The demand for housing has fueled very good sales for the month of January and has led to the best start in California Real Estate in the past three years. Sale prices are up everywhere and inventory has increased throughout the state except for the central valley and Nevada County. There is well-founded hope the good times will continue to roll.
2015 has gone down as a very good year for Real Estate sales. Home sellers across the country are now realizing a gain when they sell their homes. The average gain is 11% since purchase on all sales in the US in 2015– the BIGGEST price increase since 2007.
Western Nevada County had only 59 units sold in January 2016 compared to 86 units sold in January 2015. However, the average sales price was $323,000 in 2015 while the average sales price in January 2016 was $387,800 with fewer units sold. In western Nevada County we ended 2015 with a total of 1441 total units sold with an average sales price of $374,091 compared to 2014 which had 1284 units sold and an average sales price of $334,000. That’s a whopping increase of 12% in sales prices and a 12% increase in total units sold. This is terrific news for the market.
In 2015 the average sales price was $374,091 but the median sales price was only $330,000. Do you know the difference in these two stats? The average sales price totals of all sales and divides them by the total number of units sold. The median sales price is exactly the price of the home sold in the absolute middle of the pack. In the median sales price example exactly 50% of homes sold for more and 50% of the homes sold for less. What median sales price tells us is the price range of homes moving more quickly than others in any given area.
Inventory and affordability will be the biggest challenges Realtor members will face in 2016. Simply put, we need more listings. Last week the NCAOR MLS active listings dropped to below 300 actives (297). High demand coupled with low supply has been driving sales and rental prices up. Our message for Spring is that it is a great time to be a home seller in Nevada County.