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Nevada County Real Estate Update: Sales continue to outperform the norm

July 22, 2021July 22, 2021Posted in Real Estate, UncategorizedLeave a comment

Heading into the second half of a year that’s seen record sales in western Nevada County, pushing prices to historical highs and short stays on the market, industry experts are saying the state’s frenzied real estate market might finally be slowing down.

“We’re starting to see what a difference just a slight uptick in inventory and listings can do to help lessen the buying frenzy and create a sense of normalcy,” California Association of Realtors President Dave Walsh said in a new release announcing state sales figures for the month of June.

But, as the stats show, California and western Nevada County sales continue to outperform the “norm.”

SINGLE-DIGIT DAYS ON MARKET, ABOVE ASKING OFFERS

The average days on market increased in the local market — by one day — to nine days, the third-straight month of a single-digit average until sellers have an accepted offer after listing their home for sale. For all of 2021, the average days on market is 11.

On average it took 21 days on market for a home to sell in June 2020. But even that is far from the “normal” 45-day average more typical of the local market than what’s been the case since the pandemic.

“The market is still extremely competitive with 70% of homes selling above list price,” Walsh said, “however, the number of new listings increased in June, and both the share of listings with a reduced price and median reduction amount increased, giving buyers more opportunities to purchase.”

June’s median sale price — $526,000 — dipped 4% from last month, but is still the third-highest ever recorded in western county, behind $550,000 in April and $549,500 in May.

And, for those keeping score, that remains 23% higher than homes sold in western Nevada County one year ago, in June 2020.

Statewide, California’s median home price set a record high — $819,630 — for the fourth-straight month. That’s hip from $818,260 in May and $626,170 from June 2020, a 31% increase.

Active listings across the state reached the highest level since October 2020, with a 15.4% increase over the prior month. New active listings, still down 12% from two years ago, saw an 8% increase month-over-month and year-over-year, California Association of Realtors’ statistics show.

“Tight supply, low rates and the change in the mix of sales continue to be the primary factors pushing up home prices to record levels,” said Jordan Levine, CAR vice president and chief economist.

“However, we are expecting price growth to slow from this point on as the top end of the market begins moderating,” Levine said in the news release. “With pending sales down for the first time in 14 months, closed sales — which have (declined) five out of the last six months — will likely remain lackluster as the market enters the second half of the year.”

SALES STRONG DESPITE LOW INVENTORY, HIGH PRICES

Pending sales were down nearly 10% in Nevada County in June with 257 homes under contract — but still the second-highest total month in 2021 to May’s 285 pending transactions. A year ago in June, there were 300 sales pending.

Although June’s home sales statewide saw a 2.2% decline from the prior month, western Nevada County totaled 182 homes sold, the highest single month of sales in 2021 and the most since 201 units sold in August 2020.

As was the case around the state, western county saw a slight uptick in inventory in June with 223 homes listed for sale. That’s up 9% from May’s 205 homes, but still far below the 356 — on the market last June — when the community was in the thick of the pandemic.

For some context on what’s “normal” for western Nevada County’s market, there were 611 homes on the market in June 2019 and 503 in June 2018.

The lower than normal inventory hasn’t stopped area agents from totaling more sales over the first half of 2021 than both 2020 and 2019. Year to date, there have been 873 homes sold in western county in the first and second quarters combined.

That’s an 83% increase over June 2020, and up 27% from the 686 units sold in first half of 2019 in western Nevada County.

At $391, June’s statewide average price per square foot was an all-time high in California. Western Nevada County also reached an all-time for its local market at $297, up from its previous high of $290 recorded two months ago, in April 2021.

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

Sharon Currie joins Betsy Hamilton Real Estate Team as operations manager in Grass Valley

July 13, 2021July 13, 2021Posted in Real EstateTagged Nevada County, Real Estate, ReMaxLeave a comment

Sharon Currie has joined the Betsy Hamilton Real Estate Team as operations manager.

GRASS VALLEY, Calif. — The Betsy Hamilton Real Estate Team is pleased to announce the recent addition of Sharon Currie, a Realtor with more than 20 years of experience in the industry, as its operations manager.

Currie, who moved to western Nevada County nearly two years ago, served her own clients over two decades throughout Santa Barbara County and Santa Ynez Valley areas. In June, she joined the Betsy Hamilton Team, a RE/MAX Gold team in Grass Valley.

