Nevada County – October 2012 Market Update

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For the first time in years, there is reason to be optimistic about the real estate market. Buyers and sellers both have reasons to be bullish. For buyers, interest rates have reached an unprecedented level. 30-year mortgages have reached rates of as low as 3%, a low not seen in four decades. Though we are no longer at bottom-level prices, it is still a great time to buy a home. For sellers, there are two key statistics to look at they show a healthy market. The first is the average sales price. From the end of the third quarter of 2011 to the end of the third quarter of 2012, the average sales price of a home has increased 4%. Though this may not seem like the steepest increase it is important because average sales prices have not increased in seven years. The second sign of a healthy seller’s market is the volume of sales. From 2011 to 2012, the number of homes sold in Nevada County increased 25%, the most significant jump since 2005.

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As we approach the cooler months here in the Sierras, the real estate market is starting to heat up! If you would like more information please contact me.

Kurt Congdon (530) 273-0073 or Kurt@kurtcongdon.com