Granite Bay Real Estate Market Update

Granite Bay Real Estate Market Update

The Granite Bay, CA real estate market is one of the higher-priced markets in the region, with a median home price of about $1.35M. On a macro level, one of the biggest game-changers in the local, regional and even statewide real estate markets this summer has to be the rapid rise in home mortgage interest rates. As recently as March of this year, home buyers were finding rates in the low 3's; today ... they're approaching 6%. That makes a significant difference to home buyers who are borrowing money.

Let's look at the most recent Granite Bay market indicators from the California Association of Realtors®:

Granite Bay Real Estate Market

This data shows that Granite Bay home prices are up over 17% from last year, home sales are down over 11%, and the number of active listings is up over 54%. Other interesting data points include the median days on market (DOM), the sales to list-price ratio, and the % of Active listings that have seen price reductions. Taken together, these Granite Bay real estate market indicators are reflective of some seasonality in our market, the lack of inventory that we've had recently over the last year or two and perhaps most importantly, mortgage interest rates.

We have to keep in mind that mortgage interest rates tend to affect home buyers in the lower price points and that luxury home buyers tend to use more cash in their transactions, so more expensive homes selling more than lower-end homes may be skewing the home-price numbers upward. Whatever the case, there's no question that inventory is up and buyers are definitely finding more options than they've seen in a while.

What we've seen here in the Placer County real estate market in general and in Granite Bay specifically, is more of a "normalization" or "moderation" of our previously sizzling real estate market, as there is still significant demand inherent in our market today. Think of it like this: It's like going 100 miles an hour on the freeway (hypothetically - of course), and slowing down to 70; it feels like you've slowed down a lot, but in reality you're still going pretty fast - just a much more manageable speed. The market is basically moving toward being more balanced.

Check out some Granite Bay homes for sale below and if you, or anyone you know are looking for a home in our area, submit the contact form below and we'll get you moving!

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