Nevada County residential property values continued to drop, although not as much as other areas. The drop in prices for the first three months of this year compared to the first three months of 2008 is eleven percent.
The medium price in the first quarter of this year for residential property is $302,000 compared to last year’s first quarter of $345,000. The number of residential properties sold in the first quarter was 124 units compared to 141 units in the first quarter of last year or a fourteen percent drop in sales.
However, I notice that pending sales is up in the first quarter of this year compared to the first quarter of last year. In the first quarter of this year, there are 192 units under contract compared to 171 units under contract last year. This may indicate that there is a twelve percent increase in sales, although some may fall out of contract. There also may be a long time lag on sales because some of the sales may be with lending institutions that historically seem to take more time in completing their transactions.
Sales figures quoted above are for single family residences and do not include multi-family residences.
I keep track of the daily Nevada County MLS transactions on this web site through Twitter, listing the number of new properties on the market, the number of price changes, completed sales for the day and pending sales. These figures are for all types of property
You may find that information on the right side of this page or you can follow me on Twitter, I’m odelljohn.