Mike’s Real Estate Show

The grown of homes in the $2,000,000 + range over the past 7 years has been breathtaking. Looking back over my 30+ years in Sonoma County real estate we would go months before even seeing a $1,000,000 home come to the market. These where usually “ranch” properties with large acreage. But as this real estate machine hit its stride over the past 7 years those who bought $600,000 homes at the beginning found themselves residing in homes they probably could not even afford to buy!! These homes had appreciated to $1,000,000+.
  And the market grew also for these homes. Now we have over 80 homes currently on the market in excess of $2,000,000 with 14 over $5,000,000! The majority of these homes are concentrated in the $1,000,000 to $1,999,999 categories.
Here is the breakdown and “Year-over-Year” numbers.

 Dec. ’07- Current “Active” listing of $1,000,000 +: 277
  Median Price of $1,588,880
  DOM (Days on the market) 162
  Homes currently in “escrow”: 37
 
Sold Homes December ‘07: 16
  Median $1,362,500
  DOM 177

  Last Year at this time:
  Sold Homes December ’06: 37
  Median $1,300,000, DOM 142

So you can see the “sales” have fallen over 50% for December while both the DOM and the Median have increased. The “Median” increase by a paltry .5%.