Brian Hamilton: Sales still strong, though no longer a frenzied market
Though it’s not the frenzy western Nevada County’s real estate industry saw over the past year amid the pandemic, the local market hasn’t exactly cooled off either.
Another record median price for homes sold — $565,000 — and an average stay of 12 days on market were both recorded in August, which also saw a dip in both the number of homes sold and pending sales.
As is the case across the state, western Nevada County continues to search for signs of normalcy — whatever that means moving forward from the past 12-18 months — in the real estate market.
“The California housing market continues to normalize from the white-hot conditions we experienced at the height of the pandemic with both sales and prices moderating as we slowly transition from the peak home-buying season into the fall,” California Association of Realtors President Dave Walsh said in an August news release. “The market remains solid, however, as sales were still the second highest level for a July in the last six years, and the statewide median price continues to perform above last year’s level by double-digits. Housing supply, while improved, remains tight and market competition is still heated with homes flying off the market in record time.”
Statewide, July snapped a stretch of four consecutive months of new records in median price of homes sold. July’s statewide median price was $811,170, down 1% from June, but still up 21.7% from July 2020. (Statewide sales data for August was not available at press time.)
It’s been a similar story in western Nevada County, where the record median price of $565,000, posted for the second consecutive month in August, equates to a 20.2% increase over the median price paid for a home here — $470,000 — a mere 12 months ago.
It was also the second-straight month that saw an average of 12 days on market for homes sold, and the sixth month in a row that sold homes averaged less than two full weeks on the market.
And the record price per square foot, $308, posted in August was well above what was considered “normal” pre-pandemic. For example, not once in a single month of 2019 did homebuyers on average pay as much as $250 per square foot.
Still, the number of homes sold in August —148, the lowest since March — was down 25.6% from July and down 26.2% from the 201 sold in August 2020. Pending sales were down 11.6% month over month and down 29.8% from the 266 that were pending one year earlier.
For the sake of a “normal” pre-pandemic context, however, the 148 homes sold in August were more sold in any single month of 2019 and more than all but just one month the prior year when 154 sold in June 2018.
The number of homes listed for sale in western county had climbed back to 261 at the end of August, an increase from 236 in July and the highest number of homes on the market since November 2000.
But that’s still far off from the pre-pandemic normal inventory of 2019, when the average was 491 homes listed monthly and a high of 647 homes on the market in July of that year.
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
BY THE NUMBERS
August home sales in western Nevada County:
$565,000 — Median price (2021)
$470,000 — Median price (2020)
12 – Days on market (2021)
31 – Days on market (2020)
148 – Homes sold (2021)
201 – Homes sold (2020)
261 – Homes for sale (2021)
279 – Homes for sale (2020)
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