Roseville’s market continued to show good demand for homes in June, but like everywhere else, the upsurge in demand has not yet caused prices to rise. 178 homes sold in Roseville in June, up 29.9% from last June’s 137 homes. With an average absorption rate of 136 homes per month over the last six months, Roseville’s inventory is down to some 5.3 months, so the strong recent sales are all to the good.
In terms of prices, the average home sold for $333,925 in June, down 22.3% from last year’s average of $429,647. Unit volume is down about the same amount, 22.2%, from $213.08 per square foot in June of 2007 to $165.81 per square foot in June of 2008.
44.9% of the homes that sold in Roseville in June were bank owned, and 11.2% were short sales. At 56.1% total, distressed sales are slightly more common in Roseville than in Placer County as a whole.
The tables below give more detailed information about the market in Roseville in June.
In June of 2008, the combined total sales for short sales and bank owned foreclosures (REOs) in Placer County accounted for 51% of the sold homes, while non-distressed sales made up 49% of sales. Thus, Placer County fared better than Sacramento County, where distressed sales made up 75% of all sales in June, but not as good as El Dorado County, where distressed sales accounted for 43% of all sales.
This June the average home sold in Placer County for $178.44 per square foot, down 22.9% from last June’s average of $231.37. The average selling price for Placer County residential real estate was $385,850, down 21.9% from last June’s average selling price of $493,937.
There are currently 8.1 months of inventory in Placer County, which is slightly higher than Sacramento County’s numbers but still much better than the 12.7 months of inventory in El Dorado County.
Overall, the average home that sold in Placer County sold for 97.25% of the list price. Bank owned properties sold closest to their asking price, with the average bank owned property selling for $310,571 in June, which is 99.49% of the average list price of $312,161.
Unlike other areas in Placer County and Sacramento County, Auburn’s real estate market has not showed a recent "bump" in sales numbers, despite the fact that prices have fallen fairly substantially in Auburn over the last year.
In May of 2008, thirty-three homes sold in Auburn, down 5.7% from last May’s volume of thirty-five units. Seventeen of these thirty-three units (just over half) were non-distressed sales, while 39.4% were foreclosures and 9.1% were short sales. The average sale price in May was $422,464, down 18.7% from last May’s average of $519,611. Sold price per square foot was down 29.1% during the same period, from $267.46 in May of 2007 to $189.75 in May of 2008.
Auburn can be characterized as a sluggish buyer’s market, with 12.3 months of inventory overall.
The real estate market in Rocklin is fairly typical of Placer County as a whole. Foreclosure sales are up more than 300% over 2007. Last May, only 15.1% of all sales were either short sales or foreclosures, while this year that number has climbed to 48%. Short sales are still doing poorly at only 5.5% of sales, with bank owned properties making up the other 42.5%.
This May, Rocklin’s average home fetched $389,545, down 16.8% from last year’s average of $468,507. Sold price per square foot fell 22.4%, from $216.66 in May of 2007 to $168.17 in May of 2008.
Sales were strong in May at 73 units, beating the twelve month average of 54 units per month. There are 6.6 months of unsold inventory in Rocklin.
Pasted below is the real estate sales data for Rocklin May, 2008.
Recently I published market data for the three Roseville zip codes separately. This report covers Roseville as a whole.
The drop in prices in Roseville from May to May was about characteristic of Placer County as a whole. The average home sold for $179.23 in May, down 24.5% from last May’s average of $228.05. Average selling price declined 17.9%, from $418,710 in May of 2007 to $355,908 in May of 2008.
Though prices fell at about the same rate of Placer County as a whole, some other indicators fare better in Roseville than in the rest of the county. Inventory is 6.1 months in Roseville versus 8.3 months in the county as a whole. Likewise, unit volume increased more in May in Roseville. Unit sales in Roseville are up 33.6%, from 128 units in May of 2007 to 171 units in May of 2008.
Here is a market report for East Roseville. Real Estate prices are higher in East Roseville than in Central and West Roseville. Moreover, prices have fallen less dramatically. Inventory is higher than in Central and West Roseville, at 7.4 months.
Those of you who played with toy databases as a child may remember the song:
I’ve been working on the database All the live-long day I’ve been working on the database Just to pass the time away…
Oh wait, that was about railroads, wasn’t it?
That’s so 19th century.