“I could not be more excited about Sharon joining our team,” said Betsy Hamilton. “Her vast amount of experience in real estate, as well as her professionalism and organizational skills, already is making an impact for us and our clients. It’s reassuring to have her assistance in meeting the needs of our clients throughout our real estate transactions, knowing they’re in the hands of a competent and trusted real estate professional.”

“It’s reassuring to have her assistance in meeting the needs of our clients … knowing they’re in the hands of a competent and trusted real estate professional.”
— Betsy Hamilton

“There isn’t much I haven’t seen, done or experienced in the real estate world,” Currie said. “There is no better teacher than experience in this business. I take my responsibility to focus on clients’ needs, their protection and bringing value to the relationship, very seriously. Integrity, honesty and transparency always play major roles in every transaction and relationship.

“Now in the sunset years of my professional life, I have taken a step back, lending my vast experience to the Betsy Hamilton Team at ReMax Gold, where I manage the back office day-to-day operations, transactions and relationships with the occasional open house and showing property to clients adding to the enjoyment of my work,” she said. “The Betsy Hamilton Team leads by example and exemplifies my career-long dedication to a very high degree of accountability, professionalism and integrity.”

Currie said she and her husband moved to Nevada County after looking for a place to eventually retire that was “beautiful, affordable, had good weather and offered an active lifestyle.”

“A very hard combination to find!” she said. “After looking for 12 years, in this state and others, we finally found nirvana.”

“The Betsy Hamilton Team leads by example and exemplifies my career-long dedication to a very high degree of accountability, professionalism and integrity.”
— Sharon Currie

She and her husband are parents of four grown children and five grandchildren. Two of their children live in Nevada County, “transplanting from the Central Coast after they saw the amazing life offered here in the Sierra.”

Along with her family, she said her horses and dogs, as well as food and flower gardens, are her lifetime passion.

For more information, visit BetsyHamilton.com, contact Betsy Hamilton at realestatebetsy@gmail.com or email Sharon Currie at currie.sharon@gmail.com.

Nevada County Real Estate Update: What’s going on with this market?

June 23, 2021June 23, 2021Posted in Real EstateTagged RealEstateLeave a comment

Are things slowing down?

When’s the correction coming?

There IS a correction coming … right?

Heading into the backstretch of second quarter home sales in western Nevada County, those with their eyes on the market are regularly being asked the same questions.

While we await the arrival of our crystal ball (apparently on back order like seemingly everything else right now) let’s take another look at the latest statistics on our local market to identify developing trends.

BY THE NUMBERS
May sales in western Nevada County:
$549,000 – Median price (2021)
$410,000 – Median price (2020)
8 – Days on market (2021)
45 – Days on market (2020)
162 – Homes sold (2021)
134 – Homes sold (2020)
205 – Homes for sale (2021)
356 – Homes for sale (2020)

Nevada County Association of Realtors

KEEPING PACE

If you’ve been following along at home over the past several months, you know market prices have been pushing higher largely due a high demand for, but low inventory of, homes listed for sale.

Over the course of 2021’s first five months, despite a slight uptick of inventory, the median price of homes sold remains on the rise, or at least holding steady.

But it’s the year-over-year comparison that has everyone shaking their heads in disbelief and wonder.

May’s median sale price was $549,000 — 34% higher than the $410,000 median of May 2020 — following April 2021’s $550,000 median. Among all sales in 2020, the median price was $455,000.

So far, 2021’s median price of homes sold works out to $528,000, up 24% over $427,000 in the first five months of 2020.

The completion of the second quarter sales will help shed light on whether the market has hit a plateau in median price, but to date there’s not much indication the market’s cooling off now in the midst of the summer months.

TAKING INVENTORY

Since February’s low of 159 homes listed for sale, there have been more options for buyers to consider over the past three months, with 214 homes listed in April and 205 in May.

But those numbers still reflect a drastic drop of homes typically on the market this time of year.

Between the years 2016-2019, the month of May saw an average of 447 homes listed for sale in western Nevada County. Even amid the uncertainty of 2020, there were 431 homes on the market a year ago this time, more than double the current inventory.

THESE ARE THE DAYS

The effect of the low supply and high demand is also evident in average days on market, a statistic slimmed down to a single digit for the second straight month. It took an average of eight days to have an accepted offer between buyer and seller in May. That’s actually one day fewer than April’s nine-day average, which followed a 14-day average stay on the market in March.

