Sonoma Luxury Homes Are Selling. The North Bay Area Real Estate Information Services MLS statistics for February show there were four sales last month of Sonoma Luxury properties priced from $1.4 million up to $3.5 million.
Why report just four sales?
Because, during the same period last year there were ZERO sales of over $1 million in our Sonoma Valley real estate market. Can we draw any conclusions based on just four sales? No, not yet. If this trend continues through the current month of March, though, we will be seeing evidence that Sonoma luxury properties are beginning to move again. How can I make that statement? Because in March of '09 there were also ZERO sales of $1million-plus properties in Sonoma Valley.
It's worth noting that none of the February 2010 Sonoma luxury property sales involved distressed properties. While the $3.5 million dollar sale of the home on Gehricke Road skews the averages significantly upward, it is interesting to see the average sales price per square foot at $623 on these upper end Sonoma Valley homes.
And the original asking prices on these Sonoma properties?
Kinneybrook started out at $1,495,000
Castle Road at $1,995,000
2nd St. East at $1,895,000
Gehricke was first listed in 2006 at $5,500,000.
Stay tuned. I'll keep you posted on Sonoma Valley luxury property sales and other Sonoma real estate news.
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