Petaluma Real Estate Market Report for January 2011
Petaluma, CA is located 40 miles North of San Francisco and 23 miles East of the Pacific Ocean. Some think of Petaluma as two towns, actually, the West side and the East Side, separated by Highway 101.
West Petaluma shares its history of the 1800's while, for the most part, East Petaluma emerged after World War II in the early 50's. When buyers visit Petaluma, they usually find one side more appealing than the other almost instantly. With almost 55,000 residents, this Southern most city in Sonoma County is appealing to those who enjoy good old fashion parades, especially the Butter and Eggs Day Parade.
The graphs below will help you understand recent trends in the Petaluma Real Estate Market. Data for these graphs is derived from the Bay Area Real Estate Information System (BAREIS). Private sales, multi-family homes and mobile/manufactured homes are not included in this report. The data is believed to be reliable but not guaranteed.
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Median For Sale Vs. Median Sold:
The median price of homes for sale in January 2011: $415,000 (-15% compared to January 2010)
The median price of homes sold in January 2011: $405,000 (-8% compared to January 2010)
The For Sale and Sold medians are very close, a good indicator that homes in all price ranges are selling.
New Properties by Month:
New properties listed in January 2011: 62 (-6% compared to January 2010)
Of these 62 new properties, 34 are distressed (55%)
Unfortunately, we are still seeing a majority of distressed homes coming on the market.
Under Contract Properties by Month:
Properties that had an offer accepted during January 2011: 72 (+44% compared to January 2010)
Of these 72 properties, 52 are distressed (72%)
Wow ... more properties went under contract in January 2011 than any other month in the past year. This is a great indicator of buyer activity in Petaluma!!
Sold Properties by Month:
Properties that closed during the month of January 2011: 33 (+6% from January 2010)
Of the 33 properties that closed, 15 were distressed (45%)
Average Days On Market was 130 days
The DOM this month was higher than it has been for over a year. One home was on the market for 610 days!
For Sale Properties by Month:
Properties for sale in January 2011: 275 (+17% compared to January 2010)
Of the 275 properties for sale, 132 are distressed (48%)
Average Days On Market is 152 days
The DOM is high, but the DOM in January 2010 was 231 so this is huge improvement!
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