Sacramento Real Estate Views

Sacramento Home Sales Report – July 2009

Average Sales Price Up So Far

I ran these numbers twice to make sure this was correct.  According to the MLS data I ran this morning, the average sales price for the average single family residential home in Sacramento has jumped just under 10% since the beginning of the year.

The average sales price in January of $157,221 has climbed in August to $172,726.

Question of the day: Will this last or is this a bubble in the making like it appears the stock market is going through at the moment?

While I don’t expect that, at the end of the year, we’ll see this as being the actual number that homes have appreciated in 2009. The difference between January and now is pretty astounding when you consider what’s happened over the last couple of years.

If it weren’t for the “shadow inventory”, I’d say we’re in a very strong recovery mode.  The fact that the foreclosure rate has increased this year and Sacramento, while not in the top 20 cities where it’s reported foreclosures are getting worse, is no exception. (First in, first out?)

The number of homes in pre-foreclosures according to my ForeclosureRadar.com account is simply overwhelming even in the small area that I’m tracking.

Homes For Sale Sacramento

The number of homes sold has bounced around all year and seems to follow the media coverage of whether the homes that have been foreclosed upon will come on the market.

Sales numbers increased dramatically in March and April but then it came out that, in June, there were going to be huge numbers of homes hitting on the market.  Correspondingly, the market reacted and sat tight for the months of May and June.

Yet, the homes never came and inventory numbers continued to decline rather than go up.

July sales increased up toward the numbers we saw in March and April but just fell short.  I suspect that we’ll see the same thing happen in August.

I’ve heard that some of this inventory is coming on the market in other states but not in California for some reason.  I’m not guessing about whether it’s coming or not.  It’s boring me to speculate further about it! (that said, if you’d like to hear more about it, let me know!)

Listed Homes For Sale Decreases

The number of available single family homes listed in the MLS has steadily decreased since the beginning of the year.

As the chart shows, there are fewer than 6000 listings on the market in Placer, Sacramento and El Dorado counties right now.

This is the first time the region has been under 6000 listings in quite a while.

This is a decrease in the listed homes for sale by almost 9% since January and down from something in the neighborhood of 12,000 listings in early 2008.

That’s a lot of real estate changing hands!

This is the cause of the average sales price going up.  Simple economics of demand outpacing supply.  This fuels multiple offer situations that have been reported by other bloggers and the media in the area.

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Thanks for visiting!

Related posts:

1. First Quarter Home Sales Decline
2. Short Sales Are Becoming Easier!

Tags: homes for sale sacramento

This entry was posted on Wednesday, August 12th, 2009 at 8:51 am and is filed under Home Sales Reports, Sacramento. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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