Market Slowdown – 2023 Q3 Review

One thing appears clear in the third quarter of 2023 from our tracking of commercial real estate activity in Grass Valley, Nevada City and Nevada County: barring a huge fourth quarter rebound (which I highly doubt will occur) sales volume has dramatically slowed versus that in 2022. As of the end of Q3 2023, sale dollar volume stands at only $15.5mm. This figure would need to triple in the fourth quarter alone to even begin to approach 2022’s dollar volume of $51mm.

While many factors affect the level of real estate activity, the primary contributor to our present
slowdown is high interest rates. Interest rates have climbed steadily this year to generally over 7%,
making it much more expensive to buy and finance a property. On the other side of the coin, property
seller expectations have been slow to adjust to the more expensive financing realities, thereby
increasing the differential between asking prices and bid prices resulting in far fewer sale transactions.

While not good news, property owners in Nevada County can take solace in the fact that the “new
normal” shift to remote work will create one of the most impactful property trends in decades causing
significant migration from major cities and downtowns to smaller cities, suburbs and rural areas such
the Sierra Foothills – a most positive long term prognosis!

LocationSq. Ft.PricePrice/SF
12481 Charles Dr, Grass Valley34,950$4,785,000$136.91
12807 Loma Rica, Grass Valley9,800$1,500,000$153.06
174-178 Lower Grass Valley Rd, Nevada City8,590$1,249,000$145.40
110 Spring Hill Dr # 3 & 4, Grass Valley3,952$605,000$153.09
110 Spring HIll Dr # 1 & 2, Grass Valley5,500$795,000$144.55
2344 & 2352 Nevada City Hwy, Grass Valley3,212$600,000$186.80
512 - 528 Brunswick Rd, Grass Valley6,164$725,000$117.62
563 Brunswick Rd # 8, Grass Valley1,158$119,359$103.07
563 Brunswick Rd # 2, Grass Valley1,151$199,000$172.89
565 Brunswick Rd # 15, Grass Valley1,554$265,000$170.53
424 Crown Point Cir, Grass Valley16,000$3,050,000$190.62
443 Crown Point Cir, Grass Valley15,264$2,500,000$163.78
194 Gold Flat Rd, Nevada City2,214$1,195,000$539.75
964 Golden Gate Ter, Grass Valley5,740$749,000$130.49
224 Main St, Nevada City4,670$1,225,000$262.31
406 - 412 E Main St, Grass Valley7,714$1,260,000$173.06
900 E Main St, Grass Valley23,137$3,395,000$146.73
204 W Main St & 215 Richardson St, Grass Valley12,000$1,375,000$114.58
819 Whispering Pines Ln, Grass Valley24,426$2,900,000$118.73
509 S Auburn St, Grass Valley1,429$435,000$304.41
152 Catherine Ln., Suite E & F, Grass Valley1,393$360,000$258.44
225 Colfax Ave, Grass Valley2,545$869,000$341.45
1061 E Main St # 104, Grass Valley1,813$265,000$146.17
700 Zion St, Nevada City12,000$2,020,000$168.33
800 S Auburn St, Grass Valley9,600$1,650,000$171.88
210 Broad St, Nevada City21,675$2,250,000$103.81
214 Broad St, Nevada City1,684$750,000$443.78
315 Broad St, Nevada City4,979$1,350,000$271.14
202 Colfax Ave, Grass Valley1,492$329,900$221.11
422 Henderson St, Grass Valley13,300$2,600,000$195.49
142 Idaho Maryland Rd, Grass Valley2,860$215,000$75.17
400 Idaho Maryland Rd, Grass Valley10,595$2,675,000$252.48
202 W Main St, Grass Valley1,650$475,000$287.88
615 Maltman Dr, Grass Valley3,185$1,600,000$502.35
163 Mill St, Grass Valley12,600$2,450,000$194.44

