Category Archives: Nevada County Home & Land Statistics

Local Writers & Contributors, Nevada County Home & Land Statistics

Contest for 2010 Nevada County Fair Slogan

Christmas Fair Photo
Christmas Fair Photo

WIN $250 IN LOGO DESIGN CONTEST

Submit the winning logo for the 2010 Nevada County Fair and you could win

The Nevada County Fairgrounds is sponsoring a contest to find the best logo to illustrate the 2010 Nevada County Fair slogan – “Rooted in Tree-dition” – featuring trees, one of our counties top ten agricultural products.  If you’re a talented artist, and you’d like $250, then this is the contest to enter!

The contest, which is open to Nevada County residents only, takes place now through Friday, January 15.  If you submit the winning design, you will win $250 and a 2010 Nevada County Fair package that includes admission tickets, parking and carnival coupons. Additionally, the winning artwork will be used on various Fair promotional pieces, print ads, buttons, t-shirts, banners, posters, and flyers.

Interested artists may use any medium and can submit up to three entries, which must be on 8-1/2 by 11-inch paper. Entries can be delivered to the Fairgrounds Office at 11228 McCourtney Road or mailed to the Fair Office at PO Box 2687, Grass Valley, CA  95945. A complete set of rules can be found on the Fair’s website at Nevada County Fair, or by calling the Fair Office at 530-273-6217.

Hollie Grimaldi Flores of Grass Valley submitted the winning slogan, “Rooted in Tree-dition,” for the five day Fair, August 11 – 15, 2010.

Source: Wendy Oaks Nevada County Fair Publicist

Nevada County Home & Land Statistics, Real Estate

Residential Home Sales, May 2009, Nevada County

2 Comments

picture-sales-going-up

In general, I track daily sales on from the Nevada County Multiple Listing Service (MLS) and there is a definite increase in sales lately. This is a good sign that people are buying, both investors and first time home buyers. Interest rates are very attractive now, and along with the bargains, the market seems to be shifting upwards. The market dynamics of Nevada County home sales from Terradatum are as follows:

Median prices of homes in Nevada County in May 2009 were $300,000 compared to the median price in May 2008 of $365,000 or a further decline in price of 18 percent.   

May 2009 sales decreased somewhat from April of 2009, with 59 closed sales in May versus 79 closed sales in April. However, sales from January 2009 to May 2009 were 272 closings compared to sales from January 2008 to May 2008 of 219 closings or a 24 percent increase in sales.

At the present time, there are 1,200 residential properties for sale or a 17.6 months inventory of homes.  If you have any questions, please e-mail me and I will glad to help you.

By the way, look on the left side of this page and you will see the daily postings of MLS stats under “What I’m Doing”. These stats include all sales, land, commercial, residential and multi-family for Western Nevada County.  They may include some sales from out of the area.

 

Nevada County Home & Land Statistics, Real Estate

Nevada County’s Median Home Prices, Better Then Southern California’s

Scotts Flat Lake, picture taken from my deck. May 24,2009
Scotts Flat Lake, picture taken from my deck. May 24,2009

 Compared to the six-county region of Southern California, we’re not doing too bad here in Nevada County. Our median price in April was $279,500, compared to Southern California’s $247,000. In addition, their market dropped from $250,000 in March and 35.8 percent from $385,000 a year ago.  

Southern California’s median last month was the lowest since 2002, and was 51.1 percent below the peak of $505,000, which was hit in spring and summer of 2007.

 “The dip in median prices ran counter to recent reported buying frenzies that have had economists, analysts and Realtors saying the market was recovering. What could be skewing the median down is the lack of high-end coastal sales, which means higher sale prices are missing from the data, DataQuick officials said.”

“Last month’s Southland sales were the highest for that month since April 2006, when 27,114 homes sold, but were 18.2 percent below the average April sales total since 1988, when DataQuick’s statistics begin. Foreclosure resales made up a lot of those sales. In April, they accounted for 53.6 percent of all Southland resale’s last month. It was the seventh consecutive month in which post-foreclosure properties made up more than half of all resales.”

“John Walsh, MDA DataQuick president offered a word of caution for the market. Foreclosures could keep coming. The effect of mounting job losses could trigger more defaults, and a new wave of foreclosures on ‘option ARM’ loans and ’stated income’ loans used in mid- to high-end markets could also come, Walsh said.”

“‘If job cuts remain deep and foreclosures spike, then the past few months might later be viewed as nothing more than a brief calm before the next foreclosure storm,’ Walsh said.”

However, I have noticed a large increase in sales in Nevada County in May and I will have a full report on May’s sales in the first week of June. Our median price in Nevada County has risen to $299,000 in May.

Nevada County Home & Land Statistics, Nevada County Information, Real Estate

Nevada County Residential & Land Sales, April 2009

"Alternative Housing" Location, Oregon
"Alternative Housing" Location, Oregon

 

What the figures show for April of this year is that residential sales are about the same number as it was for April of last year.  However, we’ve had a further decline in medium residential home prices of minus 23 percent. Here are the stats for sales in Nevada County.

There were 67 residential properties sold in April 2009 compared to 62 residential sales in April 2008.  Total residential sales from January to the end of April 2009 were 191 sales compared to the same period last year of 203 sales.

