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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.
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Roseville Home Sales Report 95661
Average Sales Price Declines 8.2%
The 95661 zip code of Roseville is not much different from the rest of the region in so far as the current direction of home values are concerned over the last 6 months.
While there has been a reversal of this trend over the last month it’s too early to say that values are now increasing. The sharp increase in the average sales price last month and the national news today from CNN/ Case Schiller saying that home values increased 3.6% nationwide is an attention getter.
The nationwide average sale price is irrelevant to our local market BUT may be relevant in terms of making the mortgage process easier.
Generally, when a sudden spike occurs in the average sales price it means there was a high dollar sale that closed and has temporarily driven the average sales price up.
Number Of Homes For Sale Increases
Unlike the rest of the region where the total number of homes for sale has been declining for almost a year, for the last two months the total number of homes for sale in Roseville real estate 95661 has increased 9.2%, the highest level in over 6 months. This isn’t a good thing as sales have declined since February as the graph indicates.
If the number of homes for sale continues to increase and the pace of sales doesn’t come up home values may continue to decline. Extrapolate that out and this could result in more underwater mortgages, foreclosures and short sales throughout the zip code.
In March, April and May, the pending sales and the homes sold numbers match. This makes sense but as we get into June and July, they don’t. Sales have dropped off significantly while pending sales have continued to rise. The mortgage environment has gotten significantly more difficult in the last 3 months and this could point to, while more buyers and sellers are getting into contract, mortgages aren’t being approved.
The table shows an 80% increase in sales but this isn’t really accurate considering over the last 5 months, home sales have actually declined.
There are indicators that the housing market is getting better nationwide but this is going to be a very slow recovery. I’d like to see more positive news in our region that values have begun to reverse or at a minimum stabilized. That would be just the pick me up that the Sacramento real estate market needs.
Need to buy or sell a home in the Sacramento real estate market or the Roseville real estate market? Please call, text, email or simply fill out the form below and I’ll get back to you promptly.
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Sacramento Regional Home Values Decline
Carmichael Is The Biggest Loser At Over 31%
After seeing the headlines this morning concerning nationwide home values increasing in the second quarter of 2011, I got curious about where we are in the Sacramento real estate market and come cities in the outlying areas.
The numbers that came up were expected and yet some were shocking.
Understand, these are values that are a snapshot of where the average sales price was in July of 2010 versus July of 2011. I don’t suspect that they are the end all, be all but do reflect how much home values have changed in the last year.
|
City |
July 2010 |
July 2011 |
% Change |
| Carmichael | $360000 | $245000 | -31.9 |
| Fair Oaks | $339000 | $256000 | -24.5 |
| Antelope | $201000 | $171000 | -14.9 |
| Rocklin | $320295 | $279247 | -12.81 |
| Citrus Heights | $166651 | $147790 | -11.32 |
| Granite Bay | $636763 | $578830 | -9.41 |
| Lincoln | $286583 | $263290 | -8.13 |
| Sacramento | $188549 | $173334 | -8.06 |
| Roseville | $299000 | $283000 | -5.4 |
| Orangevale | $228868 | $220495 | -3.66 |
What Happened To Single Digit Losses in 2011?
Most economists said last year that the majority of the value losses that we would experience in 2011 would be in the single digit range if any value was lost at all.
Most agreed that we’d see perhaps less than 10% across the board with a flattening out of home values later this year. It’s clear now that the “experts” weren’t correct in their assessment of our market and also, just how hard it is to predict what will happen regarding housing.
What we know is this – the Sacramento real estate market as well as other markets in the region have ALL lost value over the last year.
A 2 or 3 month increase in values nationwide isn’t news when you consider how much value has been lost over the last 12 months. Trends in economics generally don’t become such until 2 quarters have elapsed showing a consistent direction. In other words, we need 6 months of evidence that values are going up for it to begin to become newsworthy.
Two months of value increase isn’t a trend, it’s a start. Let’s hope it continues.
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We handle real estate sales in Sacramento and South Placer County. If you’re looking for representation in real estate matters, we’d like to hear from you.
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Roseville Real Estate Report – April
Sales Remain Strong In April
Sales of existing homes in Roseville remained consistent with March numbers in April at 126 homes sold
in Roseville. This is good news as sales in Sacramento County as a whole declined in April.
Because Roseville and Rocklin are different markets than Sacramento at the moment due to the foreclosure investment opportunities, I would expect this to be the case. There are a few unknowns about the real estate investment side of the Sacramento market right now and investors are a bit wary. With any luck, that should sort itself out in a month or so.
