September sales saw 13.2% fewer homes sold than the prior month in western Nevada County, a dip that dragged annual home sales below year-to-date comparisons with 2023 — the slowest sales year among the past five.
Year to date, there have been 840 homes sold locally, which is six fewer over the same stretch of time one year ago.
With 92 homes sold in September, down from 106 in August, the third quarter also closed off pace from prior year with 323 homes sold in the past three months. One year ago, 107 homes sold in September, which wrapped up the third quarter with 335 units sold.
In 2022, there were 414 units sold in the third quarter and 479 the prior year, in 2021.
With 125 homes sold in July, and another 106 in August, September needed to see 104 homes sold to keep pace with 2023 year-to-date sales.
Instead, the 92 homes sold last month represented the fewest homes sold in the month of September since 2018, when 88 homes sold, according to MLS data.
SIMILAR STORY STATEWIDE
Home sales stalled statewide in September, hitting lowest level in nine months despite the lowest interest rates since spring, the California Association of Realtors reported Thursday.
September’s sales pace decreased 3.4% from the 262,050 homes sold in August, but was up 5.1% from a year ago. The sales pace has remained below the 300,000-threshold for the past two years, the association reported, while year-to-date home sales edged up 0.9% from the first nine months of 2023.
“Economic uncertainty and hopes for lower interest rates may have caused many buyers to hold off on a home purchase,” said association Senior Vice President and Chief Economist Jordan Levine. “As a result, home sales declined for the second consecutive month, reaching their lowest level this year. However, the recent rebound in bond yields is a reminder that rates will continue to fluctuate, and waiting may not be the best strategy when it comes to homebuying.”
PRICE POINTS
While price reductions have become more common in recent months, the median price of a home sold locally in September rose to $566,000, up 6.6% from the $531,000 recorded in August and also up from the $554,5000 median in September 2023.
Locally, there were 39 price reductions in the past seven days, while 29 new listings came onto the market.
Statewide, the median price of a home sold in the golden state in September was $868,150 — 53.3% higher than the median in western Nevada County. The statewide median price was down from $888,750 of August, but up from the $843,500 median price of September 2023.
According to the association, California recorded its record median price of $908,040 in May 2024.
STILL TO COME
In each of past fourth quarters, western Nevada County has seen a seasonal slowdown in sales. Last year saw a total of 382 homes sold in last three months of the year. And since the pandemic, when sales surged as high as 642 homes sold of in final quarter of 2020, western county has consistently seen fewer sales volume in the fourth quarter.
At September’s end, there were 129 pending sales, which was four more than the end of August and 12.2% more than September 2023.
Although total sales were down from prior month, it took 28 median days on market for an accepted offer last month, a 9.7% decrease from August.
Inventory dropped to 435 homes on the market, down 5.4% from the 460 homes listed in August. There were 38 canceled listings in September, according to the MLS, with a total of 113 for the third quarter in western Nevada County.
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.
BY THE NUMBERS
September home sales in western Nevada County:
$566,000 — Median price (2024)
$554,500 — Median price (2023)
28 – Days on market (2024)
32 – Days on market (2023)
92 – Homes sold (2024)
107 – Homes sold (2023)
435 – Homes for sale (2024)
351 – Homes for sale (2023)
