By John J. O’Dell
The number of residential sales from June 8, 2008 to June 10, 2010 increased 77 percent, a dramatic increase in the last two years. In June of 2008, 64 residential properties sold. In June of this year, 113 residential properties sold. The average number of days for a residential property to sell in June 2008 was 88 days compared to June 2010 which was 113 days.
Comparing this year to last, in June 09, 2009, 95 residential units sold compared to June 10, 2010 of 113 units, an increase of 16 percent, indicating that overall, sales have increased in Nevada County for the last two years.
The median price dropped from two years ago, in June 2008, the median price was $339,500, and in June 2010 the median price was $280,000 a drop of 18 percent.
However, the median price for residential property in June 2009 was $278,900 and in June 2010 the median price was $280,000 a slight increase, indicating a positive trend, with sales up and an increase in the median price.
Inventory of residential properties have remained about the same, with a 15 month supply in June 2008 compared to a 14 month supply in June of 2010. Inventory of units for sale in June 2008 were 1,149 compared to 1,003 in June of 2010.
Overall, the market outlook seems positive, with increased sales and the median sales price appearing to have stabilized. I like to look at things like the glass is half full rather than half empty. After all, if we have an unemployment rate of ten percent in California, there are still ninety percent of the people working.
Source of data: Clarus MarketMetric®
John J. O’Dell
Real Estate Broker