Sonoma Home Prices and Sales Up in August

Sonoma Home Prices and Sales Up in August

Sales of Sonoma homes increased last month and prices did too---compared to where they were a year ago.

Based on data provided by the Bay Area Real Estate Information Service, our local Multiple Listing Service, total home sales in Sonoma Valley were counted at 48 units last month, including non-distressed and distressed homes.

In August 2010 there were 42 units sold and as shown in the BAREIS Quick Stats chart, the average price was considerably lower.

Year-to-year the number of short sales remained the same at 5 properties, while bank-owned sales (REOs) dropped by 50%. There were 12 Sonoma REOs in August 2010 and 6 Sonoma REOs last month.

Listing inventory remains light which may account for the increase in sold prices. We are seeing growing demand for non-distressed properties so if you are considering the sale of your home, this is a good time to talk to a licensed realtor about getting it ready for market.