Location Sq. Ft.Min Base Price/SFMax Base Price/SF
12048 - 12050 Charles Dr, Grass Valley1,500$1.00$1.00
416 Crown Point Cir, Grass Valley8,000$0.75$0.75
12506 - 12534 Loma Rica Dr, Grass Valley1,750$1.00$1.00
155 Spring Hill Dr # 201, Grass Valley2,777$0.54$0.54
810 Whispering Pines Ln, Grass Valley5,097$1.25$1.25
375 Brunswick Rd, Grass Valley5,798$1.28$1.28
464-458 Brunswick Rd, Grass Valley6,116$1.10
512 - 528 Brunswick Rd, Grass Valley1,422$1.39$1.39
565 Brunswick Rd # 9, Grass Valley1,450$1.24$1.24
333 Crown Point Cir, Grass Valley6,463$1.55$1.55
345 Crown Point Cir, Grass Valley7,071$0.92$0.92
350 Crown Point Cir, Grass Valley5,737$1.55$1.55
360 Crown Point Cir, Grass Valley8,629$1.49$1.49
431 Crown Point Cir, Grass Valley5,471$0.85$0.85
443 Crown Point Cir, Grass Valley15,264$1.25
149 Crown Point Ct, Grass Valley1,161$1.50$1.50
964 Golden Gate Ter, Grass Valley1,800$1.00$1.00
170 E Main St, Grass Valley1,247$1.76$1.76
1740 - 1744 E Main St, Grass Valley2,756$2.25$2.25
900 E Main St, Grass Valley7,700$1.84$1.90
970 E Main St, Grass Valley1,350$1.43$1.43
749 Maltman Dr, Grass Valley1,408$1.00$1.00
944 - 1020 McCourtney Rd, Grass Valley11,412$1.53$1.73
117 New Mohawk Rd, Nevada City7,807$1.35$1.35
138 New Mohawk Rd, Nevada City8,700$1.95$1.95
101 - 208 Providence Mine Rd, Nevada City18,694$1.60$1.60
310 Providence Mine Rd, Nevada City10,000$1.75$1.85
351 - 356 Providence Mine Rd, Nevada City1,736$1.78$1.78
400 Providence Mine Rd, Nevada City36,000$1.15$2.15
420 Sierra College Dr, Grass Valley1,750$2.20$2.20
841 - 857 Sutton Way, Grass Valley10,172$2.45$2.45
768 Taylorville Rd, Grass Valley1,220$1.10$1.10
402 S Auburn St, Grass Valley2,880$1.65$1.65
563 Brunswick Rd # 5, Grass Valley1,473$1.15$1.15
140 Litton Dr, Grass Valley2,034$1.96$2.26
300 Sierra College Dr #250, Grass Valley1,740$2.98$2.98
700 Zion St, Nevada City10,300$1.36
114 Argall Way, Nevada City1,159$1.21$1.21
650 Freeman Ln, Grass Valley9,214$1.95$2.20
400 Idaho Maryland Rd, Grass Valley1,500$1.85$1.85
116 E Main St, Grass Valley900$1.72$1.72
840 E Main St, Grass Valley17,260$1.60$2.85
107 W Main St, Grass Valley1,020$1.00$1.00
116 W Main St, Grass Valley850$1.24$1.24
111 W McKnight Way, Grass Valley3,008$3.00$3.00
2032 - 2118 Nevada City Hwy, Grass Valley7,115$1.76$1.76
984 Plaza Dr, Grass Valley1,709$1.25$1.25
521 Searls Ave, Nevada City1,000$1.80$1.80
1245 Sutton Way, Grass Valley1,364$1.23$1.23
399-471 Sutton Way, Grass Valley1,402$1.40$1.40
526-720 Sutton Way, Grass Valley2,250$2.85$2.85
102 - 108 Union St, Nevada City1,843$2.00

LocationSq. Ft.Sale/LeaseClose Date
457 S Auburn St, Grass Valley2,124Sale7/10/2023
314 Railroad Ave, Grass Valley6,000Sale7/12/2023
140 Litton Dr, Grass Valley1,344Lease7/13/2023
972 Golden Gate Ter, Grass Valley4,864Sale8/21/2023
150 Catherine Ln., Suite F, Grass Valley994Sale8/21/2023
120 W Main St, Grass Valley1,632Sale8/25/2023
360 Sierra College Drive #220, Grass Valley803Lease9/1/2023
104 New Mohawk Rd, Nevada City26,336Sale9/8/2023
423 Broad St, Nevada City904Sale9/12/2023
143 Mill St #1/2, Grass Valley9,256Sale9/12/2023
142-158 Olympia Park Rd, Grass Valley9,593Sale9/14/2023
105 Catherine Ln, Grass Valley4,465Sale9/19/2023

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