Rocklin Home Sales Report: Sunset West

March 4th, 2014 by Rob Saxe

Rocklin Home Sales Sloooooowwww

Home sales nationwide have really slowed down.  The national media is blaming the weather for the east coast slowdown but here on the “left” coast that isn’t the case.

Rocklin home sales haven’t had to endure the cold, snowy winter that has been hitting the east coast so hard.  It’s a different story, in my opinion, here where the weather has been unseasonably warm most all winter long (winter?? what winter? 🙂 ).

While I didn’t really  believe that interest rates coming up just a little had anything to do with it, that just may be true combined with other factors.  The price correction we had in the first 6 months of 2013 is playing a large part in our slowdown.  And I believe there is something else as well..very few first time home buyers.

Millennial’s Are Shying Away

I read an article this week that talked about the first time home buyer market and how they have all but vanished from the home buying landscape preferring to either rent or live with mom and dad.

Between watching their parents lose their homes in the downturn, not being able to get a decent job after college due to economic meltdown and being over burdened with school loan debt, they are the hardest hit segment of potential home buyers.

Add to that rising interest rates, rising home prices and you’ve all but completely excluded them from buying a home in a market where first time home buyers are huge.

It didn’t take much, just a six month correction and a 1% increase in interest rates, to boot them right out of the market.  I’ve had several first time home buyers that stopped looking as they saw homes in their price range go from “ok, I could live here” to “omg! I’d rather rent!” in the space of 6 months.

That said, what is coming back is move up buyers.  That adds another list of complications but at least it’s normal buying and selling activity.

16 Homes Sold

Over the last 90 days, only 16 homes have sold in the Sunset West area which is down over the same period a year ago when 21 homes sold.  It may not seem like a big difference but when we’re talking about roughly 2300 homes in the Sunset West area, 5 homes makes a difference.

That is an abnormally low number and not much to go on in so far as statistics are concerned.  The table below reflects the average home and it’s sales price in the Sunset West area of Rocklin home sales:

As the graph below shows, the average sales price was a little inflated in January with a few higher end homes finally selling.  As I said, when only 16 homes sell over a 90 day period, the statistics can be a little misinterpreted.  I think it’s high by about $20,000 honestly.

In the “how long will my home take to sell” department, that has been more consistent over the last 90 days.  That average days it takes to sell has been increasing steadily but over the last 90 days it’s been 22 days from going on the market to going to pending sale.

These numbers are better than Rocklin and Roseville as a whole where it’s been roughly 30 days to sell.  We’ve got great schools here so buyers really want to be in this area of Rocklin.

Have questions or comments?  Feel free to contact me anytime.  Thanks for visiting!

Buying or selling a home in Rocklin?  If so, I’d like to help you.  Please call or text me directly at 916-532-7653 or click here, for my contact page.

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