Sacramento Real Estate Views

Homes Sales Report – Sacramento – August 2009

Pace of Home Sales Slows

The number of existing home sales in Sacramento declined in August to it’s lowest level of the year.  This is due to dramatic reductions in the number of homes available for sale and the time of year.

New home builders throughout the region, for instance, have been hammering out emails with quick move-in specials and increased commissions for agents to sell their homes since mid-July as sales are typically slow during this time of year.

Vacation months can be slow for home sales.

Click here to search for homes in any area of Sacramento or Placer County.

I wouldn’t be surprised to see and increase in volume by the end of September.  That said, without a significant increase in homes to sell, we may not see an increase.

The second slowest month of sales was February with 956, January with 962.  The rest of the year, sales numbers have exceeded 1000 homes sold per month in Sacramento.

Average Sales Price Increases In Sacramento Real Estate

While sales may have been down in August, the average sales price was $174,204, up from $172,726 in July and $157,221 in January.  Overall, since January, the average sales price has increased 9.75%.

This is standard economics of supply and demand at work.  In the counties of Sacramento, Placer and El Dorado, there are just barely over 5700 listings for sale.   Of those, 1600 or so are in Sacramento.  Last year at this time we had around 10,000 listings and in March of 2008 around 14,000 homes for sale in the same 3 county area.

Where supply dwindles and demand increases, prices go up.

Multiple Offer Situations

Virtually every home that comes on the market right now is receiving multiple offers.  The multi family income properties, duplexes and more, aren’t as competitive but well priced and in good condition are drawing many offers as I found out this morning.

First Time Home Buyer Tax Credit

As of this writing, the first time home buyer tax credit expires on November 30th.  I haven’t heard anything but rumors and speculation as to whether it will be extended or not.  It makes sense to extend it but that said, what has made sense in this market to date?   Not much!

There isn’t much time to take advantage of the tax credit when you factor in the lack of available homes for sale and the competition this creates.  To get closed by November 30th, you’ve got to get on the ball.

Click here if you’d like help in finding a home before November 30th.

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Tags: homes sacramento, real estate agent sacramento, sacramento real estate

This entry was posted on Tuesday, September 8th, 2009 at 4:58 pm and is filed under Home Sales Reports. 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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