Short sales take the cake again! Now you might ask why short sales? Why the smallest number in all the sales? Well, that’s because they seem to have the largest change. A total of 270 homes sold in Placer county in January of which 139 were foreclosure sales, 46 were short sales and 85 were non-distressed properties. In terms of percentages they seem the same as last month, but year over year, short sales have seen 100% increase. Now, the numbers do not tell us how long these short sales have remained open escrows, but suffice it to say that they are beginning to close.

Overall unit volume is up by 24% while non-distressed homes suffered a decline in sales of about 15% year over year.

The average home sold for 26.1% less this January than it would have last year at the same time. Today’s average sales price is $303,539 as compared to the high last January of $410,805. A more accurate measure, the sold price per square foot doesn’t offer up much to cheer either. It shows a decline of 21.4% year over year from $186.45 to $146.59. Median sales price is down 19% year over year from $345,000 to $279,608.

Inventory in Placer county is at 5.9 months based on the last year of sales and six months based on the last six months of sales. Of course, that doesn’t tell the entire story because foreclosure inventory is much, much lower at 1.6 months and 1.5 months respectively. The more worrisome number is the short sale inventory at 17.6 months and 15.1 months. Here’s hoping that the recent surge in closed short sales rises and gives the rest of us some hope in this real estate market!