Antelope: Bottoming Out?
I might be jumping the gun on this, but Antelope seems to be done bottoming out in terms of price. After a strong month of sales in September, this October saw the average sales price actually stop falling. While there is of course no guarantee that this means the falling prices are over, we must take our good news where we get it.
Yesterday, I spoke about El Dorado county’s median sales price rise over last month’s numbers and while Antelope has nothing to in common with El Dorado county, except the occasional common deer (ha, ha - let it go, first cup of coffee today!), we are beginning to see a few places here and there that seem to be bright spots in the otherwise bleak numbers in Sacramento and California, overall.
One such good piece of news is Antelope. Consider this: Average sales price in September for residential listings in Antelope was $219,705. October’s sales price was $216,864. When compared with prices over last October, the price is 21.7% lower, but when compared to last month, the sales price has fallen only 1.29%.
Nondistressed home sellers in Antelope also seem to be holding their breath and waiting for all the foreclosures to be lapped up and gone. While last month was the best month for foreclosure sales, this month (October) wasn’t bad either. 35 foreclosures sold in the month of October along with 11 short sales and only 6 non-distressed homes. This means distress sales make up the majority of sales currently in Antelope.
Inventory based on the last 12 months of sales is at 4.4 months and based on the last 6 months of sales is at 6.7 months. Price per square foot is at $130.01.
