Posted by John Lockwood on April 27th, 2008
I spend a lot of time writing about the numbers in different areas, and yes, I can assure you: statistics really are pretty dry. Sometimes the results you get are entertainingly obvious, however. For example, last year Granite Bay’s homes lost only 9.2% of their (sold price per square foot) value, as compared to a 35% drop in Lincoln. Well, see, that’s obvious. Everybody who has money enough to live in Granite Bay would want to live there. Why not? The schools are great. The houses are gorgeous. You’re near the lake. I love Granite Bay. Everybody loves Granite Bay. What’s not to love?
In the first quarter of 2008, the average buyer spent $913,000 for their home, 3.6% more than last year’s average of $880,932. Prices were falling, however, so that 3.6% increase in price fetched a home 3521 square foot home, 14.2% bigger than last year’s 3084 square feet. As a result, as we mentioned above, sold price per square foot fell 9.2% from first quarter of 2007 ($285.65) to first quarter of 2008 ($259.30).
If homes are holding their value much better in Granite Bay than in other areas, the flip side of that equation is that far fewer Granite Bay homes are changing hands. Last year, twenty-six homes per month sold during the first quarter. This year that number is down to eleven. As a result, inventory is creeping up in Granite Bay, and currently is at 11.4 months.