Granite Bay’s real estate market in August showed much less of a downturn than other areas in Placer County. The average home that sold in August in Granite Bay was 3174 square feet, and sold for $925,759, or 96 percent of the average list price of $967,376. The median sale price was $760,000.

Although the median sale price dropped 8.3% during this time, the average dropped less than a tenth of one percent, and the average sold price per square foot was only down 0.3%. However, as elsewhere, the signs of slowing are unmistakeable in other inidcators. Unit volume is down 44.2%, from 52 units sold in August of 2005 to 29 units in August of 2006. The expired to sold ratio is almost up to 100%, with 28 units expiring and 29 selling. Inventory is “only” at eight months, however. I expect that some sellers are simply taking their homes off the market and are preparing to wait out the market.

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