The medium price for April 2009 was $299,000 compared to April 2008 of $387,500 a decline in market price of 23 percent.  There were 1,165 residential properties listed for sale at the end of April, which based on the number of sales from January to April 2009 equals about 1.6 years supply of residential property for sale, assuming sales continue at the same rate.

There were 20 land sales from January to April in 2009 with a 45 month supply of land at the end of April. Last year there were 45 land sales with a 49 month supply of land.

I’ve noticed a pickup in pending sales, which I post on this website daily for those that are interested, and it seems that the pending sales are up. They have been hovering in the 200 pending sales starting within the last month. However, this is for all sales, not just residential sales.

Where are we with future sales? It’s anyone’s guess, Fannie Mae and Freddie Mac asked lenders to forestall any more foreclosures until March 6, 2009.  What they are doing now that the agreement date has expired? Some circles say we are in for a tsunami of foreclosures. The following banks had agreed to the government’s request and their expiration dates of the agreement. 

JP Morgan Chase – New Owner-Occupied residential loans that are owned and serviced by JPMorgan Chase.  As with Fannie Mae, the moratorium of foreclosures end date, March 6th.

Citigroup – All Citi-owned first mortgage loans that are principal residence and on loans for which understandings with investors have been reached.  Moratorium end date – March 12th.

Bank of America (also Countrywide now renamed Bank of America Home Loans) – Delay foreclosures sales on owner occupied properties whose mortgage loans are owned and serviced by B of A or Countrywide  – Through March 6th.

Wells Fargo (also Wachovia) – For Loans it holds.  The moratorium is expected to remain in place until the government’s foreclosure prevention plan is announced.  The majority of Wells Fargo’s mortgage loans are serviced by it and owned by other investors. 

 

Nevada County Home & Land Statistics, Real Estate

Nevada County Residential Sales January-February 2008 vs. 2009

And the real estate market is going to go?
And the real estate market is going to go?

 Residential sales for the period January 1, 2009 to February 28, 2009 compared to the same period last year remained about the same. Eighty homes were sold this year compared to eighty six homes last year. However, average sales prices dropped 12% or about $48,500 per home. The average sale price this two month period was $340,866 compared to the same period last year’s average of $389,350.

Days on the market increased to 158 days compared to 128 days on the market for last year or about 19 percent longer on the marked before they sold.

That’s the long and short of it, but I did an analysis of the entire year of 2008. Sales figures for residential home prices in Nevada County indicate a 12% decline in value.  Prices of residential homes in Nevada County are still higher than our surrounding neighbors and higher than the State average of $281,100 versus our average of $340,866.

A report from the California Association of Realtors states that “The median price of an existing, single-family detached home in California during December 2008 was $281,100, a 41.5 percent decrease from the revised $480,820 median for December 2007, C.A.R. reported. The December 2008 median price fell 2 percent compared with November’s revised $286,850 median price.

“Median prices continued to decline in December, and based on preliminary calculations, the statewide annual median price declined 38 percent for all of 2008 compared with 2007,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “While the month-to-month decrease in December was considerably smaller than in recent months, it remains too early to determine if prices are beginning to stabilize.  Many distressed sales still must work their way through the system.”

Nevada County Home & Land Statistics, Real Estate

Market Statistics for Nevada County 2007 vs. 2008

Prices in Nevada County continued in a downward direction during 2008 compared to 2007. The average price for residential homes sold in 2008 was $407,973 compared to $493,261 in 2007. This is a seventeen percent drop in the average home price sold in Nevada County. The average time on the market in 2007 was 98 days compared to 133 days in 2008, taking twenty six percent longer to sell a home. There were 1,481 homes listed in 2007 and 489 of those listings sold. In 2008 there were 1,248 homes listed of which 392 homes sold.

Land sales for 2007 indicated that the average sales price was $222,827. There were 393 listings, of which 95 of the listings sold. In 2008 the average sales price was $203,894. There were 291 listings of which 65 listings sold. Sales prices dropped eight percent in 2008. Days on the market for land went from 122 days in 2007 to 209 days in 2008.

How much longer prices are going to continue to fall is anyone’s guess. You can listen to ten economists and get ten different answers. Although the interest rates are at an all time low, the banks have tightened lending requirements. Unless you have excellent credit and can show a good income stream, it is very hard to get a loan. In talking to a local bank the other day, I was informed that even for an equity loan, you have to have full documents, good credit (In the 700’s FICO score) and so on.

We seem to be doing well in Nevada County compared to other areas. For example here are some nationwide statistics:

The decline in residential property prices appears to be slowing according to preliminary data from First American CoreLogic.

A preview of its November report shows that home prices fell 9.6 percent last month, compared with 10.4 percent in October and 11.2 in September.

“The consistent deceleration over the past two months with November indicating the same trend in price declines is encouraging because it could portend the trough in price declines”, says Mark Fleming chief economist for First American CoreLogic.

Still, layoffs and the swollen supply of unsold homes remain a concern, he notes.

Source: American Banker (12/29/08)

Contact Email John O’Dell
Real estate broker, civil engineer and general contractor