A more typical timetable in western county is the 54 days on market average in the month of May in each of the past five years, including the 45 days averaged in May 2020.

The monthly average of days on market for all of 2021 now stands at 13 days.

The monthly average of days on market for all of 2021 now stands at 13 days.

STEADY AS WE GO?

With the slight uptick in homes available over the past few months, more homes are being sold since the start of the year, and actually keeping pace with the last half of 2020, one of the most productive six months in western county sales in recent memory.

Between 2016-2019, there were an average 121 homes sold on a monthly basis. With sales surging amid the pandemic, that number shot up to an average of 175 homes sold monthly over the final six months of last year, bringing an average of 145 homes sold per month in 2020.

So far, even with such a smaller inventory available, western Nevada County has seen an average of 138 homes sold monthly in 2021, with April (172 homes sold) and May (162) — actually keeping stride with 2020’s striking second-half surge in sales.

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

Western Nevada County real estate market smoking hot ahead of summer months

May 12, 2021May 13, 2021Posted in Real EstateTagged NevadaCounty1 Comment

Nine days.

That’s how long it took, on average, for a home to sell last month here in western county, according to data compiled by the Nevada County Association of Realtors.

Nine days.

Continuing on the clear trend established throughout the first quarter of sales, western Nevada County’s market is still scorching hot. That single digit for April sales brings the average days on market for all of 2021, so far, to 15 days.

But ask any area real estate agent and they’re likely to share stories of sellers having an accepted offer even earlier, with multiple buyers making a bid above asking price in just mere hours after hitting the market.

HOW HOT?

With 214 homes listed for sale in April, there were 172 homes sold.

It was the most homes sold in a single month since September 2020, when 188 transactions closed. That was one of six months that saw sales surpass 150 units sold.

April 2020, though, was not one of them.

A year ago at this time, there were 396 homes on the market and 80 sold.

But April 2020, as you remember, was likely the month that saw home sales struggle the most due to the first shelter-in-place orders in response to COVID-19.

What’s more typical for this time of year?

In April 2019, there 476 homes on the market with 120 units selling. One year earlier, April 2018 closed out with 112 homes sold and 390 active listings. And a quick look at the stats from all the way back to 2017 show a total of 113 homes sold and 298 active on the market.

Clearly, the 172 homes sold last month were easily the most homes sold in the month of April over the past five years. But the number also represents, outside of the sizzling sales of pandemic-driven 2020, the most homes sold in any single month over the past five years in western Nevada County.

In fact, prior to 2020, monthly home sales topped 150 units just three times since January 2017.

Smoking hot, indeed.

BY THE NUMBERS

April sales in western Nevada County:

$550,000 — Median price (2021)

$459,000 — Median price (2020)

9 — days on market (2021)

68 — days on market (2020)

172 — homes sold (2021)

80 — homes sold (2020)

214 — homes for sale (2021)

396 — homes for sale (2020)

HOW HIGH?

Although the 214 homes listed for sale reflects a slight uptick in inventory — surpassing the 200 threshold for the first time since 283 homes were on the market in November 2020 — it still reflects an extremely low supply of homes to buy in western county.

Not only is April inventory typically more substantial, as mentioned above, but until July 2020 — with 295 homes for sale — western Nevada County’s market hadn’t dipped below 300 units on the market since February of 2018 (which totaled 286 units). There were 431 homes on the market in May 2020, before supply started spiraling downward.

With 214 homes listed and 172 homes selling, the median sold price was pushed to $550,000.
– Nevada County Association of Realtors (April 2021)

In fact, not once in 2019 did Nevada County have fewer than 300 homes for sale. For sake of comparison, three consecutive summer months saw more than 600 homes for sale, including the highest number of homes on the market in July 2019 at 647 homes.

That more typical supply and demand scenario had the average sold price at $492,000 for the 136 homes sold.

In April 2019, with 476 homes on the market and 120 units sold, the average sale price was $443,000.

One year later, amid the pandemic shutdown, with 396 homes on the market and a mere 80 selling, the sale price stood at $459,000.

Last month, with 214 homes listed and 172 homes selling, the median sold price was pushed to $550,000.

That was up from $525,000 in March 2021 and, as stated, nearly $100,000 higher in a year-over-year comparison with the median sale price of April 2020.

