Roseville Real Estate, June, 2007 Market Update

If May's Roseville real estate numbers showed a brief hiatus from the cruelty of April, in June the numbers continued what sometimes appears to be a relentless drop (from a seller's perspective), or a wonderful new horizon in affordability, for buyers willing to take advantage of the opportunity.

Strangely, the median price belied the general trend, falling only 1.7%, from $428,500 in June of 2006 to $421,050 in June of 2007. At the same time, however the combination of sellers buying a bigger home (2000 square feet this June versus 1893 square feet on average last June) plus getting it at a 9.5% price reduction (average sold price of $426,751 this year versus $471,716 last June) combined to drop the sold price per square foot an impressive (rather: "depressive") 14.4%.

As we noted in May, however, the expired to sold ratio is down from last year, however, and inventory is at 8.36 months, suggesting that some of the more opportunistic sellers have been weeded out.