Q3 2014 Market Update – Wine Country
Sotheby’s International Realty Brokerages, recently released his third quarter 2014/Q3 2014 market update for Wine Country.Jeffrey Gibson, the manager of both the San Francisco and Wine Country
To summarize the report, according to the Bay Area Real Estate Information Service (BAREIS), the market remained strong in comparison to previous quarters in 2014. When comparing the Q3 2014 market update year-over-year in 2013 and 2014, the average sales price for a single family home did increase in almost all areas throughout Wine Country, particularly in Napa Valley’s St. Helena, where the average sales price rose 33%. In Sonoma Valley, the average sales price of a single family home rose 11% – also a notable increase.
Despite the 6.0 magnitude earthquake that struck Napa Valley in August, the average sales price also experienced a 13% increase according to the Q3 2014 market update. Due to the shortage of inventory in many parts of Wine Country, some areas including Sonoma Valley, Napa and Healdsburg saw a decline in the total number of single family homes sold which thus led to a decrease in total sales volume.
The Petaluma market saw a 4% increase in the average sales price of single family homes sold in the up to $500k price point in comparison to 2013. For single family homes between $500k and $100 million, there was a 56% climb in amount of closed sides. See the full breakdown in the chart below.
To take a look at the full Wine Country Real Estate Q3 2014 Market Update, click here.