Placer County Homes for Sale and May, 2009 Statistics

Placer County Homes for Sale

The number of homes currently for sale in Placer County is slightly higher than the number that were for sale on May 11th 2009 but is substantially lower than the number that were for sale on June 11th, 2008. The average asking price and average asking price per square-foot are higher compared to last month, but the median asking price is virtually the same. All three of these statistics are substantially lower than they were last year at this same time.

Of the 2,129 homes for sale in Placer County, 158 are bank owned homes and 859 are short sales. That means 7% of the homes for sale are bank repos and 40% are short sales.

The least expensive home for sale in Placer County is a 1,152 square foot short sale that has a failed well on Wise Road in Newcastle, which is listed for $35,000. The most expensive home for sale in Placer County is a 3,062 square-foot home on 1,047 acres in Foresthill on Black Oak Ridge Road, which is listed for $6,900,000.

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 increased since May 11th, but is less than the number of homes pending sale on June 11th, 2008.

190 of the 678 homes pending sale in Placer County are bank owned and 174 are short sales. That means 28% of the homes in contract are bank repos and 26% are short sales.

Placer County Homes Sold During May 2009 vs. April 2009

The number of homes that sold in Placer County was slightly lower in May than it was in April. However, this could change, because there are always a handful of sales that are recorded late each month.

The average sales price, median sales price and average sales price per square-foot were all higher in May than they were in April. Sales prices have now increased for 2 months straight.

The average number of cumulative days that it took for homes to sell in Placer County was 13 days shorter during May than it was during April.

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 smaller percentage before they received an offer during May when compared to April.

The projected number of months inventory in Placer County increased from 6.08 months to 6.30 months between May 11th and June 18th.

Of the 338 homes that sold in Placer County during May 2009, 113 were bank owned homes and 70 were short sales. This means that 33% of the sales were bank repos and 21% were short sales.

The least expensive home that sold in Placer County during May 2009 was a 1,512 square-foot HUD home on Patton Drive in Roseville, which sold for $65,000 after being listed for $80,000. The most expensive home that sold in Placer County during May 2009 was a 7,443 square-foot home in Wexford on Manchester Court in Granite Bay, which sold for $1,999,999 after being listed for $2,499,999.

To view interactive maps for all of the properties that sold during the period click the following links to view our weekly sales reports for the period:

Placer County Homes Sold During May 2009 vs. May 2008

The number of homes that sold in Placer County during May 2009 was lower than the number sold during May 2008.

The average sales price, median sales price and average sales price per square-foot were all much lower in May 2009 than they were in May 2008.

The average number of days that it took for homes to sell in Placer County was 7 days shorter during May 2009 than it was in May 2008.

On average, Placer County home sellers accepted offers that were a higher percentage of their asking price but had to reduce their asking price by a larger percentage before they received an offer during May 2009 when compared to May 2008.

Summary

The inventory of homes for sale in Placer County increased slightly between May and June, but was down considerably when comapred to last year.

The number of homes pending sale in Placer County increased between May and June, but is lower compared to June of last year.

The number of homes sold during May was lower than the number sold in April and May of last year.

The pressure mounted on prices from bank owned homes and short sales continued in March. Combined, short sales and REOs now comprise 47% of the homes for sale, which is one percantage point less than last month, 54% of the homes pending sale, which is 4 percentage points lower than last month, and 54% of the homes that sold during May, which is 6 percentage points lower than last month.

The number of months inventory increased in May after increasing in April as well.

The number of active bank owned homes has remained relatively constant over the past month. It appears as though the banks are going to continue thier policy of delaying foreclosures for the near future. New state legislation just came into affect that will prolong the foreclosure process even further.

The number of short sales listed has increased compared to last month, however the number of short sales that closed in May remained contant compared to April.

An improving area in the market are non short sale - non REO homes. It appears that buyers and conventional sellers have been able to work out their differences and get some sales done. This is only speculation, but I believe this is due to buyers getting frustrated with the lack of REO listings and the difficulties of dealin with short sales and that sellers with equity are tired of waiting to sell and are pricing to compete with the foreclosures.

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@patrickhake.com or leave a comment below.