As 2017 came to a close, Sonoma County, like its neighbor Marin, saw a ten-year low in inventory, down by 17% year over year. The compound effects of uncertainty around the tax bill and the devastation wreaked by the wild fires in Sonoma County in October impacted both sales and listings, freezing the market in place for a time. The resiliency of the residents and the enduring attractiveness of the area are expected to effect resurgence of activity, bringing with it the liveliness typical of the Sonoma County market. Days on market were reduced further by 6%. Units sold remained nearly flat and the median price in 2017 rose 9%.
2017 ended well for the Monterey Peninsula. This market does not usually have dramatic spikes, but holds a steady upward trend at a reasonable rate of increase. Overall, the number of sales were up about 3% and the median price went up over 12%, indicating a good, solid, and strong market. As the amount of inventory is diminishing on a steady basis, we are moving in the direction of becoming more of a seller’s market. Although we currently have a decent amount of inventory, it is rapidly declining.
2017 in Santa Cruz County showed fairly consistent numbers to those of 2016, indicating a continued stabilization of the market. Inventory slightly dropped by 8% and there was no overall change in continuous days on market. Units sold and median price rose slightly, but remained steady year over year.
Real estate in Santa Clara County remained a very hot commodity throughout 2017. The early frenetic spring and summer multiple-offer market continued throughout the fall. Buyer demand for properties in the premium areas of the valley caused acceleration to new median price heights before cooling slightly and ending the year at $1,005,000, representing a year-over-year increase of 12% in median price for the county. Sales volume and homes sold just slightly increased 1% over 2016, leaving many buyers wanting more housing inventory. The average days on market pace didn’t slow much over the year, ending 2017 at a scorching 21 days. At year end, the available inventory of all types of housing dropped to new record lows, leaving us to start the year with well less than one month’s supply of unsold properties throughout the entire county.
Inventory continues to be scarce, with 2017 ending with less than two weeks of available properties based on closed sales, which is less than half of what was perceived as a very limited supply one year ago. As the new year commences, time will tell if inventory will grow above 2017 levels, however there are expectations that it will not and buyers will continue to face fewer available properties.