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November 13, 2007

Granite Bay Homes for Sale and August - October 2007 Statistics

Granite Bay Homes for Sale

Granite_bay_homes_for_sale   

The number of homes for sale in Granite Bay has decreased since August 4th. The average asking price and median asking price have both increased. The average asking price per square-foot has decreased.

Of the 210 homes for sale in Granite Bay, 2 are bank owned and 13 are short sales. That means 0.9% of the homes for sale are bank repos and 6% are short sales.

The least expensive home for sale in Granite Bay is a 1,035 square-foot fixer on Olive Ranch Road, which is listed for $299,000. The most expensive home for sale in Granite Bay is a 8,500 square-foot home in Los Lagos, which is listed for $7,900,000.

To view the photos and details available for these homes, along with all other homes for sale in Granite Bay, click Granite Bay homes for sale.

Granite Bay Homes Pending Sale

Granite_bay_homes_pending_sale

The number of homes pending sale in Granite Bay has dropped by over 60% since August 4th.

4 of the homes pending sale in Granite Bay are bank owned and 2 are short sales. That would mean 29% of the homes in contract are bank repos and 14% are short sales.

Granite Bay Homes Sold Between August and October 2007 vs. May through July 2007

Granite_bay_homes_sold_vs_last_qtr 

The number of homes that sold in Granite Bay between August and October 2007 was much lower than the number that sold between May and July 2007.

The average sales price and median sales price both increased between August and October 2007. However, the average sales price per square-foot was lower between August and October 2007 than it was between May and July 2007.

The average number of days that it took for homes to sell in Granite Bay was 23 days longer between August and October 2007 than it was between May and July 2007.

On average, Granite Bay home sellers accepted offers that were a lower percentage of their asking price and also had to reduce their asking price by a higher percentage before they received an offer between August and October 2007 when compared to May through July 2007.

The projected number of months inventory in Granite Bay increased from 8.33 months on August 4th to 10.16 months on November 13th.

Of the 62 homes that sold in Granite Bay between August and October, 1 was a bank owned home and 4 were short sales. This means that 1.6% of the sales were bank repos and 6.5% were short sales.

The least expensive home that sold in Granite Bay between August and October 2007 was a 1,344 square-foot home on Hillgrove Street, which sold for $325,000 after being listed for $329,000. The most expensive home that sold in Granite Bay between August and October 2007 was a 7,500 square-foot home on Sheba Court in Sheba Lakes, which sold for $3,400,000 after being listed for $3,590,000.

Granite Bay Homes Sold Between August and October 2007 vs. August through October 2006

Granite_bay_homes_sold_vs_last_year 

The number of homes that sold in Granite Bay between August and October 2007 was not much lower than the number that sold between August and October 2006.

The average sales price and median sales price both increased between August and October 2007. However, the average sales price per square-foot was lower between August and October 2007 than it was between August and October 2006.

The average number of days that it took for homes to sell in Granite Bay was 10 days greater between August and October 2007 than it was between August and October 2006.

On average, Granite Bay home sellers accepted offers that were a higher percentage of their asking price, but had to reduce their asking price by a higher percentage before they received an offer between August and October 2007 when compared to August through October 2006.

Summary

The inventory of homes for sale in Granite Bay has decreased, but not at the same rate as the decrease in pending sale and closed sales between August and October.

Even with the decrease in the number of homes for sale, the number of months inventory has increased to over 10 months, due to the decline in sales over the past three months.

Relative to other areas of Placer County there are very few bank owned homes and short sales for sale in Granite Bay. They do make up a large percentage of the small number of homes currently pending sale. Many of the bank owned homes and short sales that are pending sale were on the market less than 2 weeks before an offer was accepted. Less than 10% of the sales that closed between August and October were bank owned or short sales in Granite Bay. This is a much lower rate than nearby areas, such as Roseville, Rocklin and Lincoln.

I can only guess that this is due to the relatively high income level and net worth of many Granite Bay residents. They have up until now been able to weather the real estate slump better than residents in other areas. It may also have a lot to do with the fact that thousands of homes were not built in in Granite Bay over the past decade, like they were in the other areas mentioned.

I wrote in August about how Newer Neighborhoods were being Hit Harder by Bank Repos and Short Sales. There were a lot of custom homes built in Granite Bay over the past decade, but there were nowhere near as many homes built in the area as in Roseville, Rocklin or Lincoln.

Unlike some of the other areas we follow the median and average sales prices have increased in Granite Bay, both quarter over quarter and year over year. The average sales price per square-foot has declined during the same periods.

This does not necassarily mean that home prices are appreciating in Granite Bay, it most likely means that larger homes are selling, which will tend to increase the average and median price, but decrease the price per square-foot.

If you have any questions regarding these statistics or if you are interested in buying or selling a home in Granite Bay, 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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