Low Inventory Plagues The Market
Inventory levels of existing homes continue to act as brakes on the Real Estate Market. If you are a buyer looking for a home, you are likely abundantly aware of that reality. You are not alone. Shortages of existing homes are common in most markets in the United States. In fact, in 4 of the past 5 months, sales of existing homes dropped. August saw increases in the Northeast and Midwest, offset by decreases in the south and West.
Existing home sales fell in August 1.7% to 5.35 million nationwide, the lowest levels in nearly a year. Demand among buyers remains high, fueled by employment gains, rising incomes and low mortgage rates…great news for those selling their house! Low inventories put upward pressure on prices. Hurricane Harvey in Houston, and Irma in Florida will contribute to lower levels of deals closed in those area this year and likely into 2018.
Key Stats
Total housing inventory at the end of August dropped 2.1% to 1.88 million existing homes available for sale nationwide, 6.5% lower than a year ago. All-cash transactions were 20% of the market with 15% of those individual investors.
What’s Up In Nevada County Real Estate?
Third quarter Nevada County Real Estate sales are up 11.4%. Number of homes for sale average 420 per month. Number of homes sold average 135 per month. Average price per square foot in Nevada County is about $220 per square foot. Average days on market has been running at about 40 days. Average sales prices are in the mid $400,000s. Average prices FOR SALE are in the mid $600,000s.
Nevada County Real Estate And You
What does this mean for Sellers and Buyers in Nevada City, Grass Valley, Penn Valley, Alta Sierra and South County? If you are a seller with a well-priced home in good condition, you are likely to be doing a happy dance within two months of listing your property. If you are a buyer, do your due diligence and be ready to pull the trigger on an offer when that just-right house hits the market. Have a professional, well educated real-estate agent on your side to negotiate and advocate for your interests. And… welcome to the best places in the world to live…in Nevada City, Grass Valley, Alta Sierra, Penn Valley and surrounding communities.
Source: Realtor Magazine & Nevada County Association Of Realtors Statistics