October home sales saw a slight bump in western Nevada County, bucking a two-month trend of slowing sales to open the third quarter.
According to Multiple Listing Service statistics, there were 116 homes sold locally last month, a 26% increase over September and 16% higher than the same month last year.
That marked the first growth in monthly sales since 121 homes sold in August.
The uptick also brought total sales in 2024 back ahead of the pace of 2023, which produced the lowest number of sales in the past five years. Year to date, 956 homes have sold in western Nevada County, which is 1.4% more than the 943 sold in the same stretch of 2023.
Four of the six monthly metrics we track within the western Nevada County market decreased in October, with a 39.2% increase to 39 days on the market joining the total number of units sold as the two markers on the rise.
Good news for home buyers is the median price of home sold in western Nevada County last month dropped to $515,000, or 9% lower than the $566,000 recorded in October.
That decrease was the first time since March that the median price of a home sold locally dipped below $520,000. The price per square foot, at $296, saw a 2.6% dip from September.
The last time the monthly median price dropped below the $500,000 threshold locally was in February 2023 at $469,500.
There were 412 homes listed for sale at the end of October, a 5.3% decrease from September but also sixth consecutive month of more than 400 homes on the market. Prior to that, the last time there were more than 400 units for sale locally was in August of 2022.
LOOKING AHEAD
Looking to what the current month might bring, the 122 pending sales recorded is 5.4% fewer than September but nearly 10% more than were pending the same month prior year.
Whether 2024 sales will surpass 2023 in western Nevada County seems to be coming down to a photo finish with two months to go. To do so, the current year will need to close out with 162 more homes sold in the final two months to finish ahead of the 1,118 sold in 2023.
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.
