Brian Hamilton: Median price of homes sold rises to record $565K
Home sales in western Nevada County continue to keep pace with what’s been one of the hottest markets the community has seen in decades, moving the median price of homes sold to a record $565,000.
Monthly area sales stats, though, also offer a bit of a mixed message on what’s still to come in 2021.
The 199 homes sold in July totaled for a 9.3% increase over June sales, and marked the highest number of homes sold in any single month this year.
But for the first time in 2021, total sales were short of the same month year-over-year, as 206 homes were sold in July 2020. Pending sales were down 19.4% in July from June, the third-straight month of decline in pending sales.
And the median days on market for the month crept up to 12 days, up from nine in June.
Pulling back for a wider view, however, offers a look at a more typical days on market median for the month of July. Last year, as sales began to pick up pace after the economic shutdown, the median was 24 days on market. In 2019, that number was 43 days.
And though the 199 homes sold in July is a 3.4% dip from the 206 in year-over-year monthly comparison, it’s actually 46.3% higher than the 136 sold in July 2019. One year earlier than that, in July 2018, 139 homes sold in a median 38 days on market.
The $565,000 median price of homes sold in July, a 7.4% increase over June, is 7.6% higher than January sales and 17.8% higher than the $479,500 recorded in July 2020. The median prices of the 1,744 homes sold for all of 2020 in western Nevada County was $455,000 — 24% lower than the price homes sold for here last month.
SLIGHT INCREASE IN SUPPLY STILL SHORT OF ’NORMAL’
One key to the higher prices sellers have so far enjoyed throughout 2021 has been an extremely limited inventory.
Historically, the number of homes listed for sale in August has been substantially higher than the 236 currently on the market. Although that number — a 5.8% increase over June — is the highest monthly total of active listings this year, there were 295 on the market in July 2020.
But to pulling the low inventory into a wider perspective, one year earlier in July 2019 — in a pre-COVID-19 economy — there were 647 homes listed for sale in western Nevada County.
The effects of the limited supply not meeting high demand is apparent in the median price of homes sold, but also is evident in the price per square foot of homes sold, which in July rose to a high of $306 this year.
That’s a 32% increase over July 2020 and 29% higher than the $238 price per square foot recorded in July 2019.
Brian Hamilton is the assistant to the regional manager for the Betsy Hamilton Real Estate Team. Contact Betsy Hamilton at firstname.lastname@example.org or 530-263-9044. Visit MidLifeOfBrian.com for previously published market updates. Contact Brian Hamilton at BrianHamiltonRE@gmail.com
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