This 2 bedroom 1 bath home at 5349 Feather River Blvd. in Olivehurst is just waiting for your personal touch. While it definitely needs some work, this home has potential. There is a formal dining room and an extra room that can be used as a den or bedroom. Set back off of Feather River Blvd., it is surrounded by trees and fencing, making it feel very private. This HUD-owned home is sold as-is and is listed at only $61,000. FHA Case #043-710166. Contact me at 530-301-3164 for more information or to submit an offer. Equal housing opportunity. See more photos here.
One of the ways economists judge the health of the housing market is by keeping track of how many homes are available for sale. Today on the radio I heard that our inventory is down. I could have told them that. So just what is available for sale? Here are your numbers this week. These numbers represent the number of single family homes for sale, with one or even two homes on one lot. They aren’t investment properties necessarily, so they don’t include duplexes, apartment buildings, etc.
Number of homes for sale: 127
Range of prices: $44,900-$1,650,000
Number of homes for sale: 159
Range of prices: $69,000-$1,375,000
That’s a pretty broad range, so it appears there are plenty of choices, but in reality there is only a 2.3 month inventory in Yuba County and 2.8 month inventory in Sutter County. A typical market has a 5-6 month supply of homes available on the market at any given time. That explains why you keep looking for a house, and maybe you just aren’t finding what you want. But don’t give up hope, being persistent will help you find just the right home to meet your needs.
What exactly will those prices buy you? For $44,900 in Yuba County you can get a 2 bedroom 1 bath fixer. Spend $69,000 and you can get 2 houses on one lot in Live Oak, just be prepared to make some repairs to both of them. You can get a custom 4 bedroom 5 bathroom home on 2.76 acres in Yuba City for $1,375,000. And for the person dreaming of a private oasis in the foothills, for $1,650,000 you can have 2 bedrooms, 3 bathrooms, a 7 car garage, and a guest house, all situated on 10 acres. I don’t know about you, but I think something in between those two extremes would suit me just fine.
People frequently ask me how the market is. It can be people I know from church, the teller at the bank, or even the checker at the grocery store. It’s something that seems to interest a lot of people, and so I will be compiling some interesting statistics on a weekly basis on how the market is doing. This week I am going to share the market activity for the month of February in 2014 and 2015. Let’s start with the numbers:
Homes Sold: Sutter County Yuba County
February 2014 57 39
February 2015 62 59
February 2014 $189,000 $190,000
February 2015 $212, 250 $212,750
One of the most interesting things about these numbers is that it wasn’t long ago that Yuba County was less expensive than Sutter County. As you can see from the statistics, that gap has closed. I don’t know what was happening in Yuba County in February 2014, but it looks like the sales normalized for that month in 2015. You will also see a rise in the median price in both counties of about 12%. The anticipated rate of increase was around 5%-6%. Our homes increased in price far faster than the rate of inflation and the rate of wage increases. You can see that the upward pressure on prices will reduce the affordability of homes in our area. So what is this telling you? If you are on the fence about getting into the market, maybe it’s time to take the leap. It doesn’t look like prices are going to drop any time soon, and interest rates have no where to go but up. The good news? We have fewer underwater homeowners, and that means they have more choices about their housing.