A report from the Press Democrat in California. "Sonoma County’s retreating condominium market is providing the starkest signals for the slowdown in local home sales. Condo sales this year have fallen to the lowest level in a decade, while the number of units listed for sale in September reached its highest mark for any month in nearly 11 years."

"Amid the decline in condo sales and prices, more sellers are joining the price reductions. After reviewing real estate multiple listing service data, Pacific Union International senior vice president Rick Laws concluded prices had been reduced for at least four of 10 condos on the market in October. For single-family houses, price cuts had occurred for at least one in three properties."

"'I think it shows a significant number of sellers are having to adjust their expectations,' Laws said."

"Real estate agents said they began to notice the slowdown in activity in late spring. For example, in May certain condominiums started to sit longer on the market without offers, said Alanna Krinard, sales manager of Century 21 NorthBay Alliance in Santa Rosa."

"'To me, the condos are the canary in the coal mine,' Krinard said. What happens with them can portend changes coming to the broader housing market, she said. Prices have declined from a summer peak, and many buyers are waiting to see if values will keep falling."

"For sellers, 'if you’re not proactive on price, you’re going to sit,' said Ken Schrier, a partner in Re/Max Marketplace in Cotati."

"Schrier said the condo skid doesn’t signify a bubble bursting in residential real estate, as happened a decade ago when home prices crashed. Condo inventory remains at less than a three-month supply at the current sales pace, he said, a level still indicative of a seller’s market."

"But the greater housing market has moved past the shakeup caused a year ago when wildfires destroyed 5,300 homes in the county, agents said. Some sellers keep pricing homes based on what fire survivors would be willing to pay, Schrier said, but 'that ship left port by May.'"

From Think Realty. "When the Carr wildfire started in California, homeowners were naturally very concerned about the safety of their property. Once the wildfire was contained, about two months ago, most real estate analysts expected a run-up in prices after the smoke cleared. This is what happened in Sonoma County in Fall 2017. However, in the Redding area of California, it’s not happening."

"Between August and September, however, home prices fell 11%. Local broker Brad Garbutt reported he had expected about a third of homeowners who lost their homes in the fire would opt to purchase properties elsewhere in the area rather than try to rebuild their old houses. However, 'We are not seeing a third of the people going out and buying houses, let’s put it that way,' he admitted."