Sonoma County home sales rebounded in March, rising 40.5% from the record low set in February. Year-over-year, home sales were off 22.5%.

The median price for single-family homes in Sonoma County gained 1.2% from February, off 3% year-over-year. This is the ninth straight month the median price has been lower than the year before. From the peak of $618,450, reached in August 2005, the median price is down 10%. The average price gained 3.4% month-over-month, down 2.2% from the year before.

The median price for condos fell 5.8%, month-over-month, to $330,000, a year-over-year loss of 11.9%. The median price for condos is now down 16.2% from the peak of $394,000 reached in October 2005.

Condo sales rose 16% from February, down 23.7% year-over-year.

The time it takes from when a home is listed for sale to when it is put under contract rose seven days to 123. The average days on market for condos gained 11 days to 126 days.

The sales price to list price ratio for single-family home rose 0.2 of a point to 97.5%. The condo ratio was flat at 98.6%.

Marin County:

The median price in Marin crossed the $1,000,000 mark. This is due to higher priced home sales ( $2-$3 Million ) pushing the median higher. Homes in the $1-$1.5 Million are still slow based upon higher interst rates for buyers. The Marin Independent Journal today said that Buyers are buying, hoping to lock in a price today and avoid tomorrow’s appreciation. I am not sure I totally agree with the Marin IJ but there are buyers making good offers for good properties.

The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home’s worth, call me.

Read Our Marin County Home Report.