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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707.337.1182 | Kirsten@KirstenLindquist.com | SonomaIsHome.com
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Hi Kirsten, I think any improvement is worth reporting, and from ZERO to 4 is a great improvement! I hope it does turn into a trend. It's nice to see interest in luxury home market returning!
Hi Kirsten, that's wonderful. Our luxury market has been depressed here on our little Kauai but with the huge increase in sales activity this year, I'm optimistic that it will spill over into the luxury market. Aloha & best wishes.
Hi Mary: The Sonoma Valley market is small. We've got a little more than 190 active residential listings right now...and perhaps 25 percent of those are on the lower end....and distressed. We do have lots of high end listings that have been sitting for quite awhile, either showing up active...or temporarily off market. I have a feeling we are seeing a trend but until the data is there....who knows?
Richard: I'm optimistic, too. Here's to many closed escrows!
Kirsten, I hope the trend continues for Sonoma Luxury homes.