February 2024 Sonoma County Market Insights

The real estate market is showing signs of vigor, with a surge in new listings and homes entering contracts. Improved interest rates, stock markets, and consumer confidence since October are driving increased engagement from both buyers and sellers, accelerating market activity. Despite rising listing inventory, it remains low compared to pre-pandemic levels. Buyers are outpacing sellers, creating a significant supply-demand imbalance. January’s closed sales statistics reflect late 2023 contracts, with spring expected to bring substantial changes. The California Association of Realtors predicts a 23% increase in state home sales, a 6.2% rise in median house prices, and a decline in the average 30-year mortgage rate to 6.3% compared to 2023.