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June 09, 2007

Placer County Residential Land for Sale and May 2007 Statistics

Placer County Residential Land for Sale

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The number of residential lots for sale in Placer County has increased since May 6th. The asking price decreased, but the median asking price increased. The median lot price per acre decreased slightly, which may be attributed to depreciation, but may also be attributable to the larger median lot size. The least expensive residential lot for sale in Placer County is a 1.3 acre lot in Dutch Flat, which is listed for $85,000. The most expensive residential lot for sale in Placer County is a 19.98 acre lot in Clos Du Lac in Loomis, which is listed for $2,499,000. To view these lots, along with all other land for sale in Placer County, click Placer County land for sale.

Placer County Residential Land Pending Sale

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The number of lots pending sale in Placer County remained relatively steady between May 6th and June 9th, 2007. The least expensive lot pending sale in Placer County is a 10 acre lot in Emigrant Gap, which was listed for $110,000 when an offer was accepted. The most expensive residential lot pending sale in Placer County is a 2.7 acre lot on Gateway Court in Auburn that is approved for a 32 unit condo subdivision, which was asking $1,750,000 when an offer was accepted.

Placer County Residential Land Sold in May 2007 vs. April 2007

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The number of residential lots sold in Placer County increased in May 2007 when compared to April 2007. The average and median sales prices increased as well, along with the median sales price per acre. The average days on market increased by 8 days and the months inventory dropped below 30 months, after being slightly below 32 months in April 2007. The least expensive lot sold in Placer County during May 2007 was a .281 acre lot in Roseville, which sold for $170,000 after asking $179,950. The most expensive residential land sold in Placer County during May 2007 was a 2.1 acre lot in Loomis that is zoned for 6 lots per acre, which sold for $775,000 after asking $875,000.

Placer County Residential Land Sold in May 2007 vs. May 2006

Placer_county_land_sold_vs_last_yea

The number of residential lots sold in Placer County increased in May 2007 when compared to May 2006. The average and median sales prices increased, along with the median price per acre. The average days on market increased by 10 days.

Summary

The inventory of residential lots for sale in Placer County continued to rise during May 2007. The number of lots pending sale and the number of lots sold remained similar to April 2007 levels. Sales prices were up when compared to April 2007 and May 2006, but this probably had more to do with the splittability of a few of the lots sold during May 2007. The increase in sales when compared to May 2006 and April 2007 has lowered the number of months inventory. The lower this number goes, the more pressure will be put on buyers to increase or stabilize prices. So long as the inventory remains as high as it is, the market for residential lots in Placer County will remain a buyer's market.

If you have any questions about these statistics or if you are interested in buying or selling land 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.

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