Saturday, January 14, 2006

Home Sales Drop in Yuba & Sutter Counties

The Appeal-Democrat is reporting sales are down for Q4 2005 compared with 2004.

In a sign of a slowing real estate market, the Gregory Group reported this week that Sacramento Valley home sales had considerably decreased in 2005 compared to 2004. Sales dropped 23 percent in Sutter County and 56 percent in Yuba County, according to a study the Folsom-based company conducted of 1,569 new homes sold during the fourth quarter of 2005.The average home price in Sutter County in the fourth quarter was $343,195; in Yuba County, it was $375,970.

Local Realtors cited a glut of properties on the market as the main reason for the decline in new home sales. "There are so many new homes right now," said Suzi Nichols of Keller Williams Realty in Yuba City. "There isn't the frenzy of buying any more. People aren't standing in line to get a house like they used to. They're being more selective."The real estate market has changed in the past few months from a seller's market to a buyer's market, said Craig Carberry of Town and County Properties in Yuba City."Supply has caught up to demand and has passed the number of buyers," he said. "There seems to be an oversupply in homes in relation to homebuyers."The inventory of unsold homes has increased, he added.

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