Median home price hits 5-year high in Sonoma County

  • Keller Williams broker associate Timo Rivetti, Tuesday May 14, 2013, of Petaluma listed this home in Petaluima and is receiving multiple offers on the $575,000 asking price. The median home price for April is $100,000 over last year. (Kent Porter / Press Democrat) 2013

Sonoma County's median home price jumped above $400,000 in April for the first time in nearly five years, a symbolic marker that shows just how much the local housing market has changed in the last 12 months.

The median price of a single-family home climbed to $435,500 last month, according to The Press Democrat's monthly housing report compiled by Pacific Union International Vice President Rick Laws.

The price increased 10 percent from March and 26 percent — or $100,000 — from a year earlier.

Part of price jump was driven by a shift in the mix of sales, with an increase in transactions among more-affluent neighborhoods. As well, sales of financially distressed properties have fallen to their lowest level in more than four years.

But brokers said home values also are rising as multiple buyers bid on properties and the number of available homes remains at its lowest point in nine years.

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