MARKET UPDATE: Buying season begins in red hot seller’s market

April 16, 2021April 16, 2021Posted in Real EstateLeave a comment

Two hundred and one. That’s the number of homes posted for sale in western Nevada County as of Friday afternoon.

Although that number represents first time active inventory has been above 200 homes since November, and a slight uptick in inventory over recent months, it is still far off the number of homes typically listed this time of year, the beginning of buying season.

But make no mistake, low inventory hasn’t slowed high demand — nor the number of homes sold.

For example, a total of 357 homes were sold in the first quarter of 2021, which easily outpaced the first quarter in each of the previous five years of sales in western Nevada County, including the 281 homes sold in the first quarter of 2020.

For those hoping more homes on the market might mean more affordable prices, and a slow down in the bidding wars often resulting in multiple offers of above-asking price, the trends in this hot market continue to be the opposite.

BY THE NUMBERS
March sales in western Nevada County:
$525,000 — Median sold price (2021)
$425,000— Median sold price (2020)
14 — median days on market (2021)
53 — median days on market (2020)
140 — homes sold (2021)
127— homes sold (2020)
189 — total homes listed for sale (2021)
370 — total homes listed for sale (2020)

A year ago, even amid the pandemic, there were 396 homes on the market at the end of April 2020, much more typical than the 200 fewer homes currently listed.

Despite the lower inventory, home sales last month in western Nevada County were up 10% over March 2020, and actually saw 20% more homes sold than February 2021.

And sellers who sold in March 2021 also enjoyed both a significant increase in median price of homes sold, as well as a short stay on the market with the listing.

March 2021’s median price of homes sold ($525,000) reflected a 23.5% increase over median price of home sold one year ago ($425,000), and marked a 7% increase over February 2021’s median of $490,000.

Meanwhile, the average days on the market in March was 14 (fourteen), a drop from 33 days on market in February, and well below the 53-day average that listings logged in March 2020.

According to Nevada County Association of Realtors data, the median price of a home sold in the first quarter of 2021 was $515,000. That’s up over the $450,000 median of 2020 and, for pre-pandemic context, higher than the $468,000 median for homes sold in the first quarter of 2019.

Similarly, the average 22 days on market in the first quarter of 2021 was similar to the 21-day average recorded in 2020, but nearly just half the 41 days averaged in 2019.

And, again for context, in the first quarter of five previous years (2014-2018), the average number of days on market was not once lower than 50.

It remains to be seen whether a significant increase in inventory is on the horizon as we move deeper into the April-July buying season, when historically more than 40% of a year’s housing transactions take place.

But for the time being, the low supply and high demand continues to fuel higher prices, higher volume of sales and a much shorter stay for homes on this extremely hot market.

Tight market means multiple offers, above asking sale prices

March 22, 2021March 22, 2021Posted in Real Estate, RealEstateTagged GrassValley, NevadaCity, NevadaCounty, RealEstateLeave a comment

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.

BY THE NUMBERS

February sales in western Nevada County:

$490,000 — Median sold price (2021)

$419,500 — Median sold price (2020)

33 — median days on market (2021)

40 — median days on market (2020)

115 — homes sold (2021)

80 — homes sold (2020)

159 — total homes for sale (2021)

389 — total homes for sale (2020)

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.

MARKET UPDATE: Fewer homes = higher prices

January 7, 2021January 8, 2021Posted in Real EstateLeave a comment

Western Nevada County market tightens to fewer than 200 homes listed for sale to close out 2020

Those wondering just how hot western Nevada County’s real estate market has grown can always take a deep dive into the numbers.

But real-life examples are as apparent as the exhaustion on the faces of real estate agents, appraisers and lenders, as well as title and escrow officers trying to keep up with a frenzied second half of 2020.

Despite the lowest inventory on the market that western Nevada County has seen in several years, there were a total of 1,744 homes sold in 2020, a 14% increase over the 1,528 sold in 2019.

And, as all those burning the midnight oil to keep pace know all too well, the vast majority of those sales came in the second half of the year. Through June, as industry agents, buyers and home sellers reworked their plans to mitigate the impact of the coronavirus pandemic, there was a total of 695 homes sold in western county.

Once things got back on track, the market saw a 150% increase — 1,049 transactions in homes sold — over the last six months to beat the previous year in total sales.

Throughout 2019, there were more than 300 homes reported on the market each month. But since July 2020, when the number dipped to 295, the inventory has been dwindling — spurring a rising median price of homes sold to close out the second half of the year.

