Santa Rosa, CA Housing Market: November 2024 Analysis
The Santa Rosa, CA metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 1.8% year-over-year, settling at $771,000. This decline contrasts with the Median List Price, which has risen by 6.0% to $842,440, indicating a potential gap between seller expectations and buyer willingness.
In terms of Price Per Square Foot, the Median Sales Price per square foot has decreased by 2.6% to $475.70, while the Median List Price per square foot has seen a modest increase of 1.4%, reaching $483.46. This divergence suggests that while sellers are optimistic about pricing, buyers are negotiating more aggressively.
The number of Homes Sold has surged by 28.7% year-over-year, with 332 Homes Sold in November 2024. Pending Sales have also increased by 14.1%, totaling 340. This uptick in sales activity is occurring despite a 7.4% decline in New Listings, which numbered 252. The inventory has grown by 8.8% to 948 homes, providing more options for buyers in the market.
The Months of Supply have dramatically decreased by 50.0% to 2.90 months, indicating a tighter market compared to the previous year. This reduction in supply could be contributing to the increased sales activity, as buyers are motivated to act quickly in a competitive environment.
The Median Days on Market have increased slightly by 3.0% to 46 days, suggesting that while homes are selling, they may be taking slightly longer to do so compared to last year. The average sale to list ratio has seen a minor decrease of 0.2%, now at 99.3%, indicating that homes are selling very close to their list prices.
The percentage of Homes Sold above list price has decreased by 3.9% to 33.7%, reflecting a shift in buyer leverage. Additionally, the percentage of Price Drops has increased by 1.2% to 21.6%, suggesting that sellers are adjusting their expectations to align with market realities.
Finally, the percentage of homes going off the market in two weeks has decreased by 1.8% to 31.5%, indicating a slight slowdown in the speed at which homes are being snapped up by buyers.
Overall, the Santa Rosa housing market in November 2024 is characterized by increased sales activity and inventory, alongside a decrease in supply and mixed pricing trends. Buyers appear to be more active, yet cautious, as they navigate a market with rising list prices and a slight increase in negotiation power.
