Lincoln Crossing Home Sales Report
September 2016
Lincoln has been the best value in South Placer County real estate this year. Most of the popular builders can be found in Lincoln at a lower price than in Rocklin and Roseville.
Additionally, there are luxury opportunities as well as the “old town” feel of the original city center. Lincoln was once the fastest growing city in California. Now it comes in at #6 on this list. While better schools can be found in other cities, you can’t beat the country feel with city convenience of Lincoln.
Home Sales In Lincoln Crossing
I pulled this graph over 15 months illustrates the slowdown in the market this year over last. In speaking with other industry professionals, they attribute the slowdown to several factors. The election, affordability, fewer bay area buyers and inventory levels being the most common. While no one knows exactly what the causes are, I feel the election and affordability rank high.
Since the market shifted in 2012, there aren’t many underwater mortgages out there so that’s not a cause. The stats on short sales and foreclosures are in the basement, thank goodness. Interest rates are at historic lows be it a 30 year fixed or a 5 year ARM so it’s not that.
If you think about it, the lack of bay area buyers doesn’t make a lot of sense as most just can’t afford to live there. If the election wasn’t this year, and if it weren’t so incredibly contentious, perhaps we’d see an uptick in sales. That would just leave affordability as the main cause of the slowdown. That tends to fix itself if left alone.
I think homeowners and buyers alike are a bit worried about the direction of the country at the moment perhaps to the point of preoccupation. I heard a new poll out this morning that 70% of people think the country is on the wrong track. Not surprising honestly.
As the graph and table show, the number of homes on the market is down 28%, pending sales are down 6% and sales are down 19.4%. While it is a typical “heading into the off season” pattern, I believe this year it’s cause is not economic.
The bright spot is that the average sold price is up 6.8% over last year and the appreciation has been steady.
For the full report on Lincoln Crossing, click here.
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