Sacramento Real Estate Views

First Quarter Home Sales Decline

Pace of Home Sales Slows In Sacramento Region

Over the last couple of years, the pace of home sales in the Sacramento real estate market has been very brisk.  Prices have been very low in comparison to the 2005/2006 peak and home buyers have been coming out in droves to snatch up the great deals as soon as the come on the market.

With incentive after incentive being tossed about like water balloons on a hot, summer day, the pace of sales depleted the inventory of homes for sale more rapidly in 2009 making the buying environment very competitive.

Even though January 2010 sales were down by almost 17% compared to last year, January 2010 ranked second in sales over a span of the last 5 years.  Still decent sales just not as high as last year.

Many expect sales to slump after the credit money runs out.  For the federal government, that’s in 22 DAYS!

For the state, as they have set a cap on the amount of money that will be credited back to buyers in state tax credits, that incentive should be depleted by June or July by state estimates.

The state of California homebuyer incentive only lasted 3 to 4 months last year.  The credit has expanded this year and officials expects people to buy in similar numbers as last year.

We’ll see.  With interest rates poised to go up, who knows what affect that will have on sales regardless of the incentives available.

As usual, it’s a wait and see.

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This entry was posted on Sunday, April 11th, 2010 at 6:08 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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