Placer County Homes for Sale and February, 2010 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 February 8th, 2010, but is lower than the number of homes that were for sale on March 9th, 2009. The average asking price and median asking price are slightly lower than last month, but the average asking price per square-foot is the same at $180 per square-foot. All three of these statistics are substantially lower than they were last year at this time.

Of the 2,032 homes for sale in Placer County, 158 are bank owned homes, 360 are active short sales and 721 are short sales in contract awaiting bank approval. That means 8% of the homes for sale are bank repos and 53% are short sales.

The least expensive home for sale in Placer County is a 704 square foot short sale contingent fixer on 5th Street in Lincoln, which is listed for $49,950. The most expensive home for sale in Placer County is a 3,233 square-foot home on 386 acres zoned for 20 acre parcels on McCourtney Road in Lincoln, which is listed for $8,000,000.

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 by nearly 16% since February 8th, and is also more than 24% higher than the number of homes that were pending sale on March 9th of last year.

193 of the 653 homes pending sale in Placer County are bank owned and 178 are short sales. That means 30% of the homes in contract are bank repos and 27% are short sales.

Placer County Homes Sold During February 2010 vs. January 2010

The number of homes that sold in Placer County was lower in February than it was in January.

The average sales price was lower, but the median sales price was higher and the average sales price per square-foot remained the same at $145 per square-foot.

The average number of cumulative days that it took for homes to sell in Placer County was 15 days shorter in February than it was during January.

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 February when compared to January.

The projected number of months inventory in Placer County increased from about 6.5 months on February 8th to nearly 7.25 months on March 8th, due to the decrease in sales in February and the slight increase in the number of homes for sale. When removing Active Short Contingent properties from count of homes for sale, the inventory currently stands at 4.68 months.

Of the 281 homes that sold in Placer County during February 2009, 91 were bank owned homes and 74 were short sales. This means that 32% of the sales were bank repos and 26% were short sales.

The least expensive home that sold in Placer County during February 2010 was a 616 square-foot bank owned fixer tagged for condemnation on C Street in Roseville, which sold without being listed on the market for $14,900, which was also the asking price. The most expensive home that sold in Placer County during February 2010 was a 10,000 square-foot home on Terricina Court in Loomis, which sold for $1,800,000 after being listed for $2,999,999.

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:

February 1st - February 7th

February 8th - February 14th

February 15th - February 21st

February 22nd - February 28th

Placer County Homes Sold During February 2010 vs. February 2009

The number of homes that sold in Placer County during February 2010 was higher than the number sold during February 2009.

The average sales price, median sales price and average sales price per square-foot were all lower in February 2010 than they were in February 2009.

The average number of days that it took for homes to sell in Placer County was 3 days shorter during February 2010 than it was in February 2009.

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 February 2010 when compared to February 2009.

Summary

The inventory of homes for sale in Placer County increased slightly between February and March, but is down when compared to March of last year.

The number of homes pending sale in Placer County increased considerably compared to last month and last year.

The number of homes sold during February was lower than the number sold in January, but was higher than February of last year.

Combined, short sales and REOs now comprise 61% of the homes for sale, which is the same as last month, 57% of the homes pending sale, which is 3 percentage points lower than February, and 58% of the homes that sold during February, which is 6 percentage points lower than January.

The total number of months inventory increased compared to January, but was still lower than February of last year.

The number of short sales listed for sale is at its highest total we have recorded. After dropping to just over 10 months of inventory last month, short sales returned to a higher number of 14.61 months, which is the highest short sale inventory number we have recorded since August of last year. This was due to the fact that the number of short sales listed for sale increased while the number of short sales that were approved an closed declined by 26%.

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.