Roseville Real Estate, December 2006 Market Update

Roseville's residential real estate market in December 2006 showed deep price reductions from the same time last year. Sold price per square foot dropped most dramatically, 12.0%, during this time, from $253.47 on average last December to $224.25 per square foot this December. Since this year's average home was bigger than last (1878 square feet on average versus 1792), the actual average drop was less dramatic, at 7.8%, with the average home selling in December for $410,799. The median sold price dropped 4.2% during the same period, from $407,000 last year to $390,000 this year.

With the price reductions and low interest rates, however, the upswing in buyers that I noticed in December in my own business was also borne out in the Roseville numbers overall. Unit sales were up 12.6% from year to year, from 119 sold last year to 134 sold this year. As a result, the expired to sold ratio has dropped, albeit by a very small amount, from 91.6% to 88.1%. As often happens in winter, inventory is falling. At the end of November we reported 6.5 months of residential home inventory in Roseville. Currently, that number stands at 5.4 months.