Western Nevada County home sales closed out the second quarter of 2023 with the local market’s strongest month this year, as the pace of sales picked up for the second straight month.
June saw 124 homes sold, reaching triple digits for the first time this year and marking a 34.7% increase over May — and easily outpacing what’s been an otherwise plodding first half of 2023.
Homesellers also enjoyed the year’s highest median price for homes sold at $560,500, up 5% over May and 20.1% higher than the median price recorded back in January. Meanwhile, local inventory reached its highest number of active listings this year and pending sales continued to climb.
June closed out the second quarter with 287 homes sold, a 30% increase over the number of homes sold over the first quarter of 2023, the slowest quarter of sales in the past eight years.
SECOND-HALF RALLY?
To avoid becoming the slowest year in sales among the past five, western Nevada County’s market will need to pick up the pace with a significant surge.
That’s because each of the first six months of 2023 was the slowest in the past five years in year-over-year comparisons. And although those comparisons include the pandemic-fueled record sales of 2020-2022, current year sales are also underperforming the pre-Covid norms of 2019.
Growing inventory over the past four months reached its highest number of listings (360) recorded in a single month this year.
That bodes well for a sales market that has seen a growing number of home sellers willing to reduce their listing price to get a deal done, as price reductions have grown more common in recent weeks and months.
In fact, as we previously reported, between June 8-15, there were actually more price reductions (42) recorded than new homes coming onto the market (34).
Whether western county will continue its current sales pace or see a significant shift in either direction, a key factor will be sellers willing to work with buyers on the price of the property listed, as prospective buyers are still weathering the impact of rising fire insurance premiums and increasing interest rates.
REMAX GOLD: John Renwick statistics/Brian Hamilton illustrations
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
June home sales in western Nevada County:
$560,500 — Median price (2023)
$579,000 — Median price (2022)
14 – Days on market (2023)
15 – Days on market (2022)
124 – Homes sold (2023)
156– Homes sold (2022)
360 – Homes for sale (2023)
459 – Homes for sale (2022)