Sonoma County’s hot housing market prompts buying frenzy, record prices


The coronavirus pandemic flattened a great deal of the Sonoma County economy. But it’s proven no match for the surging housing market.

Sales and prices of single-family homes notched consistent gains since last summer against strong economic headwinds. In the past three months, however, prices skyrocketed to astonishing levels never seen before in an area accustomed to outsized price tags on houses.

The median price of the 546 existing homes sold countywide in May reached an all-time high of $780,000, up 16.5% from the same month a year ago.

That smashed the record $775,000 median price on 580 home sales in April, a 17.6% yearly jump. The March median was $767,000, a 13% annual boost.

Despite soaring prices, buyers, many flush with cash, are snapping up homes in lightning-quick fashion. The frenetic pace of monthly sales volume, which more than doubled from a year ago in both April and May and remains induced by low interest rates, left a…

Read more…