Posted Under: Nevada County Home & Land Statistics,Real Estate
Compared to the six-county region of Southern California, we’re not doing too bad here in Nevada County. Our median price in April was $279,500, compared to Southern California’s $247,000. In addition, their market dropped from $250,000 in March and 35.8 percent from $385,000 a year ago.
Southern California’s median last month was the lowest since 2002, and was 51.1 percent below the peak of $505,000, which was hit in spring and summer of 2007.
“The dip in median prices ran counter to recent reported buying frenzies that have had economists, analysts and Realtors saying the market was recovering. What could be skewing the median down is the lack of high-end coastal sales, which means higher sale prices are missing from the data, DataQuick officials said.”
“Last month’s Southland sales were the highest for that month since April 2006, when 27,114 homes sold, but were 18.2 percent below the average April sales total since 1988, when DataQuick’s statistics begin. Foreclosure resales made up a lot of those sales. In April, they accounted for 53.6 percent of all Southland resale’s last month. It was the seventh consecutive month in which post-foreclosure properties made up more than half of all resales.”
“John Walsh, MDA DataQuick president offered a word of caution for the market. Foreclosures could keep coming. The effect of mounting job losses could trigger more defaults, and a new wave of foreclosures on ‘option ARM’ loans and ’stated income’ loans used in mid- to high-end markets could also come, Walsh said.”
“‘If job cuts remain deep and foreclosures spike, then the past few months might later be viewed as nothing more than a brief calm before the next foreclosure storm,’ Walsh said.”
However, I have noticed a large increase in sales in Nevada County in May and I will have a full report on May’s sales in the first week of June. Our median price in Nevada County has risen to $299,000 in May.