Tag Archives: residential sales

Real Estate

Nevada County Residential Sales First Quarter 2009 Vs First Quarter 2008

This has nothing to do with real estate sales, just to remember the beauty that is around us. Picture courtesy of my next door neighbor Jocelyne Pietto
This has nothing to do with real estate sales, just to remember the beauty that is around us. Picture courtesy of my next door neighbor Jocelyne Pietto
Nevada County residential property values continued to drop, although not as much as other areas. The drop in prices for the first three months of this year compared to the first three months of 2008 is eleven percent.

The medium price in the first quarter of this year for residential property is $302,000 compared to last year’s first quarter of $345,000. The number of residential properties sold in the first quarter was 124 units compared to 141 units in the first quarter of last year or a fourteen percent drop in sales.

However, I notice that pending sales is up in the first quarter of this year  compared to the first quarter of last year. In the first quarter of this year, there are 192 units under contract compared to 171 units under contract last year.  This may indicate that there is a twelve percent increase in sales, although some may fall out of contract. There also may be a long time lag on sales because some of the sales may be with lending institutions that historically seem to take more time in completing their transactions.

Sales figures quoted above are for single family residences and do not include multi-family residences.

I keep track of the daily Nevada County MLS transactions on this web site through Twitter, listing the number of new properties on the market, the number of price changes, completed sales for the day and pending sales.  These figures are for all types of property

You may find that information on the right side of this page or you can follow me on Twitter, I’m odelljohn.

 

 

Nevada County Home & Land Statistics, Real Estate

Nevada County Residential Sales January-February 2008 vs. 2009

And the real estate market is going to go?
And the real estate market is going to go?

 Residential sales for the period January 1, 2009 to February 28, 2009 compared to the same period last year remained about the same. Eighty homes were sold this year compared to eighty six homes last year. However, average sales prices dropped 12% or about $48,500 per home. The average sale price this two month period was $340,866 compared to the same period last year’s average of $389,350.

Days on the market increased to 158 days compared to 128 days on the market for last year or about 19 percent longer on the marked before they sold.

That’s the long and short of it, but I did an analysis of the entire year of 2008. Sales figures for residential home prices in Nevada County indicate a 12% decline in value.  Prices of residential homes in Nevada County are still higher than our surrounding neighbors and higher than the State average of $281,100 versus our average of $340,866.

A report from the California Association of Realtors states that “The median price of an existing, single-family detached home in California during December 2008 was $281,100, a 41.5 percent decrease from the revised $480,820 median for December 2007, C.A.R. reported. The December 2008 median price fell 2 percent compared with November’s revised $286,850 median price.

“Median prices continued to decline in December, and based on preliminary calculations, the statewide annual median price declined 38 percent for all of 2008 compared with 2007,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “While the month-to-month decrease in December was considerably smaller than in recent months, it remains too early to determine if prices are beginning to stabilize.  Many distressed sales still must work their way through the system.”