County’s home price falls
Real estate prices fell in Nevada, Placer and Sacramento counties for the month of September, reflecting a national trend, according to a new report.
In Nevada County, the median price of house and condominium sales dropped 4.8 percent for the month to $457,000 from $480,000 a year ago, according to DataQuick Information Systems of San Diego. A total of 148 properties were sold in the county, a figure that has been fairly consistent since spring.
Sales in Grass Valley, western Nevada County’s most relatively affordable area, showed the only increase – though slight. The median price rose less than 1 percent to $417,500 from $415,000.
“Now is when things get interesting,” said DataQuick president Marshall Prentice in a statement. “The vast majority of home buyers have done very well for themselves for the past few years. As things level off, though, we should be able to quantify how many buyers overpaid during the frenzy, and by how much.”
The Nevada County decline is fueled by a swelling inventory of homes on the market, as in other parts of the nation.
In California, the trend is mixed. The state median for September rose 2.4 percent from a year earlier to $466,000, DataQuick reported.
In the nine Bay Area counties, prices fell for the first time in more than four years to a median of $611,000, a decline of 0.8 percent.
In six Southern California counties, the median price for September was $484,000. This was down 1 percent from August, but up 1.9 percent from a year before.
Median house prices reported by DataQuick for specific area in Nevada County for September, compared to September 2005, were:
• Grass Valley, $417,500 – up 0.6 percent from $415,000 in 2005.
• Nevada City, $463,750 – down 3.4 percent from $480,000 in 2005.
• Penn Valley, $402,500 – down 12.5 percent from $460,000 in 2005.
• Truckee, $529,000 – down 9.3 percent from $583,000 in 2005.
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