Posted by Purva Brown on March 31st, 2009
A trend we are beginning to see in Placer county lately is that of sales slowing. Could this be a good thing? Well, if it is because there are not that many foreclosures to buy, yes, it could just be a good thing! Consider this: Lincoln on average over the last year has sold 39 foreclosures every month. Currently on the market? 13 foreclosures for sale. Even the short sale inventory here doesn’t seem as scary at 59 or 5.2 months. Of course, residents are waiting with bated breath for these to go away so we can see some price appreciation soon.
A total of 56 homes sold in Lincoln this last month and unit volume is down 11.1% overall. The last of the foreclosures are getting picked up however, a difference from Rocklin. 31 foreclosures sold (up year over year by 7%) 9 short sales sold (up 28.6% year over year) and 16 nondistressed homes sold (down 41% year over year.)
The average sold price per square foot is down for the same period from $145.96 to $128.84 – a drop of 11.7%. The average sales price is down 13.3% from $347,200 to $300,904. Median sales price is also down 17.8% from $337,500 to $277.450.
Inventory is at 1.1 months.