With just a few weeks remaining in 2023, home sales in western Nevada county are likely to close out the year with the lowest sales volume in more than a decade.
According to Multiple Listing Service statistics, November saw a total of 73 homes sold in western county, marking a 27% decrease from October and down 13% from November 2022.
Year to date, there have been 1,019 homes sold in western Nevada County. If December sales continue the fourth-quarter trend, it’s likely total sales will finish the year with the fewest homes sold in a single year since the 1,188 sales recorded in 2011.
Even as sales have slowed since hitting a peak in June, the median price of a home sold locally in November was $540,000. That’s 2.5% higher than October and 3.8% higher at the same time year over year.
Homes on the market, with 294 homes listed for sale in November. Although that total marks a 25.6% increase over October 2022, listings dropped 16.5% from last month and continue to lag far behind the pre-pandemic norms for western county. For example, there were 444 homes for sale locally in November 2019. In fact, November listings haven’t topped 300 homes for sale ever since.
One positive data point for the market in November was the 131 pending sales, an 18% increase over October. For the sake of comparison, there were 102 pending sales in November 2022.
Still, if trends continue, 2023 is likely to finish with the fewest homes sold locally in a single year since 2011 and far from the pace western Nevada County has experienced in the past five years.
Brian Hamilton is a Realtor (DRE #02149112) for the Betsy Hamilton Real Estate Team at RE/MAX Gold (DRE #01949144) in Grass Valley. Email him at Brian@BetsyHamilton.com or visit www.BetsyHamilton.com for more information.
BY THE NUMBERS
November home sales in western Nevada County:
$540,000— Median price (2023)
$520,000 — Median price (2022)
27 – Days on market (2023)
29 – Days on market (2022)
73 – Homes sold (2023)
102 – Homes sold (2022)
294 – Homes for sale (2023)
234 – Homes for sale (2022)