Placer County Homes for Sale and December, 2008 Statistics

Placer County Homes for Sale

The number of homes for sale in Placer County is lower than the number that were for sale on December 8th and is also lower than the number of homes that were for sale in Placer County on January 5th of last year. The average asking price, median asking price and average asking price per square-foot are all lower compared to last month and last year.

Of the 2,016 homes for sale in Placer County, 267 are bank owned homes and 687 are short sales. That means 13% of the homes for sale are bank repos and 34% are short sales.

The least expensive home for sale in Placer County is a 800 square foot cabin on leased land in Blue Canyon on Blue Canyon Road, which is listed for $50,000. The most expensive home for sale in Placer County is a 15,800 square-foot home on Collina Court in Bella Terra in Granite Bay, which is listed for $6,999,900.

To view the photos and details available for these homes, along with all other homes for sale in Placer County, click Placer County Homes for Sale.

Placer County Homes Pending Sale

The number of homes pending sale in Placer County has decreased since December 8th, but is over 28% higher than the number of pending sales on January 5th, 2008.

216 of the 425 homes pending sale in Placer County are bank owned and 90 are short sales. That means 51% of the homes in contract are bank repos and 21% are short sales.

Placer County Homes Sold During December 2008 vs. November 2008

The number of homes that sold in Placer County was lower in December than it was in November.

The average sales price, median sales price and average sales price per square-foot were all lower when compared to November.

The average number of cumulative days that it took for homes to sell in Placer County was 4 days shorter during December than it was during November.

On average, Placer County home sellers accepted offers that were a lower percentage of their asking price and had to reduce their asking price by a larger percentage before they received an offer in December when compared to November.

The projected number of months inventory in Placer County decreased from 7.50 months to 6.70 months between December 8th and January 5th 2008.

Of the 301 homes that sold in Placer County during December 2008, 136 were bank owned homes and 47 were short sales. This means that 45% of the sales were bank repos and 16% were short sales.

The least expensive home that sold in Placer County during December 2008 was a 1,100 square-foot bank owned fixer-upper on 12th Street in Sheridan, which sold for $50,000 after being listed for $59,900. The most expensive home that sold in Placer County during December 2008 was a 6,300 square-foot short sale in Catta Verdera Country Club on Paseo Tranquilo in Lincoln, which sold for $1,553,500 after being listed for $1,895,000.

Placer County Homes Sold During December 2008 vs. December 2007

The number of homes that sold in Placer County during December 2008 was over 22% higher than the number sold during December 2007.

The average sales price, median sales price and average sales price per square-foot were all much lower in December 2008 than they were in December 2007.

The average number of days that it took for homes to sell in Placer County was 25 days shorter during December 2008 than it was in December 2007.

On average, Placer County home sellers accepted offers that were a higher percentage of their asking price and had to reduce their asking price by a lower percentage before they received an offer during December 2008 when compared to December 2007.

Summary

The inventory of homes for sale in Placer County decreased between December and January, and decreased by an even greater degree compared to January of last year.

The number of homes pending sale in Placer County decreased between December and January, but is up over 28% compared to January of last year.

The number of homes sold during December 2008 was higher than the number sold in November and it was substantially higher than the number sold in December of last year.

In last months update I theorized that the large decline in sales between October and November was due to the credit crisis. It appears that the fall in sales has reversed and I think that is partially due to the relative stability in November when compared to October. This is only a guess though, which I have no way of proving.

The pressure mounted on prices from bank owned homes and short sales continued in December. Combined, short sales and REOs now comprise 47% of the homes for sale, which is 1 percentage point higher than last month, 72% of the homes pending sale, which is 6 percentage points higher than last month, and 61% of the homes that sold during December, which is 5 percentage points lower than last month.

The number of months inventory turned lower again in December after rising during November. This increase has been seen most dramatically in non-foreclosure properites. This is primarily due to the seasonal decline in listings during December, which is less prominant in foreclosure properties. Inventory levels of bank owned homes and short sales remained relatively stable during the month.

To view updated graphs of the inventory level in Placer County that help illustrate some of the changes written about above, click Placer County Housing Inventory Level.

If you have any questions regarding these statistics or if you are interested in buying or selling a home in Placer County, please feel free to call us at 916-728-1981, e-mail us at pat@patandalison.com or leave a comment below.