Placer County Real Estate By John Brophy
If anything could describe Placer County’s real estate activity the last year – a crazy frenzy! And those are not my words but Cheryl Keller’s, the president of Placer County Association of Realtors (PCAR).
But, just like many other markets, placer county’s real estate market at the close of 2021 set the premise for the real estate activity in the first quarter of 2022 where a lack of inventory coupled with low-interest rates were the primary drivers of buoyed demand. According to Cheryl, “It has risen slightly in the latter half of the year,” she said. “In June, it was .7 (of a month) and then went up to one month. It has been pretty consistent, really.” In a normal market, we need at least 3 months of inventory but the high demand has disrupted the market where a lot of properties are receiving
multiple offers simply because the inventory is low. What are some of the statistics about this market you can use to make an informed decision? Total listings (new, for sale, pending, and sold) in December 2021 1. The number of new listings added to the market in Placer County this January was down 10% compared to January of last year. The total number of homes for sale at the end of the month was up 7%. 2. The number of homes pending sale was down 3.8% compared to last year. 3. The number of homes that closed in January was down 7% compared to last year. 4. The drop in pending sales and closed sales is directly related to the decline in homes listed for sale. If more homes were listed the sales would increase.
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ormally, Placer County records the slowest activity in August but picks up around September and October. November is one of the strong months and then the market slows to pave way for the holiday season.