I haven’t been working on the railroad, but I have been working on my MLS "mirror" database, and lately I’ve been adding some statistics reporting capabilities to it.
To date, the statistics I can get from the report I’ve generated are not as comprehensive as my handy-dandy spreadsheet-generated statistics, but the killer thing is that I don’t have to sit and look up the data, I just pop in the zip code or county I want (city name coming soon), and the numbers pop out automagically, already formatted as HTML.
This is how I should have been doing things all along.
Placer County’s market remains slow in May, and is experiencing both falling unit volume compared to last year and lower prices. This May the average home sold in Placer County for $396,805, down 20.1% from last May’s average sale price of $496,667. Combined with a somewhat larger average footprint this year, the sold price per square foot figure dropped 25.5% from May to May, from $239.36 last May to $178.34. The median price fell 21% over this period, from $428,000 in May of 2007 to $338,250 in May of 2008.
We’ve been noticing for several months in Sacramento County that prices have fallen to a point where unit volume is increasing in a very dramatic way. The same phenomenon has not yet happened in Placer County. In Placer County, the decline in price has yet to be large enough to bring buyers out in huge numbers, so unit volume is still falling off. In May, 406 residential units were sold through the MLS, down 4.2% from last May’s 424 units.
In May, 44.3% of the homes that sold were bank foreclosures, up from 9.7% last May. Short sales made up 7.9% of the total, versus 4.7% last May. Non-distressed sales outsold short sales by about six to one. Currently in active inventory there are 10.3% bank foreclosures and 27.9% short sales.
There are currently about 8.2 months worth of homes in inventory. Based on last month’s sales data, it would take just 1.4 months to sell off the existing REOs, 8 months to sell off the non-distressed sales, and 22.2 months to sell off the short sales.
April saw declining house values throughout the greater Sacramento region. Placer County homeowners were not immune to this trend, however they can take comfort in the fact that the 24.6% decline in sold price per square foot value from April to April was at least not as pronounced as in Sacramento County, where sold price per square foot fell 33.9% from April to April. Nevertheless, prices fell enough to drive demand up, so in April unit sales rose 15.3% from the previous year, with 370 sales compared to last year’s 321 sales.
With buyers purchasing a larger home on average this year, the average selling price this April in Placer County fell less dramatically than the sold price per square foot. This average home sold in April in Placer County for $420,208, down 16.8% from last April’s average of $505,041. The median sale price fell 19.5% during this time, from $435,000 in April of 2007 to $350,000 in April of 2008.
Placer County Foreclosures make up only 9.8% of active inventory, but accounted for 43.2% of all sales in April. Conversely, short sales account for 26.2% of the active inventory, but made up only 9.7% of sales in April. Seen from the point of view of how many units are available in each category, we can break inventory down as follows:
Overall inventory: 8 months.
Bank foreclosures (REO) inventory: 1.5 months
Short sales inventory: 18.3 months
Non-distressed sales: 9 months
The expired to sold ratio in Placer County, one indicator of the direction the market is moving, is down this year to 37.3%, compared to last year’s figure of 56.4%.
The large number of foreclosures and the falling prices that result caused an upsurge in demand in the Roseville real estate market in April. April’s average home sold in Roseville for $362,468, down 17.4% from last April’s average sale price of $439,080. Sold price per square foot fell 25.9% during this time, from an average of $225.40 in April of 2007 to an average of $166.96 in April of 2008. At the same time, the median home selling price fell 13.2%, from $401,950 in April of 2007 to $348,950 in April of 2008.
Taking advantage of falling prices, buyers bought 40.2% more homes than last April, as unit volume rose from 102 units in April of 2007 to 143 units this April. Sixty-six of the 143 units that sold this April were bank owned (46.2%). Only 11.2% (sixteen homes) were short sales. 42.7% of sales were non-distressed, so non-distressed homes continued to outperform short sales even though short sales are much more inexpensive, on average.
Overall, inventory numbers are at the border between a buyer’s market and a seller’s market — though to be sure this is something of a paper victory, since what’s driving demand are the distressed sales. There are 6.2 months of inventory overall. For non distressed sales there are 6 months, while for short sales there is a huge 16 month supply. For REOs — the real seller’s market — the inventory available is only 1.6 months. The expired to sold ratio was an encouraging 21.7% this April, down from 52.9% last April.