BY THE NUMBERS

December sales in western Nevada County:
$505,000 — Median sold price (2020)
$455,000 – Median sold price (2019)
19 — median days on market (2020)
41 — median days on market (2019)
164 — homes sold (2020)
116 — homes sold (2019)
199 — total homes listed for sale (2020)
361 — total homes listed for sale (2019)

Clearly a seller’s market, homeowners have reaped the reward of fewer options for prospective buyers.

Low supply and high demand resulted in December’s median price for homes sold surpassing the half-million dollar mark, at $505,000.

December saw the total number of homes for sale in western Nevada County drop to its lowest inventory in the last five years, and also saw 60% of the homes that sold did so within 30 days.

But that low inventory — 199 homes for sale in comparison with the 361 listed 12 months earlier — didn’t exactly offer all those overworked in the industry much of a break through the holiday season, as western county saw a 41% increase in December sales over 2019.

Here’s hoping all those hard workers in our local market got at least a bit of break to be refreshed, rejuvenated and ready for all that’s in store for the new year.

Brian Hamilton is assistant to the regional manager for the Betsy Hamilton Real Estate Team. He can be reached at BrianHamiltonRE@gmail.com or email RealEstateBetsy@gmail.com for more information.

Monthly Market Update

November 17, 2020November 17, 2020Posted in Real EstateTagged RealEstate1 Comment

How can this continue? At some point, these prices have to come down … right?

It was a question we’d considered for months, as we weighed our options of continuing to rent or test the waters of homeownership.

My friend offered a short laugh.

“Nah, real estate in California doesn’t go down … only plateaus and then up again.”

After six years of watching prices continue to climb, we jumped in as first-time homebuyers.

That was 2006.

BY THE NUMBERS
A snapshot year-over-year look at the month of October real estate market stats for western Nevada County.
$490,000 — Median sold price (2020)
$412,00 – Median sold price (2019)
12- median days on market (2020)
47 — median days on market (2019)
155 – homes sold (2020)
121 – homes sold (2019)
289 – total homes listed for sale (2020)
501 – total homes listed for sale (2019)

The following year, we learned that, in fact, California’s real estate does decline — particularly amid a complete collapse of the market across the country.

(No worries, my friend. Names will be withheld to protect the innocent.)

We’ve been considering the same question, now years later, as homeowners on whether it’s time to consider selling.

OK, truth is my wife has been considering such a question and I’m panicking to change the subject before any actual discussion of substance can be had, because … well … I don’t want to move!

But the market now seems to once again have our home valued somewhere in the neighborhood of our initial investment. So the conversation typically begins and ends with her seeing opportunity with each new listing, and me being a stick in the mud who can’t imagine moving outta our home.

Of course, we’re both right to have such perspectives.

The roof over our head is both our home and our investment. And it would seem likely this market has invited similar discussions in our neighborhood, and those across the region and the state, for that matter.

SUPPLY & DEMAND?

As I continue to learn about this industry on a daily basis, it seems the driving force behind what experts continue to call this current “hot market” basically boils down to the simple supply and demand principle.

There are currently 289 homes for sale in western Nevada County.

That’s 42% fewer than the 501 that were in the market this time last year.

And of the 155 homes sold in the month of October, the average days on market was 12 — that’s no typo: twelve days — and the median price of those sales was $490,000 — an 18.9% increase over October 2019’s median of $412,000.

The reduction in monthly inventory has been consistent since the end of the first quarter, which was on pace with 2019 numbers. Both the second and third quarters of 2020 saw significant dips in inventory in year-over-year comparisons. In fact, not once in a single month last year did western Nevada County’s inventory of homes for sale drop below 300.

October marked the fourth-straight month below that threshold in 2020.

But, despite the reduction in inventory, there were 30 more homes sold last month in western Nevada County than in October 2019. And 2020 in total is on pace to surpass 2019 sales.

And, of course, all of that brings us back to question on the table, whether we should be considering the current state of the market and a potential return on our investment, just as we did years ago when we first became homeowners.

Which reminds me, Hon.

Not to change the subject, but can you believe Notre Dame is ranked No. 2 in the nation?

Brian Hamilton is assistant to the regional manager for the Betsy Hamilton Real Estate Team. Contact him at BrianHamiltonRE@gmail.com.