Making Sense of the Market Today
Current Home Inventory (MLS Single Family Detatched homes only)
Placer County currently has 2068 homes on the market at the end of September. This is 8 more than last month, and has been a fairly consistent running number throughout 2009.
Of the 2068 homes:
134 or 6% are Bank Owned (REO) homes. This number has been steadily declining over the past 9 months.
965 or 47% are Short Sales
971 or 47% are Organic, non-distressed owner sales
REO homes comprise a smaller percentage of Placer County Inventory
Foreclosed homes are decreasing in number as well as percentage during 2009, however the number of Short Sales have increased keeping distressed homes for sale at 50% or more of the homes on the market.
September 2009 Home Sales
342 homes were sold in Placer County during the month of September. 114 were Bank Owned (REO) homes accounting for 34% of all sales.
80 homes sold were short sales accounting for 24% of all sales.
138 homes sold were normal non-distressed 'active' or 'organic' sales.
REO (Bank Owned) homes are a driving force in our market. Again as we've consistently seen this year, REO sales are a driving force in the market. Even though they only account for 6-10% of the inventory they account for a third to half of the sales.
The dollar value of sales have been fairly consistent throughout 2009.
Average and Median home price sales for Placer County
|9 Months Overall
Home Inventory and Sales for Placer County
Over the past 9 months inventory levels of single family homes and prices have remained fairly stable. The biggest change has been the decreasing volume of REO Bank Owned homes and the increase of Short Sales (both from an inventory perspective as well as volume of sales). Short Sale homes as well as non-distressed homes are selling at a price point set by the REO sales. Looking forward no major changes are forseen in the market other than the expiration of the First Time Home Buyer tax credit.
Hope this has been useful