Sacramento and Placer Counties could see more homes for sale than normal in the coming months.
Here are the April Roseville real estste statistics:
Worst MLS Photo of the Moment – Roseville Homes for Sale
Look at the AWESOME Storage!
Admittedly, this agent is one of the best in the area and this photo was added with the disclaimer that normally it wouldn’t be included in her picture set for any listing but….here we are. Of course, I couldn’t resist being the wisenhiemer that I am!
I wonder if all this stuff is included with the sale? Is that quality insulation or what? I think it’s time for a garage sale..:)
Roseville Home Sales Roller Coaster!
The Trend? What Trend!
The Roseville real estate market of the first quarter of 2009 has been a little topsy turvy. It’s not quite clear what direction the market is going as sales and average sales prices have been up and down in the first three months of this year.
I checked these numbers 3 times as I was in doubt as to whether or not they were accurate. The Rocklin real estate market didn’t have the same result in the same time period so I naturally thought that I’d made a mistake but it doesn’t look like it.
“Honey! Our House is Worth What?!”
The stats reflect that any comparable market analysis is only valid for the moment it’s done. It’s like interest rates in a way. Interest rates are changing every moment. In Roseville, this is what’s happened with home prices in the first quarter of 2009.
UP January, down february, UP March
Sales of existing homes in the Roseville real estate market were up, down and
up for the first three months of this year. The graph shows a bit of a roller coaster ride through the quarter. I felt that February was a little slower than normal but I didn’t think it was that slow.
In January, there were 104 homes sold in all zip codes, in February 78 homes sold and in March 126 homes were sold. Sounds like Magic Mountain!
With all the uncertainty out there, this doesn’t surprise me but what does is that it’s somewhat isolated in Roseville. Rocklin showed more consistent results in the first quarter.
Average Sales Price Takes a Ride @ 6 Flags Over Roseville!
This is just as odd as the sales numbers. While average sales prices is one indiator of value, especially in the short term, the numbers for any given area are usually somewhat consistent either up or down but an up and down pattern is odd. Again this made me think that I totally goofed in my research but this is what came up consistently.
It will be interesting to see how the April numbers turn out.
Selling a Home in Roseville?
These stats are just part of the equation to finding the value of any home in any neighborhood. When determining the value for a home, you’ve got to get much more specific than this to get a bead on the price that will result in a sale. Neighborhood sales, price per square foot, condition and other factors come into play when assessing a specific home.
What’s you’re home worth? Great question considering the direction of the market over the last few years. If you’d like to know your home value, free of charge or obligation, please click here , fill out the form and I’ll be happy to get it to you quickly.
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Roseville Real Estate Sold Homes – 2/14 – 2/21
Another Slow Week for Home Sales
It feels like things have slowed down a bit in South Placer County this month. Both Rocklin and Roseville have had a slow month. In comparison though, no complaints as long as homes are selling. Last year during the same week, 25 homes were sold whereas only 7 homes have sold this year. While the economic climate is vastly different this year than last, I expected more sales based on how January’s results.
Only 7 homes sold in all zip codes of Roseville this week. Here are the stats:
The average days on the market was 65.
The average adjusted listing price to sold price was 98.54%. The average original list price to sold price is 95.54%. (The original listing price is the same as the initial listing price. The adjusted listing price is the initial listing price minus price changes to get the home sold.)
The average cost per square foot was $153.41 based on a average square footage of 1746.
The average sold price was $256,557.
Here are the individual homes:
| Address | Beds/ Baths | Square Feet | Original List Price | Sold Price | Comments |
| 1951 Ajay Dr. | 3/2 | 1211 | $225,000 | $209,000 | 2 car garage |
| 377 Summer Grove Cir. | 3/2 | 1465 | $265,000 | $229,900 | Bank owned as-is sale |
| 150 Donner Ave. | 3/2 | 1556 | $259,000 | $300,000 | 2 car garage, workshop |
| 1350 Chignahuapan Way | 2/2 | 1006 | $150,900 | $140,000 | Bank owned as-is sale |
| 1824 Blue Skies Way | 4/3 | 1516 | $265,000 | $255,000 | Newer construction |
| 1362 Ridgerun Dr. | 4/3 | 2040 | $285,000 | $257,000 | Well maintained on corner lot |
| 2566 Parkcrest Way | 3/3 | 3427 | $429,900 | $405,000 | Bank owned as-is sale |
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