Typically there are around 300 homes for sale in western Nevada County at this time of year, as spring approaches and the end of the first quarter nears.

A year ago at this time, even as the pandemic started to shut things down, there were 389 homes for sale in the western Nevada County market.

Heading into March 2021, there were a total of 159 homes on the market.

February’s low inventory was just the latest in the continuation of a trend whose start stretches back to June of last year, western county’s number of homes for sale is about half of what’s been typically on the market each month.

Though the inventory levels at most price ranges remain low, more homes are being sold than this time last year — with 115 total transactions last month compared to 80 in February 2020. 

Of course, as any current buyer will attest, that low supply and high demand has fueled a highly competitive market with multiple offers on most listings, resulting in rising prices and more buyers left on the outside looking in to continue their search for a home in a fast-moving market.

How fast? Last month’s median days on market for a listing was 33, down from 40 days on market in February 2020. But last month’s 33 days on market was a significant increase over the trend over the last several months, with November’s low monthly median of 11 days on market highlighting the pace of sales.

A similar story is being told statewide in which the median price paid for all homes sold in February was $699,000, down 0.1% from January but up 20.6% from February 2020, according to new data from the California Association of Realtors. 

Homes are moving 56% faster than a year ago, the association reports, with the median time on market across the golden state was a mere 10 days in February.

Brian Hamilton is the assistant to the regional manager for the Betsy Hamilton Real Estate Team. Contact Betsy Hamilton at realestatebetsy@gmail.com, visit www.BetsyHamilton.com or call 530-263-9044. Visit MidLifeOfBrian.com for previously published market updates. Contact Brian Hamilton at BrianHamiltonRE@gmail.com.