Arguably, Granite Bay is "the" luxury community in Greater Sacramento.  Granite Bay’s real estate market fared pretty well in October, with relatively low inventory given the higher prices.  Before we get into the numbers, I should point out that the overall volume of Granite Bay homes is low even in the best of times.  As a result, statistical data becomes somewhat less reliable just because of the smaller sample size.

The average home that sold in Granite Bay in October sold for $913,423, a 12.9% increase over last year’s average sale price of $808,962.  Of course, this year’s home was quite a bit bigger on average, 3436 square feet this October versus 3013 square feet last October.  Still, the drop in sold price per square foot was mild at only 1.0% — which really is less than you’d expect according to the usual rule that larger homes in the same area often sell for less per square foot anyway.

Not surprisingly, with this year’s crop so much bigger, the median sale price in Granite Bay is way up as well — 18.9%, from $735,828 last October to $875,000 this October.  Expired listings are up 33.3% this year, pushing the expired to sold ratio up to over 180%.  Nevertheless inventory — though not low — is low given the price range and by comparison to other local markets at 9.3 months.

Compared to other areas, foreclosures do not factor very heavily in the Granite Bay’s numbers, with one foreclosure selling out of 13 units in October (7.7%), and only 1.4% of the 207 active listings being bank owned.