Sacramento Real Estate Views

Lincoln Homes Sales Report

July Sales Down Significantly Over June

Home sales in Lincoln, as you can see by the graph on the left, have really fallen since the end of the first time home buyer tax credit expired.

Although the tax credit was extended, it happened after the scheduled expiration of the credit and by that time, a good portion of first timers assumed they had missed out on the credit and lost the incentive to purchase.

Had the extension happened sooner than at the expiration date, it would have helped a lot more first time home to keep looking and buy homes, boosting home sales in Lincoln.

The July home sales numbers reflect that.  In June, 127 homes closed escrow while in July, the third lowest sales month of the year so far, only 78 homes sold a 38% decline in one month.

That is significant.  National housing reports reflected the same trend being the lowest selling July in 15 years.

Not good.

Average Sales Price Declines

As the graph shows, the average sales price has also declined with the lowest point being in May, the highest point in February.

While June and July indicate a slight increase over may, I don’t expect that to last.  Best case, based on what I’m seeing working with buyers in the area, the prices will stay flat.  Worst case we will see a slight decline.

That said, who really knows..not me that’s for sure.  Based on what the economists are saying about the possibility of a double dip recession and the state being in tough shape just doesn’t leave much room for optimism on values.

Regular Real Estate Transactions Rule the Roost

With all of the talk of short sales and foreclosures, regular real estate sales occupy 43% of all real estate sales in 2010.

Short sales occupy 29% and REO or bank owned homes occupy 28% of real estate sales in 2010.

Seems like all I show is short sales.  Go figure..

Looking for a home in the Lincoln?  The Mello Roos is pretty high however the average sales price for a 3 bedroom, 2.69 baths measuring 2277 square feet has averaged, in July, just over $295K.  Not a bad value that I feel will be getting better.  I’m willing to bet that the average sales price will be down in August when compared to July.

Stay tuned!

That said, if you’re looking for an agent to help you purchase a home in Lincoln, fill out the form below and we’ll get back to you promptly.

Thanks for visiting!

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Tags: homes for sale in lincoln

This entry was posted on Saturday, August 28th, 2010 at 8:37 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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