This week North Bay Luxury Real Estate focuses on Petaluma Luxury Real Estate. The market for Petaluma luxury homes is on the upswing.
Watch the video above, or read the text version below:
“Hi there. It’s Tracy Otsuka with Sotheby’s International Realty.
What’s going on with the luxury real-estate market in Petaluma? A lot, actually! We have had a 300% increase year over year in the number of homes that have sold in Petaluma that are a million dollars and above.
We have six percent fewer homes listed this year rather than last year, but they’re selling this year, unlike what they were doing last year which was not selling.
The medium price sold over the past six months has jump from 1.275 million to 1.285 million, I know you’re not going to call out the National Guard. It’s not a huge jump, but hey it’s a jump in the right direction and we’ve been needing this for a while now.
Right now, in December of 2012, the average least-price of properties in Petaluma million dollars and over is just around 1.8 million. The average least-price is 3,329 square feet and the average price per square foot of this property is $669.
The average days on the market of these homes, is 126 days. In Petaluma we currently have 17 homes listed for sale, that are million dollars and over, but only two that are in contract. I’ll tell you a little bit about that in a minute.
What’s sold in Petaluma over the past year? A lot. We have sold 17 properties in Petaluma over the past year that are a million dollars and over. Most of those have sold in the last six months of the year, when the market just frankly took off.
The average sales price in Petaluma of properties that sold this year is $1.325 million. The average square footage of those homes is 3,157 square feet and the average price per square feet of those homes that have sold is $503. Now you remember the average price per square foot of the property that are currently listed on the market and that’s $669 per square foot, so there’s a big discrepancy there between the price per square foot of what properties in Petaluma over a million dollars have sold for, versus what they’re listed for.
A lot of property … Beautiful properties, all 17 that sold, remember? There’s a bunch that I just love, but there’s one just really beautiful farm house. It’s a craft’s man farm house it was three thousand, plus or minus, square feet and it was on Pepper in Petaluma. It contained three acres of the most beautiful gardens anywhere. There was a 900 square foot bar and there was guest cottage. It was just the simple elegant beautiful home. The kitchen reminded me of something Ena Garten would be cooking in. That property sold for $1.795 million very recently.
I’m here to tell you that the luxury market in Petaluma is alive and well. We can use a little bit more inventory, but it’s all good.
I’d love to hear your comments; I’d love to hear your questions. You can text me or call me 415-668-2020 or you can email me at tracy@tracyotsuka·com. You can catch up with me on social media I’m on Twitter, LinkedIn, Google +, Facebook, look for North Bay Luxury Real Estate. I’d love to hear from you. Thank you so much for listening and we will chat soon.”
Join us every week for more video updates from Tracy, the North Bay Luxury Real Estate, premier broker. Please contact her at 415-668-2020 if you would like more information, or wish to sell or purchase a luxury home in the North Bay.