Tag Archives: lake wildwood

Nevada County Information, Real Estate

Residential Sales in Nevada County November 2009 Compared to November 2008

 map-of-nevada-county

The good news is that sales volume picked up 7 percent.   In November of 2007 to November of 2008, 839 homes had been sold.  From November 2008 to November 2009 897 homes were sold, an increase of 7 percent.

The average sales price in November 2008 was $395,609. In November 2009 the average sales price was $316,859.  This is a decrease of $78,650 or a 20 percent drop in average sales price.  The amount of active listings also dropped 7 percent.

Sales bya few key areas:

 Nevada City area sales increased 17 percent and average sales price dropped 22 percent. The average sales price in November 2009 was $364,800 compared to a year ago of $468,895.

Lake Wildwood sales increased 11 percent and the average sales price dropped 14 percent to an average sales price of $316,216 compared to last year’s average sales price of $368,366.

Lake of the Pines sales decreased 3 percent and the average sales price dropped 20 percent to an average sales price of $313,188 compared to $368,366 last year.

Alta Sierra sales increased 20 percent and the average sales price dropped 26 percent to an average sales price of $305,537 compared to last year’s average sales price of $410,415.

Grass Valley’s sales decreased 3 percent and the average sales price dropped 16 percent to an average sales price of $267,024 compared to last year’s average sales price of $318,072.

Penn Valley sales decreased 10 percent and the average sales price dropped 12 percent to an average sales price of $319,370 compared to last year’s average sales price of $361,450.

Peardale/Chicago Park sales decreased 2 percent and the average sales price decreased 20 percent with an average sales price of $382,940 compared to last year’s average sales price of $476,855.

There are other areas of the county which I have not mentioned. If you are interested in any particular area that is not in the list above, write or call me and I will give you the stats.

John O’Dell
Broker

Real Estate

Investor Buying Fuels Home Sales

Home for Sale 18026 Jayhawk Drive, Lake Wildwood, not a foreclosure, MLS 103551
Home for Sale 18026 Jayhawk Drive, Lake Wildwood, not a foreclosure, MLS 103551

I was just asked by a client to make an offer yesterday for a home in Hayward that is in foreclosure. When I called the listing agent, she said there were two pending offers already! One of the reasons home sales have risen this year is the spike in investor groups in troubled markets that are buying up clusters of foreclosed houses from banks.

In many cases, investors are prevailing over first-time home buyers and other owner-occupants because they bring cash to the table.

For instance, in Phoenix where 38 percent of April sales of single-family homes were all-cash deals, Mark Allen, a former division president at D.R. Horton, the nation’s largest home builder, is working with Gorilla Capital, which specializes in foreclosures, to buy dozens of properties at courthouse auctions.

Barclays Capital estimates that banks and loan investors owned 765,500 foreclosed homes as of April 1, up from 629,100 last year. By 2010, Barclays expects them to have acquired about 1.3 million homes. When the market improves, these owners will try to sell.

“All this investor buying isn’t depleting supply, it’s only shifting it around,” Allen says.

Maybe, but a lot of investor’s are buying these homes, putting a little money into them and reselling at a profit to home owners, not investors. Others are buying for long term rentals. With prices this low, a lot of first time home buyers are now able to get into the market.