Here’s my monthly market analysis of single-family homes in Nevada County. We have been experiencing an incredible year of sales, as you’ll see below. Quite astounding really.
- May 2015 Pending Sales was the Highest for Any Month in the Last 10 Years! You heard me right. May 2015 showed 161 new sales, and we have to look all the way back to 2004 to see higher numbers. The months of February through May have been scorching hot with buyer demand.
- We Need More Listings to Sell: With only 180 new listings hitting the market in May, the number of new listings has declined both months following the peak of new listings recorded in February 2015. New listings are down about 10% compared to 2014. Our current supply is similar to 2013, but we’re seeing more sales than we did two years ago. The economic factors of supply and demand continue to raise prices (see below), and if we had more homes available, we would have even more sales.
- Average Sold Prices Remain at Seven Year High: The average sold price for May 2015 was $383,000, slightly down from the record month of April at $388,000. The appreciation we’ve seen primarily in the last three months has raised our rolling twelve month average 10% higher than the previous twelve months. Given the continuing forces of low supply and extremely high demand, I expect the sold prices to remain high over the next few months