Western Nevada County Real Estate Update – September 2012



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One of the most frequently asked questions I receive is “how is our real estate market doing?” and today I have great news to report about the state of our market! We have been seeing some very big changes across our county – changes that work well for buyers and sellers alike. Here’s a look at what we are reporting and how we can expect to see things moving forward.

Inventory Continues to Dwindle
Right now, in September we are reporting 580 homes on the market. Compared to the same time frame last year, this is a huge improvement since this number is only about half of the number of listings we had last year. What does this mean? It means that more buyers are out there buying, sellers are able to sell favorably and the market is becoming a balanced one, moving in the direction of stronger demand and higher prices.

Homes in Escrow Increasing
In terms of the number of homes currently in escrow, we are showing 355 – representing a twenty five to thirty percent increase over last year’s numbers. Once again, this is a huge improvement over the same period last year. Taking a look at distressed sales, of the 355 homes that went in escrow, just 48 are bank-owned properties. This is a strong indicator that bank-owned properties are decreasing dramatically, paving the way for traditional sellers to control the market.

Total Closings To Date
We are also seeing an overall remarkable change in the number of closings to date, with figures that are comparable with pre-housing crash numbers from 2006. Just last year the total number of sales was 1,053 however as of August 2012 there have already been 1,000 homes that have been closed to escrow – an indication that by the end of the year we will see sales numbers that will likely rival 2006 sales.

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Our market is currently flat in value or increasing in value – making this a good time to get back into things and invest in a new home or sell your existing one. In fact, our entry-level homes are experiencing increased values with prices starting to rise.

With the low interest rates, combined with government program options and fewer homes on the market – both buyers and sellers are enjoying a great market overall. To get in on the best real estate market that we’ve had since 2006 or if you would like customized assistance to help you achieve your real estate goals, contact me today at 503.273.0073. I look forward to working with you!