Nevada County Real Estate Market Snapshot-Morgan Ranch

Paul Sieving - www.PaulSieving.com

October 5, 2009 – This week we look at the year-to-date activity figures for Morgan Ranch. The idea is to see how Morgan Ranch has fared relative to the overall Nevada County market.

Morgan Ranch was established as a premier subdivision in 1989, and has matured as one of the more desirable neighborhoods in Nevada County, attracting residents from right here at home and also those relocating from other areas. Since breaking ground 20 years ago, approximately 400 homes have been built, with only a handful of lots left. Prices in Morgan Ranch are generally from entry-level to mid-market, with a few high-end custom homes. Lying between the communities of Grass Valley and Nevada City and with superior convenience to all community resources, Morgan Ranch has broad appeal to a wide range of homeowners.

It’s becoming evident that we have reached a pause, if not the turnaround, in this long market slump and unit volume is up and holding steady over the first half of the year. Along the way, there has been some distress in the market, with many Short Sales and Foreclosures, and this is likely to continue for a time as the market works through the problems.

So far this year, MR has seen 9 homes sold, which is one per month. Not one of these sales was a distressed sale, and this is in contrast to the overall Nevada County market. This is a ray of light for one neighborhood of many, as the absence of distressed sales in a particular neighborhood tends to help keep prices firm.

In the middle of September, MR saw the first distressed listing, a short sale, come on the market. Even the most unique neighborhoods will feel the effects of the current market.

The statistics for Morgan Ranch for year to date 10/05/09 are:

- Homes Sold = 9

- Average Days on Market = 101

- Median Sold Price = $370,000

- Average Sold Price = $354,990

- Average Sold Price in $/square foot = $209

- Homes in Escrow = 2

- Homes Active = 3

- Homes Active Short Sale = 1

A few of the corresponding figures for homes sold in Nevada County overall are:

- Homes Sold = 569

- Average Days on Market = 146

- Median Sold Price = $300,000

- Average Sold Price = $337,000

- Average Sold Price in $/square foot = $192

It’s clear that MR is holding up better than the Nevada County market as a whole. Fewer days on the market, higher selling prices, and greater value per square foot are signs that Morgan Ranch was a well-executed development plan that is holding value over time.