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Nevada County real estate continues to lose value — offering bargains for those who have jobs or cash and who can get credit.
That means “lots of out-of-town buyers, not just investors,” said Linda Kaneko, manager of ERA Cornerstone Realty and based in Nevada City. High volume means “people... are realizing the prices now, combined with the interest rates we're seeing now, are as good as it's going to get.”
Some buyers are picking up second homes or deciding it's time to move to the area, Kaneko added.
“We're also seeing quite a pick-up in the upper-end properties,” she said.
Distressed properties — those that have been foreclosed by a lender or that are selling for less than the amount owed — made up about half the November sales. Such sales have been as high as 60 percent of all sales in past months, so that's a bright spot, Kaneko said.
While each sale represents a loss to a family or person who owned the house, “the fact that they're moving is good news,” Kaneko said.
In the western county, the median sale price for the 86 single-family houses and condominiums that sold in November was $229,500, according to Multiple Listing Service figures used by area realty agents.
Countywide figures for November were not available; the median for all of Nevada County in October was $240,000, a decline of about 13.5 percent from a year before, according to DataQuick Information Systems in San Diego. (For prices in key areas July through October, see the chart.)
Across California, the median price paid in October was $240,000, down 3.6 percent from $249,000 in September, and down 6.3 percent from $256,000 for October a year ago, DataQuick reported.
“The median has decreased on a year-over-year basis for the last thirteen months,” the data tracking service reported.
Statewide, distressed property sales “continued to make up more than half of California's resale market,” DataQuick reported.
“The biggest concern we have, honest to God, is running out of inventory,” Kaneko said. That's happening all across the country, as banks put the brakes on foreclosures, which had been a large proportion of sales for many months.
Looking ahead, MLS lists 118 sales that went into escrow after Nov. 1, but which have not closed, Kaneko said. That means sales volume is going up, “and that's healthy,” she said.
But as supply gets bought up, prices are bound to rise. Economists are forecasting a rise in real estate prices of 3 percent to 4 percent during 2012, Kaneko advised.
To contact Senior Staff Writer Trina Kleist, e-mail tkleist@theunion.com or call (530) 477-4230.
That means “lots of out-of-town buyers, not just investors,” said Linda Kaneko, manager of ERA Cornerstone Realty and based in Nevada City. High volume means “people... are realizing the prices now, combined with the interest rates we're seeing now, are as good as it's going to get.”
Some buyers are picking up second homes or deciding it's time to move to the area, Kaneko added.
“We're also seeing quite a pick-up in the upper-end properties,” she said.
Distressed properties — those that have been foreclosed by a lender or that are selling for less than the amount owed — made up about half the November sales. Such sales have been as high as 60 percent of all sales in past months, so that's a bright spot, Kaneko said.
While each sale represents a loss to a family or person who owned the house, “the fact that they're moving is good news,” Kaneko said.
In the western county, the median sale price for the 86 single-family houses and condominiums that sold in November was $229,500, according to Multiple Listing Service figures used by area realty agents.
Countywide figures for November were not available; the median for all of Nevada County in October was $240,000, a decline of about 13.5 percent from a year before, according to DataQuick Information Systems in San Diego. (For prices in key areas July through October, see the chart.)
Across California, the median price paid in October was $240,000, down 3.6 percent from $249,000 in September, and down 6.3 percent from $256,000 for October a year ago, DataQuick reported.
“The median has decreased on a year-over-year basis for the last thirteen months,” the data tracking service reported.
Statewide, distressed property sales “continued to make up more than half of California's resale market,” DataQuick reported.
“The biggest concern we have, honest to God, is running out of inventory,” Kaneko said. That's happening all across the country, as banks put the brakes on foreclosures, which had been a large proportion of sales for many months.
Looking ahead, MLS lists 118 sales that went into escrow after Nov. 1, but which have not closed, Kaneko said. That means sales volume is going up, “and that's healthy,” she said.
But as supply gets bought up, prices are bound to rise. Economists are forecasting a rise in real estate prices of 3 percent to 4 percent during 2012, Kaneko advised.
To contact Senior Staff Writer Trina Kleist, e-mail tkleist@theunion.com or call (530) 477-4230.
