Posted by Purva Brown on December 31st, 2008
Unit volume in Roseville has increased 15.5% over last November. Now this might not seem like a large number until you see that foreclosure sales are up 250% and short sales are up 67% for the same period. Only non-distressed sales have seen a drop in unit volume: a 51% drop, to be precise. 63 foreclosures sold in November in Roseville, 20 short sales also sold and the remaining 36 were non-distressed sales.
53% of all sales are now foreclosures, 17% are short sales and the rest non-distressed. Roseville is amongst the few areas in the tri-county area where a large third of all sales are non-distressed. We seem to see non-distressed sales take up a smaller and smaller portion of the sales pie every month.
And the reason (or it could be a chicken or egg question here) is that prices have fallen 21%. Average price per square foot has gone from a high of $192.58 last November to $151.92 this November. Average sales price also dropped 22% for the same period: from $383,670 to $299,792. Median sales price also suffered a loss of 19% from $364,900 to $295,000.
Inventory is at 4.4 months based on the last year of sales and at 3.7 months based on the last 6 months of sales.