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Placer County California Real Estate Update

By
Real Estate Broker/Owner with Lotus Real Estate Services CalBRE 01725627

This Placer County California real estate market update is provided by Lotus Real Estate Services.

Placer County Real Estate Trends

This chart shows nine years of trend information for residential homes in Placer County California. A couple of points of interest are:

1. The demand has stayed relatively constant between 300 and 500 homes per month as indicated by the sold and new homes on the market lines in red and green respectively

2. Inventory dropped from the end of 2010 to the end of 2012 and started rising in 2013.

Placer County Median Home Price Trends

The median price for homes in Placer County over the last nine years is shown.  Interesting points include:

1.The median price in early 2014 is at mid 2007 levels

2. As inventory increased in latter 2013, the median price flattened.

3. The median home price in Placer County has been in the $360K to $370K range since June of 2013 and was $368, 500 in Feb 2014.

With interest rates expected to rise moderately over the rest of 2014, it is reasonable to expect housing prices to be stable with low to mid single digit appreciation.  Of course if the job situation improves dramatically, demand could rise driving home prices higher.   New home builders have been preparing land and starting new construction across southern Placer county which will add to inventory and help moderate price increases.

So what does this all mean if you're buying or selling?

Sellers: The average time to sell has increased from a low of 28 days in July 2013 to an average in the range of 50 to 60 days.   Seller's are averaging 96% of original asking price for the last 3 months vs an average of 99% in July of 2013.   About 1/3 of the homes on the market are selling.  So be resonable and price your home for the market in your neighborhood.  Staging your home can help it sell faster and for more money.

Buyers: The days of picking up homes for substantially less than asking price are gone.  There are still some deals but they are few and far between and investors move quickly to get a good deal.   Homes in the lower price tiers that are priced well are selling in a matter of days.  Upper tier homes, over $700K are taking longer and have less competition.  Ask your realtor to prepare a market analysis for the home you want to purchase to be sure you are making a solid offer that's right on target.

For both buyers and sellers - NOW is a great time.  Interest rates are still relatively low and homes are going to increase in price.

We hope you find this update helpful.  It is important to understand that the real estate market is "hyper-local"   so prices in your neighborhood could be significantly diffierent.   That is why it's a good idea to work wtih a realtor that really understands the market to help you buy or sell your next home.

Lotus Real Estate Services understands the Placer County real estate market, knows how to sell homes in any market and is here to serve.

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