We have known anecdotally for a while that the market has been slowing, but now the data reflects that change.

We are at 1.9 months of inventory, which is triple the .6 months in March.

Pending sales are down 23.6% compared to last June.

The median sales price was down 2% compared to May after climbing every month since last October.

These changes mean that buyers with little to nothing down can now compete a little easier, that there will be fewer multiple offer situations, and that the potential for people to make an offer with a home sale contingency may return soon too.

It also means that sellers have to price to the market and that they need a strong agent with great marketing skills. Pricing higher than the last sale may actually lose you money if…

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We love living here and truly feel blessed to be able to help so many people make Placer County their home too. It is truly a wonderful place to call home.       THIS IS PLACER

 

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2012 was an incredible year for home prices in Placer County. After seeing prices drop month after month, quarter after quarter and year after year over the past 7 years, things finally turned around and started an upward trend in 2012.

Between December 2011 and December 2012, in Metrolist MLS, the median sales price of single family homes in Placer County increased 18.6%, while the average price increased 18.7% and the average price per square-foot rose 13.3%.

Over the past 7 years we have still seen a 38.8% decline in the median price, 36.7% decline in the average price and 41.7% decline in the average price per square-foot, but the bottom had to be reached at some point, and at least for now it appears that it was reached at the end of 2011.

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morgan_creek_home_2_400A side effect of the tight inventory of resale homes in Placer County in 2012 was a marked increase in the number of new homes be constructed and sold.

As home buyers found it ever harder to find an elusive resale home to buy, many turned to the new home builders.

They found the process of purchasing a new home preferable to the often tedious task of battling it out for existing resale inventory with multiple offers, drawn out short sale processing periods and other unknowns.

Purchasing a new home allowed them to walk into a model, find what they like, sign a contract, pick their upgrades, set a move in date and then move in after a few short months.

While buying a new home may not always get you the steep discount that may be available on some…

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