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Real Estate Picking Up in County

Real estate activity is picking up in  Nevada County . Rick DeJesus Co-Owner and General Manager of Coldwell Banker Grass Roots Realty says  1,830 units  closed escrow the first half of this year.
click to hear Rick DeJesus

The median price, that’s the mid point of all sales, is slightly up year over year in Nevada County.
click to hear Rick DeJesus

De Jesus says the  average price,which is a total of all sales divided by the number of homes sold, is down.
click to hear Rick DeJesus
But not the double digit drop real estate was seeing at the beginning of the economic downturn.
DeJesus says inventory is down which may be due to banks under pressure to slow down foreclosures and short sales, working to keep people in their homes.  Distressed properties last year represented 50 percent of homes on the market,  now,  foreclosure and short sales are down in the 30 to 45 percent range.  DeJesus also says  right now multiple offers are coming in on  properties in various price ranges.
click to hear Rick DeJesus
DeJesus says interest rates are still incredibly low, and forecaster’s long term projections are for some appreciation to return.

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