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Charleen Price - GRI
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Home » Char’s January 2024 Blog – Market Update

Char’s January 2024 Blog – Market Update

Stay Up-To-Date on Industry Trends & Forecasts

In light of the upcoming election along with being told by more than one friend that they had been hacked, I thought it to be appropriate to remind everyone that it is important to be Cyber Safe. I am including a list of ways one could be compromised and ways to prevent that.

Stay safe and alerted to the possibilities.

Charleen

Did You Know?

  • Updates Matter – Install the latest updates for all devices, programs and apps, which typically include improved security measures. Where possible, opt for automatic updates.
  • Phishing is a type of online scam that targets consumers by sending them an e-mail that appears to be from a well-known source – an internet service provider, a bank, or a mortgage company, for example.
  • Ransomware is a type of malicious software, or malware, that prevents you from accessing your computer files, systems, or networks and demands you pay a ransom for their return.
  • Spoofing and Phishing – Spoofing and phishing are schemes aimed at tricking you into providing sensitive information—like your password or bank PIN—to scammers.
  • Holiday or Shopping Scams – When shopping online during the holiday season—or any time of year—always be wary of deals that seem too good to be true, and do your part to avoid becoming a scammer’s next victim.

 

Common Scams and Safety Tips:

Sources To Report:

Market Trends & Forecasts

Market Update

Turning the page on the calendar as we begin the new year, it is always interesting to read the “year in review” articles and take in the “new year’s predictions”. Speaking specifically of the real estate markets, on a national scale, we saw the highest, fastest increase in mortgage interest rates during 2023. And the number of new listings coming on the market last year was the lowest in decades, a dominant factor behind sales dropping to their lowest annual total since the great recession.

So, how did Sonoma Valley fare overall in 2023? Reviewing the average median prices, we found that there was an approximate 6.5% increase in the list prices year over year and an almost exact same decrease in the average median sales price. Looking at the numbers of listings and sales, a similar pattern was seen with an 8% increase in the average number of listings but a somewhat higher 16% decrease in the average number of sales.

From our December 2023 vs. December 2022 review, the numbers stayed fairly close to the averages with a 7% increase in number of listings but a larger decrease in the number of sales, at 27%. Prices followed a similar course to the annual averages with a 9% increase in median list price and a 22% decrease in the median sales price.

Overall, we can say that Sonoma Valley held her own in this somewhat tumultuous year. As we look ahead, we are already feeling a renewed enthusiasm in the market. With the drop in interest rates, from approximately 7.79% to 6.61%; the strength of the stock market, including the S&P up by 25% and Nasdaq up by 45%; and the decline in the CPI from 6.3% in January to 3.1% in November over these last two months. Buyers and sellers seem poised to jump back into the market. We predict 2024 to be a great year for real estate and want to wish you all a Happy and Healthy New Year.

Please note, all information is for single family residences in the Sonoma Valley as reported to BAREIS, the local multiple listing service through Broker Metrics.

This BLOG is intended to provide information and content of value. Suggestions about what you would like to see more of, feel free to email me and certainly feel free to forward to friends and family.

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