Granite Bay Real Estate Market
This is our “tale of two cities”, part two. While Rocklin was doing quite well in October, and our earlier market reports showed Granite Bay’s market to be fairly strong as well, October was a definite “off month” in some respects for the upscale owners of Granite Bay.
Of course, it’s hard to feel too sorry for sellers in Granite Bay, I suppose, given that those sellers who did sell in October sold there homes for an average price of $1,104,527, or 96.7% of the average list price of $1,141,797. The median selling price, meantime was a paltry, six-figure, $901,000. The average sale price seemed to be up by a huge amount, 39.2%, but meantime the average square footage also increased some 24.2% from last year, so on a cost-per-square-foot basis, year to year appreciation was 12.1%.
Where we’re really seeing October as an off month, however, is in the number of units sold. Unit volume was down over 51% from last October’s 37 units sold to a total sold this October of 18. This isn’t just that there were no homes for sale, either. Eleven listings expired in October, putting the expired to sold ratio at 61.1%. Inventory stands at some 9 months worth, and the average home on the market has been on the market already for 70 days.
To see what’s currently available, our Granite Bay site has a nice breakdown of homes by subdivision.
