Placer Pops - YoY Depreciation Era Begins?
Sorry San Diego (3.67%). Sorry Marin (1.30%).
It looks like Placer County wins the race to 0%. According to DataQuick News, the median sale price in Placer County dropped -0.38% in January 2006 compared with the prior January. (This includes single family homes, condos, and new home sales.) Placer County includes some of Sacramento's eastern suburbs, including cities such as Roseville, Rocklin, and Lincoln.
According to DataQuick, Placer is the only listed county in California to suffer year-over-year depreciation in January.
Caveats: January is supposedly a "quirky" month and Placer is a relatively small market (and therefore the numbers fluctuate more than larger markets such as Sacramento County). But even so, how long has it been since any county in California experienced year-over-year depreciation? Are we finally in "hard landing" territory? Can we now officially declare that the "bubble" has burst? Stay tuned...
8 comments:
And so it begins.
Most of the increase last year was in the numbers by June. Expect Marin to turn negative Mar or April. The first of the high priced coastals to turn. By summer we should see Sacyo and Fresno amd maybe San Diego. Personally anyone who wants to believe my house appreciated 20.57% last year can write me a check right now.
-0.3% YoY is hard landing? hahah
Ah yes, welcome to the Craiglisters!
-0.3% is a leading indicator. Understand, we are in froth blow off territory. There will be all kinds of contradictory data over the next few months. The median is likely to continue to rise a little as market makeup sold shifts higher because the bottom properties sit unsold for instance. Here's what is going to go down way down with no question; dollar value of all transactions and number sold.
I won't officially declare the bubble bust in Marin until after the Spring selling dissapointment happens (if it happens that is...I try to have an open mind, I really do).
Marinite
Marin Real Estate Bubble
Welcome NYTimes.com readers.
If I'm not mistaken, Squaw Valley, Alpine Meadows, Tahoe City and much of the north shore of the Lake are also in Placer County.
Hmmm... resort areas - taking it on the chin as leading indicators?!
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