High-end home sales heating up in Sonoma24 Sep 2012 8:36 AM
Sonoma's housing market is making significant gains, according to the Press Democrat, largely buoyed by the sale of luxury homes in highly desirable neighborhoods. The increased sales of these high-end homes helped raise the median price in the area 11 percent from July to August.
Real estate professionals in the area have been seeing an increase in motivated buyers approaching them and asking to see well-priced, high-quality homes, the source reports. This is good news for the market, as it denotes a shift from the starter homes that had dominated the market in the wake of the recession. Homes selling between $400,000 and $800,000 made up 38 percent of the market in August, the largest share in nearly three years, according to the source. In 2011, homes in that range made up only a quarter of sales.
As the market for luxury real estate in Sonoma heats up, the number of for-sale homes is dwindling. August ended with fewer than 1,000 homes for sale, which is less than a two-month supply at the current pace. Those hoping to find a high-end property in the area may want to begin their search soon and in earnest if they hope to find their dream home in Sonoma.