Those that have to sell, must. Those that don’t, don’t. (With apologies to Bernard Shaw.) Well, you get the idea. 9 foreclosed homes and 2 short sales sold in Granite Bay this October and while that might not seem like a lot to some homeowners, especially in Sacramento county, it is enough in Granite Bay to cause a sea-change in the real estate landscape. Compare these numbers to the fact that only one foreclosure and one short sale sold last year in October. As such, non-distressed home sales have fallen by 54.5% over last October.

The average home which would have sold for $913,423 last October has now suffered a 15.8% decline in price and would sell for $768,978 based on this October’s numbers. Median price has also fallen for the same period. It dipped 26.1% - from $875,000 to $647,000. Sold price per square foot - a more accurate measure of price declines - fell 17.7% from $265.81 to $218.78 for the same period.

Overall unit volume of sales increased 23.1% and inventory currently rests at 13 months (based on the last year) and 10.9 months (based on the last six months of sales.)