Granite Bay Real Estate Market
As one might expect for an unusually prestigious (and hence expensive) area, Granite Bay’s numbers for September 2006 paint a picture that is in some respects atypical of the market as a whole.
The most interesting result is that over the course of the past year, the median sale price has jumped up a significant 25.3%. September of 2005’s median was $750,000 while September of 2006’s median was $940,000. At the same time, unit volume decreased 47.2%, from 36 units last September to 19 units this September.
At the same time, however, the average price increased far less (4.2%), and the average sold price per square foot went down (6.7%). Since this year’s homes were some 11.7% bigger than last year on average, the lower price per square foot is fairly unsurprising. This year’s crop of homes in Granite Bay averaged a substantial 3,540 square feet.
It would seem, then, that on the very high end, Granite Bay’s market is doing well, but the more “inexpensive” homes by Granite Bay standards are doing less well.
Overall in Granite Bay, inventory is quite high at 12.3 months, and in September expireds outnumbered solds 21 to 19, giving us an expired to sold ratio of 110.5%.
