Average Sales Price Up In Roseville
More Than You’d Think In 95678
I have a listing in Roseville and I got a call from a homeowner that lives close by asking if we had any offers and what the interest has been like. She was very nice and we had a conversation about the market. She was very knowledgeable.
During our conversation, she said something interesting to me that I’ve heard from other homeowners recently. She said she wanted to sell her home and cash out because she really felt that the bottom was going to drop out of the market and home values were going to plummet.
I found that a curious statement as I follow most of the most prominent economists in the housing sector and I have not heard that at all. I’ve heard we’re in a housing slump but after the downturn we’re recovering from, I think from a historical perspective, this is common.
After the great depression in the 1930’s, I believe it took 10 years to recover from that event. According to Wikipedia, there was still 15% unemployment in 1940 so it took quite a while to recover from that economic collapse.
While I understand times are different, we’re barely 9 years past the peak of the housing market, the crash that started in mid 2007 through 2009 and continued to slowly erode to January of 2012. I think it’s normal to assume that we’re ahead of the recovery of the 1930’s by a large margin.
Anyway, I’m no economist but I feel we’re in a pretty good spot both from an employment as well as housing values standpoint. Sure, values have leveled off but we’re still up in Rocklin 95765 and as you’ll see here, in Roseville 95678.
2013 vs. 2014 Average Sales Price In 95678
I ran the same comparison for the Rocklin 95765 zip code with the same methodology here. This isn’t official but I do think it gives as accurate representation of what the average sales price has done over a one year period.
Below is the month by month average sales price graph for 2013. It’s pretty amazing when you look at it as it started really low and just went up sharply, a correction as I’ve said in the past, to a leveling off later in the year.
After taking out the low and the high number, the average sales price for the year came in at $293,500.
Conversely, 2014 was a little more level overall than 2013 but the average sales price did rise. In fact, the year over year numbers show that the average sales price for 2014 was $319,000 which is an 8.68% increase over 2013.
Yes But It’s Not 10% Appreciation
It’s true that, for California, this isn’t burning down any barns in terms of home value appreciation but it’s not going backward either. It is true, sales are down and the number of homes for sale is up but so are values when you look at the year over year numbers: over 30% in Rocklin 95765 and over 38% in Roseville 95678 since January 1, 2012.
This looks like a slow and even recovery to me. Those are pretty good numbers. What are your thoughts? Is the bottom looking to fall out of the real estate market in South Placer county over the next year?
Who can predict the future? Most economists failed on this during the last market crash. While we do have some interest only resets coming up this year, I just don’t see it as enough to crash home values but we’ll see. Anything can happen. 
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