The market is extremely competitive right now due to the tightness and the activity. And the market is down to 3.14 months of inventory minus the short sales.
Auburn, CA (PRWEB) March 19, 2011
The Rocklin CA real estate market displayed positive indicators in the 4th quarter of 2010.
During the period from October to December 2010, the Rocklin CA real estate market in Placer County experienced more than 200 sales: 200 homes, 21 condominiums, 3 halfplexes and 2 parcels of land.
Among all sales, 26% were bank-owned properties and 31% were short sales. In other words, 57% of all sales in Placer County were foreclosures in some form or another. Of course, that actual number is likely slightly higher due to properties purchased at Trustee Sales by investors and then flipped.
Sales overall are essentially even with where the sales were during the 4th quarter of 2009. Pending sales are actually up 16% from 89 in November to 103 at the beginning of the year, which is a particularly good sign.
However, active sales are down approximately 6%. There were 334 homes for sale at the beginning of November and there are 313 homes for sale on the market now. So the market is tightening as the pending sales go up and the number of actual listings comes down.
Asking prices and selling prices continue to creep lower as well. These drops haven’t been particularly large but they continue to occur each quarter by about a percent or so.
Nevertheless, that could change suddenly.
The market is extremely competitive right now due to the tightness and the activity. And the market is down to 3.14 months of inventory minus the short sales. So there may be multiple parties interested in every available property, and these parties might bid the prices up.
But we have all those foreclosures to consider as well, so we’re getting some mixed signals. In the near future, the factor that wins out will determine whether the prices continue to fall or they start to go up.