Brian Hamilton: Slowing sales still outperform pre-pandemic local market
October home sales in western Nevada County have certainly slowed since the red-hot pandemic-fueled market of spring and summer, as one of the few metrics still on the rise is the number of homes listed for sale.
Buyers had 297 homes to choose from in October, a 1.7% increase in inventory over September, and up from the 289 listed in October of 2020, but still far from the pre-pandemic norm of 501 homes on the market in October 2019.
Sales were 2.3% down from September, totaling 129 transactions in western county. The median price of homes sold, $518,800, was 4.3% lower month over month and the price per square foot dropped 2.3% to $294.
Similar to the story told through total inventory, though they might be down in month-over-month or year-over-year comparisons, those metrics continued to outperform the pre-pandemic local market.
BACK TO ‘NORMAL?’
For example, the median price of homes sold in October has dropped 8.1% from the record-high median of $565,000 reported in both July and August. But the $518,800 recorded last month is still 8.4% higher than the $475,000 of October 2020 and 20.1% higher than the average price of homes sold in October 2019.
As to total homes sold, October continued a three-month trend of slowing sales at 129 units, down from a 2021 high of 199 sold in July and down from 155 sold in October 2020. One year earlier, in October 2019, a total of 121 units were sold.
For the fourth consecutive month, the average days for a home on market stood at 12 in western Nevada County. That’s the same average recorded one year earlier, in October 2020, but far from the 47 days on market that were averaged in October 2019 home sales.
Price per square foot also followed the downward trend in October. After reaching a high average of $308 per square foot in August, western county’s $294 average in October marked a 2.3% decrease from September’s $301 average.
Brian Hamilton is a Realtor (Lic.# 02149112) and assistant to the regional manager for the Betsy Hamilton Real Estate Team (Lic.# 01936209) at RE/MAX Gold in Grass Valley. For more information, contact him at Brian@BetsyHamilton.com or visit http://www.BetsyHamilton.com
BY THE NUMBERS
October sales in western Nevada County:
$518,800 — Median price (2021)
$475,000 — Median price (2020)
12 — Days on market (2021)
12 — Days on market (2020)
129 — Homes sold (2021)
155 — Homes sold (2020)
297 — Homes for sale (2021)
289 — Homes for sale (2020)
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John Cassidy, the longtime CEO of Sierra Central Credit Union, has announced that he will retire January 15, 2022, ending his 22-year career as CEO of Sierra Central Credit Union.