Howdy, fellow Nevada County residents! As a local real estate agent who lives and works in our community, I’ve seen the real estate market go through many phases. This April, we’ve noticed some intriguing shifts in the market. Let’s break down what’s going on and what it could mean for you.
This April, we had an 18.5% increase in the number of homes listed for sale compared to the previous month, with a total of 211 units hitting the market. Despite this increase, there’s a bigger picture to look at: we’re seeing a significant 44% decrease from the same time last year. This tells us that the market is tightening, with fewer homes available for sale now than a year ago. If you’re interested in a more detailed breakdown, check out and subscribe to Nevada County’s Real Estate Market Report, we will send you the latest report.
Contrarily, the number of homes sold saw a downturn. Only 68 units were sold in April, which is an 18.1% decrease from March and a striking 54.1% drop compared to April last year. If you’re a buyer, this slowdown in sales pace might mean you’ll face increased competition as fewer homes are being sold.
On the brighter side, there’s good news for sellers. The number of homes placed under contract – that is, homes that have accepted an offer but haven’t closed yet – rose dramatically by 78.4% from the previous month, with 91 units entering the pending status. However, this figure still represents a 34.5% decrease from last year.
What does all this mean? It’s clear we’re in an active real estate market. Prospective buyers are quickly snapping up available homes, even as the overall supply of homes for sale and closed sales are decreasing.
This robust market condition continues despite fluctuating interest rates. For those looking to buy, NerdWallet’s mortgage rates is a great resource to keep tabs on current interest rates.
Buyer demand remains strong, which doesn’t quite align with the conditions we saw last year. There’s a stark contrast between the heightened buyer interest and the declining overall supply, as well as the decrease in closed sales since last year. Consequently, strategic decision-making has become increasingly critical for both buyers and sellers navigating the current real estate climate.
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In Conclusion:
The Nevada County real estate market, as of April 2023, presents an interesting landscape. The tightening market, marked by a significant decrease in homes listed for sale, combined with robust buyer demand, underscores the active, dynamic nature of our local market. As we navigate these fluctuating trends, staying informed is paramount. By understanding these market shifts and leveraging them strategically, buyers and sellers can make the most of their real estate journey in Nevada County.
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