Home Buying in Petaluma>Question Details

Helene Ford, Home Buyer in Show Low, AZ

I keep looking at House in Petaluma, I think they are crazy to still wont so much money for them,

Asked by Helene Ford, Show Low, AZ Thu May 10, 2012

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4
So, that would mean that you are not going to buy a house there?
1 vote Thank Flag Link Thu May 10, 2012
I'm not a realtor, nor do I play one on TV. That being said, my personal opinion after watching the Petaluma market for years; I don't think it's going to get any cheaper. You may want to look in another city.
0 votes Thank Flag Link Sat May 26, 2012
Prices are set by supply and demand. An imbalance between the number of buyers available and number of homes for sale is what causes prices to rise or fall. Homes sell at all price ranges because buyers are ready, willing, and able to purchase them.

At this time, in the last three months, Petaluma has sold on average 56 homes per month, ranging in price for $134k to $1.275M. The average price is $394,363 and the median price is $348,500. To long time residents, these prices are very low.

For example, during these last 3 months in 2011 (Feb 12 to May 10), 42 homes per month sold, ranging from $189k to $915k, with average price of $417,494 and median of $383,000. So you can see how prices have fallen 6%-9% in just one year, even though sales volume has increased.

As to home affordability, Sonoma County is in the middle of the 9 Bay Area counties. San Francisco, Marin, and San Mateo are at the top being most expensive, and Solano county is at the bottom of the list being the most affordable.

Many times buyers are forced to live in areas that are more affordable. Please don't hesitate to ask any other questions you may have about living in the San Francisco Bay Area. Thanks, cj cjholmes@cjholmes.com
Web Reference: http://www.cjholmes.com
0 votes Thank Flag Link Thu May 10, 2012
Hi Helene - Which house are you talking about? The market has turned back to the sellers market since the end of 2011. We are looking at many multiple offers at different price range. Depending on which house you are talking about, it may or may not be overpriced - supply and demand dictates the price.

Best,
Sylvia Barry
0 votes Thank Flag Link Thu May 10, 2012
Sylvia Barry,…, Real Estate Pro in Marin County, CA
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