Petaluma Housing Inventory Low and Median Price Increased Significantly
Here is Part 5 of my series looking at the supply of homes for sale (Months Supply of Inventory is the measure) in various Sonoma County communities.
Petaluma consists of two MLS (Multiple Listings Service) areas-West and East–with very different characteristics. For the purposes of this post we will combine the two. It was very interesting to look at the trends here over the last two years because I think Petaluma is where the housing market crawled back over the bottom soonest. 80 units were sold in October 2008 which really put a crimp in supply for the winter months. The bottom was hit in February 2009 (noticing a pattern here?) when only 25 units sold, but sales are usually in the 20’s and 30’s. Median price was at $510,000 in October 2007 and is at $425,000 now, down 17%. But prices are up significantly from the low, which was $323,000. The median price does not fluctuate too widely in Petaluma compared to other Sonoma towns. Inventory peaked at an 8.5 months supply two years ago, but is a sparse 2.5 months now.