Sacramento Real Estate Views

The State of South Placer County Real Estate

2011 – Year In Review

Like Sacramento County, South Placer County real estate lost some value in 2011.  Unlike Sacramento County, it wasn’t as stable a year for values in South Placer County.  The reason for this could be that, with values being much higher in South Placer, South Placer County real estate had/has further to fall.

While the value losses weren’t much, you see a lot of bouncing around from city to city with a few exceptions.  Where there is a lot of bouncing around, a clear direction of value is difficult to ascertain.

We’re seeing that properties aren’t selling for what they are appraising for unless they are highly desirable.  Most every closing I’ve had has been this way.  Properties listed at the appraised value aren’t selling for that price nor are they drawing offers at that price, generally speaking. (there are always exceptions)

Foreclosures

The total amount of foreclosure filings has been relatively consistent throughout the year with a high of 459 Notices of Default filed in August and low of 223 in December with a median monthly foreclosure filing of 322 homes.  Filings of the Notice of Trustee’s Sale has been steadily increasing since September.  The average time to the foreclosure sale once a Notice of Default has been filed in 2011 was 283 days trending down from October to a low in December of 211 days, over double the number of days provided for by California state law.

I expect the time from the Notice of Default to the trustees’ sale to decrease as we progress further into 2012.

Granite Bay Real Estate

Values going down in Granite Bay isn’t really a surprise to me.  Like Folsom, Granite Bay home values have been relatively resilient since the downturn began but as we near the bottom of the market, it appears that the overall trend for home values in Granite Bay real estate is downward.

Since July, values have dropped 11% and that’s with an substantial uptick in values in December.  As of December, the total number of homes for sale is 2.7 months are the current pace of sales.

Lincoln Real Estate

The home values in Lincoln bounced up and down all of 2011 but did trend down.  The high sales price was in $284K in January and a low sales price in October of $216K, an almost 24% decrease in values.

At the current pace of sales in Lincoln real estate, there is about 1.9 months of inventory available for sale and believe it or not, that isn’t the low!  In September, there was about 1.3 months of available homes for sale yet prices are continuing to trend downward.  Historically, this makes no sense but it is what it is.

Loomis Real Estate

Loomis real estate values have bounced around quite a bit but in a good way.  The bouncing around in Loomis can be attributed to one or two higher end properties selling in any given month.  You have a high peak in January then a leveling off for 5 months then a high peak in July and a leveling off for 4 months to a peak again in December.  Aside from those peaks, values were very steady all year long.

Unlike the rest of the region, the current inventory of homes for sale at the current pace of sale is about 7.5 months. (!)  That’s the highest level I’ve seen anywhere in the region.

Rocklin Real Estate

Home values in Rocklin real estate were steady in 2011.  Aside from a bit of jumping around with a low of $265K in March, values have been in a very narrow range from $321K to $279K with an average sales price of $292,580.

The total number of homes available for sale is 1.9 months at the current pace of sales.  This is consistent with most other areas of the Sacramento region.

Roseville Real Estate

Roseville real estate has also been very steady aside from a dip in December of $257K.  Other than that, values were between $291K to $263K with an average of $276,580 for 2011.  This graph includes all zip codes in Roseville.

Just like Rocklin, Roseville has just 1.9 months of available homes for sale at the current pace of sales.

 

Summary

South Placer County, just like the rest of the region, has had a steady year of sales and a steady year of values.  While, the overall trend is downward it is nominal in comparison to the 2007 through 2009 time frame.

Most economists are saying that this could be the year for home values to stabilize aka the bottom of the market.  We’ll see how things fare.  In my opinion, if the bottom of the market is this year it will be either in the first quarter of the  year or the 4th quarter of the  year.  My impression is if the bottom of the market is this year, it will be in the first quarter but that’s just my feel of it.

If you’re looking for a home to purchase or sell, please call, text, email or simply fill out the form below and I’ll get back to you promptly.

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Tags: granite bay real estate, loomis real estate, rocklin real estate, roseville real estate