Here’s my monthly look at our single-family homes market in Nevada County.
January 2015 was a great month for pending sales with 107 new escrows. That’s a 50% increase compared to December 2014 and a 32% increase year over year. Only four months in 2014 showed a higher number pending sales. This stat alone is very exciting and encouraging as we start this new year. Buyer demand is extremely strong!
- With 4.5 months of inventory, we remain in a seller’s market. However, the trend of an increasing inventory continues. We ended January with 8% more homes for sale than a year ago.
- Prices continue to appreciate. The average sold price in January 2015 was $376,000. That is the second highest average sold price for the last two years. Only August 2014 had a higher average, and that month was only slightly higher at $379,000. The average sold price for the last three months (November 2014 – January 2015) is 9.5% higher than a year ago.
- All in all, January was a great month for residential sales in Nevada County. If the trends continue, we could have a very strong 2015!