The $200,000 home is back, they say

The TRENDGRAPHIX Monthly Real Estate Report for the month of December, presented by Lyon Real Estate, shows that the $200,000 home is in reach for the prospective home buyer, again.

Below are some expcerpts involving Placer and Nevada counties from the release sent by Lyon Real Estate and TRENDGRAPHIX Jan. 14, 2008:

“Just one year ago less than 2% of the homes for sale were priced below $200,000” said Michael Lyon, CEO of Lyon Real Estate. “Now 12% of the homes for sale in the Four County Sacramento Region are priced below $200,000, with the majority of these homes being bank owned. The new boom is in the $200,000 or less price range, with closed sales in December ‘07 increasing 50% over November.

"The second bright spot - with the largest inventory of 3,969 homes and representing 30% of the total Four County inventory - is the $200,000 to $300,000 price category with sales up 37% from December 2006.

By-County Trend Highlights:

• Placer County sales are up 300% for the year in the $200,000 to $300,000 price range, due to the Region’s sharpest pricing declines.

• Nevada County’s average price per foot has held steady all year at $250/sq.ft. but sales are still slow.

TRENDGRAPHIX’s latest report shows that sales decreased 3 percent during the month of December for the Tri-County region of Sacramento, Placer and El Dorado Counties. December 2007 sales were 22 percent lower than December 2006 sales. Pending sales decreased by 2 percent from November 2007 to December 2007.

December 2007 inventory of 13,181 homes for sale is 28 percent higher than December 2006 inventory. This is a 14 percent decrease for the regional inventory record high of 15,302 set in August 2007.

COUNTY HIGHS AND LOWS

Placer County sales decreased by 6 percent and inventory decreased by 9 percent from November to December. Pending sales decreased by 15 percent from November to December. 3 percent of the homes sold for under $200,000; 56 percent of the homes sold for between $200,000 and $400,000; and 41 percent of the homes sold for over $400,000. The average price per square foot decreased by 3 percent during the month of December at $194.

Nevada County sales have decreased by 19 percent during the month of December, and inventory decreased 8 percent. Pending sales decreased by 16 percent. 2 percent of the homes sold for under $200,000; 46 percent of the homes sold for between $200,000 and $400,000; and 52 percent of the homes sold for over $400,000. The average price per square foot decreased by 1 percent during the month of December at $247.