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In this edition of The Sonoma County Homebuyer's Guide, we're pleased to debut a brand-new expert column from Rene Richardson, a local REALTOR® with Sotheby's International Realty.
Each month, Rene will share real estate market data and analysis to help you make informed decisions about buying or selling your home in Sonoma County.
This edition also features in-depth insights into mortgage rate trends, how they might impact your real estate decisions, and the considerations you should make in today's market. |
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SOMO Village Update: New Homes, Brew Pub, Fitness Center, and Cafe |
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As development continues at SOMO Village, we're thrilled to share our latest construction and community milestones.
On the residential front, there are 116 single-family homes and 32 condos currently being built.
We also have some exciting community amenities in the works.
Old Caz Brew Pub has officially opened its door, and we're nearing the grand opening of the brand-new Crafted Cup location, SOMO Cowork 2.0, and somofit.
Learn more >>
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Inside Insights from Real Estate Pros |
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To Buy or Not to Buy: Surprising Insights About Mortgage Rates in Sonoma County |
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If you're feeling unsure about how mortgage rates might impact your home-buying plans, you're not alone. With rates fluctuating and market conditions shifting, the path to securing a home loan can feel more complicated than ever.
What is the current state of the mortgage market, and how is it trending? Should you focus on locking in your rate now, or wait for potential drops later in the year? How will that decision impact your long-term finances? Is a bigger down payment really the right move or are you better off keeping more cash on hand?
To answer these questions, we turned to Ted Aanestad, a seasoned mortgage advisor in Sonoma County. Our latest article dives into his insights.
Read more >> |
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Market Trends with Rene Richardson |
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Sonoma County REALTOR® with Sotheby's International Realty |
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Sonoma County continues to be a draw for many, maintaining a stable real estate market despite trends seen in many other parts of the country.
Reviewing the July stats for homes in Petaluma, Rohnert Park, and Santa Rosa priced between $600,000 and $1,000,000, the year-over-year market remains relatively strong. Notably, the price per square foot, a key indicator, has increased in most areas. |
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While Rohnert Park saw a 2% decrease in price per square foot, it's important to highlight that newer neighborhoods (K, W, O Sections) have actually experienced a 3% increase in median sold price YoY.
These areas are sought after, often entering escrow quicker than average.
July is typically a busy month for real estate in this price range as families aim to settle before the new school year.
Santa Rosa and Petaluma showed significant growth in the number of units sold, with increases of 22% and 26% respectively.
However, the Days on Market (DOM) has increased by 14% to 34 days in both Petaluma and Rohnert Park.
This trend reflects a 45% increase in inventory since Q2 of last year, essentially giving buyers more options.
Because of the increase of DOM, if you're considering selling, it's crucial to carefully consider price, timing, and property preparation.
Data Source: BAREIS MLS (Snapshot does not include Private Off-Market Sales Data) |
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Sonoma County Real Estate News |
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Searching for a 3-Bedroom House in the Bay Area for Under $1M
Susan Quillin and Jean Nelsen, retired and ready to return to Northern California, found themselves navigating the region’s wild real estate market. From Palm Springs to Petaluma, they searched for the perfect modern home with views, low maintenance, and community vibes.
Food for thought:
For homebuyers, knowing what you want and acting quickly is essential in a hot market like Sonoma County. Sellers, take note: homes with modern amenities and family-friendly neighborhoods are prime targets for eager buyers. Understanding these trends could help you get top dollar.
via The New York Times |
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Property Taxes to Increase for Sonoma, Napa, and Marin Counties
Record property tax assessments are hitting homeowners across North Bay counties, with Sonoma leading the way. As values rise due to inflation and demand, the 2024–2025 assessments show big jumps that could affect all types of property owners.
Food for thought:
Rising property taxes are a game-changer. Homeowners might feel the pinch when those bills arrive, and prospective buyers should keep this in mind when budgeting. Being aware of these increases could help you make smarter decisions, whether you're buying, selling, or staying put.
via North Bay Business Journal |
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Sonoma County Housing Market Stats |
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For a quick overview of Market Trends in your specific area click here and simply input your city or zip code to view your area stats. |
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Learn More About SOMO Village |
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If you’re interested in living in a sustainable community that fuses the best of city living with the country lifestyle and all the amazing things that Sonoma County has to offer, we invited you to visit SOMO Village. To learn more, download our residential project brief or get in touch with us today. |
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SOMO Group, 1400 Valley House Drive Suite 240, Rohnert Park, CA 94928, United States |
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