5/14-5/20 Market Dynamics Petaluma

West Petaluma definitely came back to reality this week in terms of median in contract, sales, and active homes.  Active units are still well above a million with 38 active units with a median price of 1,214,000.  New units saw a decrease to 850,000, under contract is 725,000, and sold at 740,000.  On the Eastside of Petaluma we saw some decreases in the median prices as well.  30 units are active in East Petaluma with a median price of 732,450.  7 New units came on the market averaging 699,000, under contract 725,000, and sold at 685,000.  All in all 68 units on the market as of 5/20.  

5/23 Brokers Tour Highlights 

2486 Sunset Ter, Petaluma

This 4/3 2326 sq ft home listing at 1,090,000 is nestled into the outskirts of I Street in West Petaluma.  With an open spacious feel as you walk though the doors, a remodeled kitchen, double fireplace, and wood flooring throughout you get a very warm feel in every corner of this home.  Sitting on a 11,718 sq ft lot with mature tree’s and a deep driveway it really does feel private and secluded.  It is just over a mile to town but this home feels like it is in the country.  It will make a great home for one lucky buyer. 

826 Stillson Dr, Petaluma 

This 3/2 1138 sq ft East Petaluma Charmer is offered at 609,000.  Absolutely turnkey, this remodeled Petaluma home just needs artwork for the walls and it is ready to live in.  Stillson has a new windows, bathroom, kitchen, landscaping, and is blocks for the sought after Meadow School.  When I think of the perfect starter home, this is exactly what I envision.   

Thanks for reading,

Mike Ward | Petaluma Realtor  

Are you and the family finally ready for that Petaluma home remodel that you have been talking about the last 10 years?  Well looks like you might have to pump the brakes a bit, everyone else locally is ready too.  A recent study found that most construction remodeling firms believe that the shortage of workers in our area will get worse this year while material and labor costs will increase.  The Petaluma real estate market has been hot, and with that hot market often comes buyers absorbing some of the issues that come along with an older home.  With 9 of 10 remodeling firms expressing an extreme shortage in Carpenters, it might take you a bit longer then expected to turn that Master bath into the Zen getaway you envisioned when you bought your home.  The other study I read said that 7 out of 10 firms will also pass along the increase in cost of materials and labor on to the customer.  This doesn’t mean you can’t make a remodel work, it just means it is going to make the pockets a little lighter when you do.  As a Petaluma Realtor over the last decade I have seen a wide array of home costs and remodel costs.  From the crash of 08′ to the all time high sales prices of 2018 and everything in between.  With homes prices at all time highs, it makes sense to go for that home expansion over the address upgrade, but look at the numbers and make sure it pencils out for you. 

Thanks for Reading 

Mike Ward | Petaluma Realtor      

Every Thursday I will be recapping the Petaluma Real Estate market.  This recap will include two homes from Petaluma’s brokers tour and the previous weeks Market Data  and analytics of Petaluma.  This recap will give the reader a solid impression of the local market.  Here are the two Petaluma homes that I will be highlighting this week. 

211 Photinia Place, Petaluma CA 94952 

211 Photinia Place is a little over one mile from downtown Petaluma but it feels like you are in a different world.  This gated property has a .65 acre parcel that backs up to the surrounding hillsides of tall grasses and grapevines creating a feeling of privacy and serenity.  With 3 bedrooms, 3 bathrooms, and 2591 sq ft of living space there is room to grow in this home.  If you are looking for true potential, look no further.  However, this is not a turnkey property.  This home is somewhat outdated and has enough baby blue throughout to make John Wooden and Lew Alcindor jealous.  If you are a buyer that wants potential and has a little bit of cash to spend, this is home you will never have to move away from.  Overall I feel in love with the location which far outweighed the need for some updating within the home.    

636 Casella Way, Petaluma CA 94954

Located in the Chelsea Square portion of east Petaluma, this 3/3 1550 sq ft home would be a great first time home buyer opportunity for anyone interested.  It feels spacious, has new carpet and paint, and is set right behind a great walking path.  With a small HOA of 90 dollars, the landscaping outside your front door will always be taken care of.  Overall I loved the space, location, and condition of this home.     

Petaluma Market Data 5/7-5/13

West Petaluma 

For the first time ever West Petaluma home sales have active, new, under contract, and sold categories of 1,000,000+!!!!  40 Active units in Petaluma West at a median price of 1,257,000.  3 new units with a median price of 1,400,000.  5 under contract at 1,275,000.  4 Sold at 1,000,000.  

East Petaluma 

There are 32 active units with a median price of 742,450.  8 New units averaging 725,000.  8 under contract at 657,000.  2 sold at 869,000.  

All in all 72 active units, the Petaluma Market is not slowing down in the slightest!  

Thanks for Reading, 

Mike Ward | Petaluma Realtor 

I receive an email each Monday from my Brokerage at Pacific Union that contains several articles of Real Estate subjects and information.  The first article I read was titled, “Is now the best time ever to sell your home,?”  Let that sink in for a minute.  I repeated that phrase in my own head over and over for about a minute.  My first answer is that this question is impossible to answer.  Although clients want every Realtor to take our their crystal ball and start a seance on call to establish what is the best time to sell, there are too many factors to know the exact apex of any market.  Interest rates, inventory, the economy, ect are all factors in knowing when or when not to sell.  The second answer to the the question stated above is, although no one really knows when the exact best time to sell their home is, we do know today is the best time in a long time.  What we know is that public confidence in the housing market is at an all time high.  Fannie Mae’s latest Home Purchase sentiment rose to 91.7 in April, an all-time high, with five of the six indicators increasing from the previous month. Forty-five percent of respondents to the poll believe that now is a good time to sell a home, which is also the highest in the survey’s history.  Top this with the U.S. unemployment rate that fell to 3.9 percent in April which is near an 18 year low and you have a home listing recipe for success.  Here in the Petaluma real estate market we will never know when the true perfect time to sell is until a year after it happened.  However, if we closely read the research from above I can confidently say right now is as good as time as any to list that home.      

Thanks For Reading,

Mike Ward, Petaluma Realtor.  

Spring is here and with spring comes an onslaught of homes hitting the market for sale.  Although the inventory hitting the market is below the averages we have seen throughout the last 5 years, the spring increase in Petaluma homes is still evident.  As of Tuesday 48 homes were active and available on the Westside of Petaluma, and 29 were active and available for purchase on the Eastside of Petaluma.   What price range are we seeing the largest increase in new listings that stay active longer in Sonoma County?  The homes that are active and staying active longer are above a million dollars.  Who would have ever guessed in 2012 that just 6 years later we would have the inventory of 1,000,000+ homes that we currently do in Petaluma.  Year to date in 2018 we have seen a 37% increase in home sales above one million dollars in Sonoma County.

  As a Petaluma Realtor this price point is exciting because of the positive effect that these home buyers average incomes have on our community.  On the opposite edge of the sword it can make home buyers looking to upgrade pretty nervous.  Regardless of your viewpoint it is great to see an increase of property for sale in Petaluma.  Please check in each week to this blog to see the latest news, analytics, and opinions on everything Real Estate related in Sonoma County! 

Finally its time for your buy it, sell it, live it tip of the week.  Get up on those roofs and check the gutters!  I have linked a great local roofing company, Wedge Roofing, to the tip if you don’t want to break those ladders out and check them yourselves. 

Thanks for Reading,

Mike Ward