Sunset West Home Sales Report
90 Day Year Over Year Comparison Including Rock Creek and Cresleigh Springs
After looking at the data I researched to create this report, it feels like Rocklin has lost a year. While there hasn’t been much value gained, if you will, the Sunset West subdivision didn’t lose any value either.
Having been through the downturn, I’m glad we’re treading water rather than drowning but there is a little cause for concern I think.
Nothing much has changed over the last year except the number of days it takes to get a home in contract. This has gone up exponentially. All else being very similar, this points to a sign that buyers are being super picky or that demand just isn’t there.
I’m not sure which it is frankly. It could also be an affordability issue and buyers are just waiting, en masse, for the market to settle back down after he onslaught of the spring of 2013.
Since August of 2013, just after the market began to slow, the average sales price in Sunset West has lost about 2% of it’s value. Honestly, I think it’s healthy. Home values shouldn’t skyrocket out of control. We’ve seen what happens when it does. That said, I’d rather it gain modestly than lose value. I think we’re all in agreement there.
The Average Sunset West Home
For the purposes of this report, the average home that sold in Sunset West in the 90 days ending January 31, 2014 was as follows:
- 4 bedrooms, 2.75 bathrooms and 2425 square feet
For the 90 days ending January 31, 2015, the average home was:
- 4 bedrooms, 2.75 bathrooms and 2256 square feet
The difference of 169 square feet is negligible.
The Average Days On The Market Skyrockets
The average days on market difference between the two date ranges is quite high. In the November 2013 to January 2014 time frame, the average days to sell was 31 vs. from a year later went up to 90 days to sell at roughly the same asking price. A 190% increase.
As I said above, this could be the sign of an affordability issue as indicated by sluggish to non existent home value appreciation, a lack of demand, new construction taking it’s toll on the existing home market..it’s really difficult to pin it down.
It could also mean that sellers are being unrealistic about the initial listing prices. Just out of curiosity, I took a look at the difference in the initial listing price between the date ranges year over year and found a difference of over $7600 yet the sales prices are only $92 different. That most certainly is a contributing factor but not the whole story.
Sunset West Average Sales Price Sluggish
Over the last year, there has been very little movement in home values in the Sunset West subdivision over the last year. The difference is a $92 increase over last year. Let’s just say it’s been a flat year for appreciation. Flat is better than negative.
Sunset West Home Sales
Home sales were almost the same year over year, just 1 home different between the date ranges. 11 homes sold this year and 12 sold last year. Not much difference really.
Summary
Based on these numbers, it really looks like there is an affordability problem in the 95675 zip code either that or demand has waned. Demand waning can be connected to affordability in fact it usually is when interest rates are this low.
First time homebuyers are still largely absent from the market and investors have run for the hills a year ago. This is affecting demand but that said, 95765 is not generally a first time home buyer market but rather a move up market or a Bay Area buyers market. A lack of both could be the issue in this case.
While I don’t consider any of this good news, it’s not bad news either. It just kind of, well, is.
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