I’m wrapping up a short sale appraisal in Plumas Lake (for a Realtor) and wanted to share a graph of all sales over the past three years (2008-2011). What do you see?
Plumas Lake Real Estate Stats:
- 29 sales over the past 90 days
- Median sales price over the past 90 days: $187,500
- Median list price over the past 90 days: $165,000
- Average price per sq ft over the past 90 days: $81.83
- 16 current active listings
- 41 current active short sale listings
- 19 current active short sale contingents (in contract)
- 14 pendings
For reference, here is a graph I posted in December 2009. I thought it might be helpful to share again to give a greater perspective of the market now that over a year has passed.
I know it’s really discouraging to see such a heavy decline through the years (trust me, I’m a home owner who bought in 2004 – I know), but Plumas Lake is not alone in experiencing a decline in property value. It looks like overall the market saw a dip of $50,000 over the past 36 months, but at the same time, the edge of both graphs above look very similar (despite having a difference in age) – which shows the market has been showing stronger signs toward stability. Lastly, if anything, numbers like this ought to encourage the home owner to make sure the Assessor has rightly adjusted property taxes downward. Keep me posted if you have questions on that.
If you live in Plumas Lake, what is it that first drew you to the community? What do you really enjoy about the neighborhood? And what do you wish Walgreens sold (but doesn’t)? 🙂
If you have any real estate appraisal, valuation consulting, or property tax appeal needs, contact me at 916.595.3735, www.LundquistCompany.com or via Facebook.
“What do you see?”
I see that if I wanted to move right now I am unable (unless I wanted to walk away and lose all the money I invested).
If the short sales continue at the current pace it will take years before I am able to catch a breath. I directly lay blame on the shoulders of those who purchased more than they could realistically afford or those that used their homes as an ATM machine.
Their actions are now costing those of us still living here that may want to sell rather than just walk away.
I moved to Plumas Lake for a variety of reasons. Some of which are, in no particular order:
1. Affordable housing compared to the Sacramento metro market.
2. Able to purchase a new home for less than was an older one cost elswhere.
3. Schools for my daughter
4. Value compared to other areas (in ’04 that is, its all gone now)
Thanks for the comment, Jay. I appreciate your insight and I feel your pain too. It’s been difficult to see the market go down so sharply. If the short sales don’t close though, they’ll end up in foreclosure. There’s just not an easy fix. It’s going to be a long while because inventory has to be absorbed – and unemployment is still at such high levels. I’m sorry for your situation.
Nice blog post Ryan. Very informative, glad I saw it on Garys post on FB! Hey lets connect and maybe I can try and get you into our pannel to start doing some work.
What drew me to PL?….still trying to figure that one out!
Thanks for the message, Tyler. Gary is a good guy. I actually met him last year through a blog post on Plumas Lake. We’ve since connected on Twitter, Facebook and in person. It’s fun how that works. By the way, do you make iPhone apps? It looks like you have a techie background maybe based on your website. What pannel are you referring to?
One of the things I like about Plumas Lake is the rural / suburban feel. It’s nice to have some seclusion. I’m sure the drive to Sacramento constantly hurts the gas bill and such, but there is something nice about peace and less sound.
So sorry man, I didn’t get back with you! I do have kind of a techie back ground=) But I wouldn’t call myself that! Sorry for the panel I was talking about an appraisers panel.
Thanks Tyler. I appreciate it. I’d love to find out more about the panel. Take care.