Though the median sold price of existing single-family homes in Calaveras County has remained relatively stable over the past few months despite the novel coronavirus pandemic, the number of homes sold in the county has declined significantly, according to data from the California Association of Realtors (CAR).
On a seasonally adjusted annualized rate, sales of single-family homes in Calaveras County declined by 32% during April, and by 1.5% in May. While sales dropped by 37.3% in neighboring Amador County during April, sales increased by 8.1% over May. In Tuolumne County, sales declined by 16.9% in April, and by 13.6% in May.
Sales of single-family homes in May were down 37.4% from May 2019 in Calaveras County; down 41.2% in Amador County; and down 30.1% in Tuolumne County, on a seasonally adjusted annualized rate.
The local decline in home sales mirrored similar developments across the state. “Existing, single-family home sales totaled 238,740 in May on a seasonally adjusted annualized rate, down 13.9% from April and down 41.4% from May 2019,” a June 16 CAR press release states.
“May home sales took the full impact of the coronavirus pandemic as much of the state remained in lockdown during the past few months and caused three straight months of double-digit sales declines, which we haven’t experienced since the association began reporting monthly home sales in 1979,” said CAR Senior Vice President and Chief Economist Leslie Appleton-Young in the press release.
California home sales in May fell to the lowest level since the Great Recession.
“As housing demand fell in May, home prices softened further, sending the statewide median home price below last year’s price for the first time since February 2012 and breaking the state’s 98-month year-over-year price gain streak,” the press release states. “The May statewide median price of $588,070 for existing single-family homes in the state was down 3% from April and down 3.7% from May 2019, when the median price was a revised $610,940.”
In Calaveras County, the median sold price of existing single-family homes dropped from $352,000 in March, to $332,250 in April, to $330,000 in May, which was down 12% from May of 2019.
Though actual home sales in California continued to decline in May, pending home sales saw a large increase.
“There are encouraging signs that show the market is recovering and should continue to improve over the next few months,” CAR President Jeanne Radsick said in the press release. “With pending home sales up a stunning 67% in May, buyer demand is on the upswing amid record-low rates that are making monthly mortgage payments $300 less than a year ago.”