The 2020 Sonoma County Sales Stats Are In!

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Wondering what’s up with the market in Sonoma County? Here are the sales stats for 2020. You’ll note an 8% increase in median sale price compared to 2019! If you’re wondering what your home may be worth right now, give me a ring or reach out. I’m happy to answer any questions you may have!

Hope you are doing well!

U.S home prices surge to 6-year high as more people flee cities, Case-Shiller finds

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A house’s real estate for sale sign is seen in front of a home in Arlington, Virginia. The U.S. real estate market is booming even as the coronavirus crisis intensifies.
SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES

The numbers: The cost of buying a home surged again in October, a closely followed index showed, and prices rose at the fastest rate in six years in a clear sign the housing market is still booming despite a raging pandemic.

A measure of home prices in 20 large cities rose at a 7.9% yearly pace in October, according to the S&P CoreLogic Case-Shiller price index. That’s up from 6.6% in the prior month.

A broader measure by Case-Shiller that covers the entire country, meanwhile, showed a similarly large 8.4% increase in home prices over the past year. That’s also up sharply from 7% in the prior month.

Prices have risen at the fastest clip since 2014 owing to record-low mortgage rates and an influx of people leaving cities to escape the coronavirus and find more space. A short supply of homes for sale has also been a contributing factor.

On a monthly basis, the Case-Shiller 20-city index rose 1.3% in October.

Read: New federal coronavirus cash should keep economy afloat until vaccines are widespread

What happened: Prices rose in at least 19 of the 20 large cities tracked by Case-Shiller. Detroit was excluded once again because not enough information could be collected. A state lockdown to try to slow the spread of the virus has led to delays in record keeping.

The biggest yearly increases in home prices took place in Phoenix (12.7%), Seattle (11.7%) and San Diego (11.6%).

The smallest increases occurred in New York (6%) and Chicago (6.3%) and Las Vegas (6.4%) — cities that have been hit hard from the virus or whose local economies have suffered the most.

Big picture: Home sales aren’t expected to slow much, if at all, even amid a record coronavirus outbreak. Super-low rates and the growing prospects of the economy gradually returning to normal are likely to keep demand high.

That’s good news for sellers but bad news for prospective home buyers, who are unlikely to get much of a price break in 2021.

What they are saying? “The data from the last several months are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes,” said Craig J. Lazzara, global head of index investment strategy at S&P Dow Jones Indices.

Market reaction: The Dow Jones Industrial Average DJIA, 0.28% and S&P 500 SPX, 0.17% rose in Tuesday trades. Stocks have climbed to a record high on optimism that coronavirus vaccines will soon lead to a stronger economic rebound.

Re-posted from https://www.marketwatch.com/story/u-s-home-prices-surge-to-6-year-high-case-shiller-shows-11609251649

COVID Housing Market Update

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California’s housing market is poised to send 2020 out on a high note—reaching levels not seen in over a decade despite elevated unemployment and ongoing restrictions in the broader economy. The macroeconomy has also shown promising signs of late with consumer confidence picking up in December and rates sitting at all-time lows. There is even light at the end of the tunnel on the public health standpoint. Challenges remain, but if we can make it through these next few months, the outlook for 2021 remains positive for our industry.

 

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Share of Vacation, Second Home Purchases Rises to Highest Level in Four Years

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More people are buying vacation homes or second homes this year, as its share of total sales rise to the highest level in four years, according to C.A.R.’s Annual Housing Market Survey. The flexibility to work from home and the desire to move away from metropolitan areas motivated home buyers to flock to resort communities in search of more space and a healthier lifestyle. Resort communities are seeing unprecedented buying activity and price increases, and their markets have been outperforming the rest of California so far this year.

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