Brian Hamilton: Fewer homes = higher prices
Western Nevada County market tightened to fewer than 200 homes listed for sale to close out last year
Those wondering just how hot western Nevada County’s real estate market has grown can always take a deep dive into the numbers.
But real-life examples are as apparent as the exhaustion on the faces of real estate agents, appraisers and lenders, as well as title and escrow officers trying to keep up with a frenzied second half of 2020.
Despite the lowest inventory on the market that western Nevada County has seen in several years, there were a total of 1,744 homes sold in 2020, a 14% increase over the 1,528 sold in 2019.
And, as all those burning the midnight oil to keep pace know all too well, the vast majority of those sales came in the second half of the year. Through June, as industry agents, buyers and home sellers reworked their plans to mitigate the impact of the coronavirus pandemic, there was a total of 695 homes sold in western county.
Once things got back on track, the market saw a 150% increase — 1,049 transactions in homes sold — over the last six months to beat the previous year in total sales.
Throughout 2019, there were more than 300 homes reported on the market each month. But since July 2020, when the number dipped to 295, the inventory has been dwindling — spurring a rising median price of homes sold to close out the second half of the year.
Clearly a seller’s market, homeowners have reaped the reward of fewer options for prospective buyers.
Low supply and high demand resulted in December’s median price for homes sold surpassing the half-million dollar mark, at $505,000.
December saw the total number of homes for sale in western Nevada County drop to its lowest inventory in the last five years.
But that low inventory — 199 homes for sale in comparison with the 361 listed 12 months earlier — didn’t exactly offer all those overworked in the industry much of a break through the holiday season, as western county saw a 41% increase in December sales over 2019.
Here’s hoping all those hard workers in our local market got at least a bit of break to be refreshed, rejuvenated and ready for all that’s in store for the new year.
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