Overall in Placer County in August, sale of homes in all single-unit residential categories (single families, condos, halfplexes, etc.) were up 28.7% over last year, with 449 homes selling in August of 2008 compared to 349 in August of 2007.  August’s total was also higher than the running total for the last six months, of 404 units.

Of homes that sold in August, 193 (43%) were bank owned foreclosures, and 45 (10%) were short sales.  The remaining 47% were non-distressed sales.

The average selling price for a home in August was $369,127, down 28.6% from last August’s average of $516,782.  With the average size also declining slightly, sold price per square foot fell 25.8%, from $231.16 in August of 2007 to $171.42.  (This August’s average sized home was 2,153 in Placer County.)  The median selling price fell 21.7% from year to year, from $415,000 in August of 2007 to $325,000 in August of 2008.

Like Sacramento County, the last few months have seen healthy increases in demand.  Unlike Sacramento County, however, where unit sales finally cooled in August after several months of increases, in Placer County, sales continued to climb in August for the seventh month in a row.

There are currently 6.3 months of inventory in Placer County if you use the absorption rate of the last six months (404 homes per month).  More conservatively, using the last 12 months absorption rate of 330 homes per month, there are 7.7 months of inventory, with 2,530 units for sale.  Of homes for sale now, about 11.6% are bank foreclosures short sales, 30.6% are short sales, and 57.9% are non-distressed sales.

Fortunately, only .1% of all sales are rounding errors!