Placer County Homes for Sale and July, 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 July 23rd 2009 but is substantially lower than the number that were for sale on August 5th, 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 2,158 homes for sale in Placer County, 159 are bank owned homes and 917 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 since July 23rd and is also substantially lower than the number of homes that were pending sale on August 5th of last year.
216 of the 664 homes pending sale in Placer County are bank owned and 150 are short sales. That means 33% of the homes in contract are bank repos and 23% are short sales.
Placer County Homes Sold During July 2009 vs. June 2009
The number of homes that sold in Placer County was slightly higher in July than it was in June.
The average sales price and median sales price were both higher in July than they were in June, but the average sales price per square-foot was slightly lower.
The average number of cumulative days that it took for homes to sell in Placer County was 5 days shorter in June than it was during July.
On average, Placer County home sellers accepted offers that were a lower percentage of their asking price, but had to reduce their asking price by a smaller percentage before they received an offer during July when compared to June.
The projected number of months inventory in Placer County remained virtually the same between July 23rd and August 10th.
Of the 424 homes that sold in Placer County during July 2009, 109 were bank owned homes and 78 were short sales. This means that 26% of the sales were bank repos and 18% were short sales.
The least expensive home that sold in Placer County during July 2009 was a 932 square-foot bank owned home on 6th Street in Lincoln, which sold for $65,000 after being listed for $55,500. The most expensive home that sold in Placer County during July 2009 was a 5,700 square-foot new home on Vineyard Drive in Vineyard Estates in Auburn, which sold for its asking price of $1,290,000.
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:
Placer County Homes Sold During July 2009 vs. July 2008
The number of homes that sold in Placer County during July 2009 was lower than the number sold during July 2008.
The average sales price, median sales price and average sales price per square-foot were all much lower in July 2009 than they were in July 2008.
The average number of days that it took for homes to sell in Placer County was 6 days longer during July 2009 than it was in July 2008.
On average, Placer County home sellers accepted offers that were a lower percentage of their asking price but had to reduce their asking price by a smaller percentage before they received an offer during July 2009 when compared to July 2008.
Summary
The inventory of homes for sale in Placer County increased slightly between July and August, but was down considerably when compared to last year.
The number of homes pending sale in Placer County decreased between July and August, and is also lower compared to August of last year.
The number of homes sold during July was higher than the number sold in June and in July of last year.
Combined, short sales and REOs now comprise 49% of the homes for sale, which is equal to last month, 56% of the homes pending sale, which is 1 percentage point higher than last month, and 44% of the homes that sold during July, which is 10 percentage points lower than June.
The number of months inventory remained stable between July and August, because the number of homes active and sold during the preceding month remained relatively constant.
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 their policy of delaying foreclosures for the near future. However, the number of bank owned homes sold noticeably dipped. This may be due to the lack of quality inventory or the difficulty buyers are having getting an offer accepted. It could also be due to some intentional delay in closing caused by a large bank or asset manager. I don't know for sure.
The number of short sales listed increased compared to last month, but this increase was not matched with a greater relative increase in the number of short sales that were sold. The inventory rose a little bit, but has still remained below 12 months.
Non short sale / non REO homes have continued their rise in popularity. 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. The inventory of non short sale / non REO homes has now dropped to below 5 months.
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.
Posted by Patrick Hake of REMAX Gold on August 10, 2009 in Placer County Real Estate
, Single Family Homes
, Statistics
| Permalink | Placer County Homes and Land
Lic#: 01349088
Wow, I had no idea the ratio of REO to short sale was so skewed! Do you see anything on the horizon that might mean short-sales will be easier to get approved and closed?
Posted by: Greg Cowart | August 10, 2009 at 12:47 PM
I would like to say yes, considering how many of the homes currently listed are short sales, but I have not seen any real improvment in the banks motivation to expedite short sales in a reasonable timeframe.
They talk a big game, but very little has been done that has lead to real improvment in the process.
The number of months inventory of short sales is approximately the same as it was last year at this time.
The number of sales has increased, but so have the number of short sales listed.
I find that buyers only turn to short sales out of desperation, when they are unable to get an offer accepted on a bank owned home or non short sale / non REO home.
Even then, they typically have one foot out the door while waiting for bank approval and then jump on the next available home that is not a short sale.
If banks were more motivated to close short sales in a reasonable time frame, say 60 days, they would sell much more often.
Unfortunately, the banks have made much to little effort to streamline the process.
With the banks unwillingness to streamline the short sale process and the political pressure to continue the moratorium on foreclosures, it has left a real lack of supply.
That is why non short sale / non REO homes have made such a resurgence.
So long as a home seller has the equity and the willingness to price within a reasonable margin of bank owned homes, they can sell a home very quickly in this market.
If they are underwater and need to do a short sale, or if they want to price thier home considerably above what REOs are selling for, it can take a long time if ever.
Thanks for commenting.
-Patrick
Posted by: Patrick Hake | August 11, 2009 at 07:04 PM