Roseville Real Estate Market Update

August, 2005

August 2005 was a fairly slow month -- judged by recent standards. 192 total residential units were sold in August through the MLS, down from the 202 units sold in July and down 20.1% from the 243 units sold in August 2004. The average Roseville home listed at $491,239 and sold for $486,079, or 98.9% of list price. The average square footage was 1851, for an average sales price per square foot of $262.60. The median home selling price in August was $449,450, compared to $390,000 in August of 2004.

The average time a home spent on the market before being sold was 27 days, up from last August's 21 day average. This year some 2/3 (66.15%) of homes sold in their first 30 days, while last year 77.78% of all homes sold in that time.

The MLS currently has 599 residential units in inventory. If one takes August's unit volume of 192 units as a representative pace, that means we have a bit over three months worth of homes in inventory, which is a fairly high number for our recent market. Based on what we're seeing, sellers may want to give even more thought than usual to making sure they price their homes fairly relative to the available comparable sales.