NEVADA COUNTY HOME PRICES

The information below states Alta Sierra, South County and Lake of the Pines could have a little over three months of housing inventory at the current sales pace. Many of the sold properties listed below are short sales and the prices were negotiated at 2011 prices, due to the nature of the short sale process. Many short sale sales can take up to eight months to close. The point is, inventory is drying up and prices are beginning to firm and when prices begin to rise, there less property that becomes available. The national media has done a poor job in getting the word out to the consumer of this new fact. The spring/summer home selling season is just getting under way and with the current inventory beginning to become tight we could see fewer REOs as well as short sales moving into the market. It might be a great time to buy, as interest rates are near historic lows and there are many buyers who may qualify to buy a home with as little as 3% down.

I have an article click here which discusses the greater Sacramento area as well as many other regions of the country. It states investors are beginning to purchase in beaten down areas looking for a deal. Click here for an article on the indicators that home prices will move higher.

If you are thinking about selling, but you are upside down in your current mortgage, your time is running out to take advantage of the current tax breaks. Now could be the time to sell into the strength of the market. Once the colder wet weather returns the buying volume tends to slow.

Current inventory snap shot

Listed below is a list of all single family homes currently on the market as of 5/8/2012 within Alta Sierra, South County and Lake of the Pines.

Class	Bedrooms	Current Active	Avg List Price	Avg DOM
All	All	127	$411,118	134
RE	All	127	$411,118	134
RE	0-1	0	$0	0
RE	2	20	$284,235	165
RE	3	77	$396,398	131
RE	4	24	$488,825	122
RE	5+	6	$712,150	110
LD	All	0	$0	0

Solds

Listed below are the sales of homes from Jan 2012 to May 8, also within Alta Sierra, South County as well as Lake of the Pines.

Class	Bedrooms	Total Listed	Num Sold	Pct Sold	Avg List Price Sold	Avg Sale Price Sold	Sale Price/List Price Ratio	Avg DOM Sold	Avg List Price Unsold	Pct Expired
All	All	149	95	63.76%	$277,515	$265,671	95.73%	124	$342,265	14.09%
RE	All	149	95	63.76%	$277,515	$265,671	95.73%	124	$342,265	14.09%
RE	0-1	0	2	0.00%	$174,700	$156,000	89.30%	365	$0	0.00%
RE	2	20	5	25.00%	$185,340	$171,800	92.69%	75	$218,643	10.00%
RE	3	98	73	74.49%	$258,717	$247,202	95.55%	107	$309,169	14.29%
RE	4	26	14	53.85%	$419,750	$406,642	96.88%	195	$414,347	19.23%
RE	5+	5	1	20.00%	$325,000	$329,000	101.23%	151	$1,071,333	0

Scott Hopper - Realtor 530.477.2277