Pollock Pines Real Estate
Posted by John Lockwood on April 29th, 2008
Like most local areas, the real estate prices in Pollock Pines declined sharply over the last year. The average home sold in first quarter of 2008 for $255,519, down 32.1% from last year’s average of $376,310. Part of this decline in price was simply a result of this year’s average home being 12.4% smaller than last year’s. Still, in the first quarter of 2008, the average home sold for approximately 22.5% less on a sold price per square foot basis than in the first quarter of 2007. The median sale price fell 25.8% during this time, from $325,000 in first quarter of 2007 to $241,000 in the first quarter of 2008.
Pollock Pines sales a traditionally sluggish in the first quarter, since this is the time this area is still seeing some snowfall. An average of 12 units per month have sold over the course of the last year, with only twenty-six selling in the first quarter (8 2/3 per month). However, this year’s unit volume compares favorably to the same time last year, when twenty-four homes sold in the first quarter.
Interestingly, in both the first quarter of 2007 as well as first quarter of 2008, the expired to sold ratio was 100% — i.e., as many listings expired and sold in both periods.
At present, some 12.3% of the homes in active inventory are bank foreclosures, and 10.8% are short sales. In the first quarter of 2008, 46.2% of homes that sold were bank foreclosures, and 15.4% of the sales were short sales.