Placer County Homes for Sale and June, 2009 Statistics

Placer County Homes for Sale

The number of homes currently for sale in Placer County is slightly lower than the number that were for sale on June 18th 2009 but is substantially lower than the number that were for sale on July 7th, 2008. The average asking price, median asking price and average asking price per square-foot are all lower compared to last month. All three of these statistics are also substantially lower than they were last year at this same time.

Of the 2,122 homes for sale in Placer County, 156 are bank owned homes and 883 are short sales. That means 7% of the homes for sale are bank repos and 42% 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 decreased slightly since June 18th and is also less than the number of homes that were pending sale on July 7th of last year.

208 of the 664 homes pending sale in Placer County are bank owned and 159 are short sales. That means 31% of the homes in contract are bank repos and 24% are short sales.

Placer County Homes Sold During June 2009 vs. May 2009

The number of homes that sold in Placer County was substantially higher in June than it was in May.

The average sales price and median sales price were both lower in June than they were in May, but the average sales price per square-foot was higher.

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

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 June when compared to May.

The projected number of months inventory in Placer County decreased from 6.14 months to 5.09 months between June 18th and July 23rd.

Of the 417 homes that sold in Placer County during June 2009, 145 were bank owned homes and 79 were short sales. This means that 35% of the sales were bank repos and 19% were short sales.

The least expensive home that sold in Placer County during June 2009 was a 1,172 square-foot bank owned cabin on Cable Road in Alta, which sold for its asking price of $90,100. The most expensive home that sold in Placer County during June 2009 was a 6,021 square-foot home in Los Lagos on Calle Paloma Court in Granite Bay, which sold for $1,620,000 after being listed for $1,695,000.

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:

June 1st - June 7th

June 8th - June 14th

June 15th - June 21st

June 22nd - June 28th

June 29th - July 5th

Placer County Homes Sold During June 2009 vs. June 2008

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

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

The average number of days that it took for homes to sell in Placer County was 16 days longer during June 2009 than it was in June 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 June 2009 when compared to June 2008.

Summary

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

The number of homes pending sale in Placer County decreased between June and July, and is also lower compared to July of last year.

The number of homes sold during June was higher than the number sold last month and in June of last year.

The pressure mounted on prices from bank owned homes and short sales continued in June. Combined, short sales and REOs now comprise 49% of the homes for sale, which is two percantage points higher than last month, 55% of the homes pending sale, which is 1 percentage point higher than last month, and 54% of the homes that sold during June, which is the same percentage as May.

The number of months inventory decreased substantially in June, due to an increase in sales and a slight drop in the number of homes for sale.

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.

The number of short sales listed increased compared to last month, but was this increase was matched with a greater relative increase in the number of short sales that were sold. The inventory of short sales has now dropped below 12 months again.

Non short sale / non REO homes have continued to be popular items. 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 dealing 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.