Granite Bay Real Estate

April 11, 2010 by · Leave a Comment
Filed under: California 
Ward Creek on the western shore of Lake Tahoe ...
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A census-designated place in Placer County California, the community of Granite Bay is a residential suburban area in the Sacramento region. The community is a quite wealthy suburb, with median household income estimated at more than $115,000 in 2007. Of course, this means that the Granite Bay real estate sector had rising home prices prior to the U.S. economic troubles that eventually came tumbling down, crippling the local market.

According to the Placer County Homes and Land blog, in the final quarter of 2009, there were 78 homes and 5 plots of land sold in Granite Bay during that quarter, of which 17 were bank-owned properties and 16 were short sales. These sales ranged from as little as $200,000 for an 1,800-square-foot home to $3.3 million for a nearly 7,000-square-foot home. The sales volume was an increase of more than 16% from the previous quarter from July to September, when there were only 67 properties sold. Inventory had fallen as well. The fourth quarter saw an inventory of 6.15 months worth of homes, versus 9.45 worth in the third quarter. The number of days these homes spend on the market, however, has risen, to 120 days on average from just 95. The median sales prices fell slightly from quarter-to-quarter as well. In the third quarter it was $550,000, but the final quarter of the year saw that figure fall by nearly 5% to $523,000.

At the end of January, there were 160 Granite Bay homes for sale, a positive, as that figure represented a more than 24% decline in inventory from six months earlier, in August. Eight of these homes were bank-owned and 18 were active short sales. The average asking price for these homes was $1.03 million, a 6.7% decline from six months ago. The median asking price, however, rose from six months earlier. In January it was $793,950, nearly 6% higher than in August.

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