Home buyers just cannot get enough of the foreclosures! Last November, Rocklin saw that a quarter of the homes sold were foreclosures. Today, that number has doubled. Half the homes sold in Rocklin this November were bank-owned. And that doesn’t even include the short sales, which made up about 19% of the sold inventory. Total unit volume was up 50% over last November. That should give you a pretty good picture of the real estate market…

…and where prices were headed this last month. Of course, no prizes for guessing: downward. The average sold price per square foot has fallen 14.3% over last year from a high of $181.86 to $155.79. The average home sold for 22.2% less. What would have fetched $453,913 last November, today can command a sold price of $353,068. Median sale price has also fallen 17% from $388,500 to $322,500 for the same period. Interestingly enough, the average home sold was also 9.2% smaller than last November, a trend we seem to be seeing all over the tri-county area (except maybe El Dorado county.)

Inventory in Rocklin is at 4.4 months based on the last 12 months of sales and 3.9 months based on the last 6 months of sales. Foreclosure inventory however is at a mere 1 month!