From January 1, 2010 to December 31, 2010, here is your report for homes sold in the Nevada County side of our Golden Hills real estate zone. This area is north of the Bear River and up to Nevada City. In the report I have used the median price of homes sold, not the average price. Median (an equal number of homes above and below the median) is a more accurate depiction of the market.
Area Median Price #homes sold price of homes
Alta Sierra $255,125 -8% -8%
Grass Valley $215,000 +7% -11%
Lake of the Pines $275,000 +4% +4%
McCourtney $260,000 -32% -43%
Nevada City $292,550 +17% -10%
Peardale $297,500 -20% -24%
Penn Valley $279,000 +24% -13%
South County $365,000 +1% -9%
The higher median price of South County sold homes is an aberation caused by the fortunate sales of a few very high-priced homes. With that South County exception, the median price of sold homes in all areas is under $300,000. Five years ago, who would have believed that? Nevada City? Under $300,000? Get outta here!
The most affordable area is Grass Valley. You can believe that. I just picked up an investment home there myself, putting my own dollars where my advice is. Yes, that’s my advice–buy investment homes in Grass valley.
As usual, Lake of the Pines is the most stable, most conservative area, the modest-yield certificate-type of real estate. Number of sales went up a bit at 4%, and median prices went up a bit at 4%. Nothing sexy, but the 14% differential between LOP’s modest +4% and Nevada City’s -10% is significant.
This is probably the very best time to buy large rural parcels in the McCourtney area. Not only is it beaten down in price and sales, but some of the finest, most beautiful land in the area is out in McCourtney. Hmmmm? Let’s go look at farm land in McCourtney.
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