Country • November 06 2011 11:58PM

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