Sacramento Real Estate Views

October 2009 Sacramento Home Sales Report

Sales Show Slight Increase

Sales of single family detached existing homes increased slightly in October over September while homes available for sale continues to decrease or at best stay flat.

I read an article in a Southern California periodical this week that cited inventory levels beginning to increase slightly there and I’ve heard recently that we will begin to see the same thing in the Sacramento real estate market in the coming months.

We’ve been hearing this for over a year now but it’s beginning to make more sense that it could happen.  Whether we do see an increase in homes for sale will remain to be seen for now.

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The market produced 955 sales in October vs. 877 sales in September.  Almost a 9% increase in sales isn’t earth shattering but and increase is an increase, right?

Over the course of my real estate career, October has been a better selling month than September.  With school starting, September just tends to be busier for most folks than October.

Average Sales Price Dips

While sales were up slightly, the average sales price dipped in October from $177,265 to $176,490.  Nothing to be too concerned with and would be considered to be an “unchanged” result.

Sales prices over listing prices was up just over $1000 from a $175,393 list price to sell price at $176,490.  This is indicative of a competitive marketplace where multiple offers are present. No news there!

As long as the inventory levels stay as low as they are, this will continue to be the case.

Unless interest rates spike…do we really want to talk about that?

The average home sold was a 3 bedroom, 2 bath, 1524 square foot and is selling in 59 days. 

The market time and the sold price being higher than the list price don’t make sense on the surface. 

When you think about it, if properties are selling for more than list it seems that they would be on the market for a shorter time period like 40 days or 35 days for instance.

With lending standards being as tough as they are, not all accepted offers are closing escrow and I think that’s why we’re seeing longer days on the market than we did in the earlier part of the decade. (It’s hard to believe I’ve been in the industry long enough to be able to comment on that! LOL)

Over the last few weeks, I’ve been notified several times that a property I had written an offer on and not gotten acceptance was back on the market and was my client still interested.  This leads me to believe that the escrow fallout rate is a little higher than normal.

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Wishing you joy and abundance…

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Tags: homes in sacramento

This entry was posted on Thursday, November 19th, 2009 at 6:20 am 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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