Placer County Real Estate Market
Like most greater Sacramento markets, Placer County has had its share of the reversal of fortunes of 2005-2007 (or make that 2005 to 2000-when?), but August’s numbers are less dramatic than others we’ve seen. The average home sold for $518,108 in August, or 96.4% of the average list price of $537,549. This year’s average home was 7.1% bigger than last year’s, so while the average sale price dropped only 0.6% from last year’s average of $521,393, the sold price per square foot dropped 7.2%, from $249.47 last year to $231.50 this year. Likewise the median price fell 8.4% from year to year, from $453,000 last year to $415,000 this year. This compares favorably to a 12.2% drop for Sacramento County from August to August, and 14.8% for El Dorado County during the same period.
Last year, of 338 homes sold, none of them were REOs (bank owned foreclosures). This year, of 275 sold homes, 40 (12.0%) were REOs. This is a huge jump in absolute terms, of course, but it is approximately similar to El Dorado County’s 11.6% REO sale rate, and much lower than Sacramento County, in which fully a quarter (25.3%) of August’s sales were bank owned.
Approximately 339 homes have sold per month over the past year, on average. There are 3242 active listings in Placer County currently, putting the unsold inventory figure at 9.7%.
