August home sales in western Nevada County topped the century mark for the third-straight month, recording the second-most monthly sales this year.
However, those sales are 18% lower than August of last year, a trend that has continued throughout 2023 as local home sales have lagged behind 2022 sales each month. Overall, year over year, western Nevada County has seen total homes sales drop by nearly one-third year to date.
The 32.4% sales reduction tracks the same trend set from the get-go in January, as total sales recorded throughout 2023 are also the lowest of any single year among the past five.
Through the first eight months of the year, a total of 736 homes have sold, according to Multiple Listing Service data compiled by John Renwick, ReMax Gold manager. One year ago, year to date, that total stood at 1,089. The eight-month total sales is the lowest among any of the past five years.
The increase in sales was expected in August as the prior month ended with 151 pending sales on record. A total of 121 homes sold in August, up from 107 in July. August ended with 125 pending sales.
Active local inventory has clearly stabilized, if not growing, with 357 listings on the market at month’s end. There was a high 360 homes on the market in June and July closed out with 356 listings.
The median days on market until a seller accepted an offer was 18 days, up from 13 in July, but still far off the 63 days on market in January and even the 30 days on market in April.
The median price for a home sold in western Nevada County in August was $550,000, marking a 3.8% decrease from July’s $571,500, the highest monthly median price recorded in 2023. For perspective, the highest monthly median price for homes sold locally was $592,400, recorded in April 2022.
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 Br***@Be***********.com or visit www.BetsyHamilton.com for more information.
