Sonoma County's Million-Dollar Homes See A Spike in Sales
The number of homes at the $1 million mark and above continues to rise this year. One of the biggest areas of growth comes from residential sales in Sonoma County, CA, according to a recent report.
"Buyers purchased 180 single-family homes in the million-plus segment during the first three months of the year, according to The Press Democrat's monthly housing report compiled by Pacific Union International senior vice president Rick Laws," according to National Mortgage News.
"Sales of homes priced at or above $1 million increased 38 percent from a year earlier and have quadrupled in the last five years."
The report revealed that the wildfires that struck the Sonoma area have forced families towards the million dollar market. It's not the traditional increase in demand that we are seeing in metro areas across the country, though, it is driving up the demand for homes outside of the disaster-stricken area.
"Nonetheless, Laws and other brokers said other factors also played a role in the increased sales of upscale homes, including the appreciation in prices, which has pushed more homes across the million-dollar threshold, and ongoing competition from elsewhere in the Bay Area, where prices are generally higher," according to the report.
With families looking to find a quicker option than rebuilding, Sonoma's million-dollar market is heavily benefitting in sales.
To learn more about the boom in million-dollar homes for Sonoma, click on the image above.