The median price for a home in Placer County rose once again in April to $460,000, according to data compiled by the California Association of Realtors.
The value is an increase of 4.5 percent month to month and a 7.1 percent leap compared to the value a year ago. Home sales in the region were also up by nearly 6 percent month to month, although the amount of homes sold year to year was down by about 10 percent, possibly indicating lower inventory.
Here’s a closer look at the most recent data we have for homes in Placer County:
- Homes spent only 21 days on the market for the month of April. The median time on the market for this month was actually longer the previous month by 9.1 days, according to the association. Over the span of 12 months, it was about a two percent difference. Typically, consumers expect a home to close in about 30-40 days, so this is an excellent rate for those looking to move or sell quickly.
- April saw about 2.8 months of unsold inventory. This simply refers to the number of unsold homes expressed in the months it would take them to come off the market at the current rates of sales. This pace is up by a modest 6 percent from the previous month, but down by the same percentage from a year ago. Generally speaking, a smaller index means sellers are experiencing quicker sales while a higher number indicates that buyers have more inventory and possibly time to settle into their next home.
Overall, the housing market in Placer County remains robust. Median prices are up, sales remain steady and unsold homes stay on the market for less than 22 days. All around, these numbers are a good sign (especially for sellers) for the Placer County market, and why wouldn’t the numbers look bright for this region? Placer County is a great place to live!