Sacramento Real Estate Views

The State of Sacramento Real Estate

2011 Year In Review – Sacramento County

I thought it would be a worthwhile exercise to pull up some statistical information and see how values as well as sales fared in 2011.  Generally speaking, we see a lot of national news on values but that is a composite number of all regions and doesn’t apply anywhere specifically.

While that may sound obvious, many people hang their hat on these numbers when in reality they’re meaningless and at best irrelevant.  Because real estate values tend to be hyper local, the only relevant information resides with local industry professionals.

All of the information below has been pulled directly from the Metrolist multiple listing service that serves the entire Sacramento region and covers single family homes only. (Thank you to Metrolist, Inc. for all of the fancy graphs)

Summary

Overall, most of the data shows that the bulk of the Sacramento region has lost anywhere from 2% to 8% of it’s value roughly speaking.  While that may or may not be 100% correct, what I think is most striking is the “leveling” off of prices region wide with a few exceptions.

Depending on the month, values were up and down all year long.  As the graphs will show, one month values were up and the next a little higher then a little down the month after that.

How the multiple listing service figures the percentage of decline or advance is by comparing the beginning month to the ending month in any report inquiry.  If the month in the beginning of the report was an up and the month in the end was down, this will give an over estimation of a decline in value with little compensation to what happened in between these two points.

I don’t believe this to be an entirely accurate view of the market so I’ve included all the graphs for each area in this summary of 2011 home values.

Citrus Heights Home Sales – Both Zip Codes

The average sales price bounced around from a high of $169K in January of 2011 to a low of $147K in April and July.  The yearly average was $156K.  Not a lot of variance in prices here.

Fair Oaks Home Sales

Fair Oaks home values bounced around a little more than other communities in our region.  The high for the year was in January at $303K and the low in September at $223K.  There was a substantial dip in values started in May at $269K and gradually slid down to $223K in September.  The average sales price last year as a whole was $253K.

Folsom Home Sales

The Folsom market has been very resilient throughout the region’s housing downturn.  The trend in Folsom all year was consistently down but largely level.  The high mark was in April at $409K and the low coming in August at $361K.  The average sale price in Folsom was $388K.

 

North Natomas Home Sales

The North Natomas market is one that has bounced around a lot over the last 13 months.  The high at $242K in January and the low in September at $203K.  Like a lot of areas of the region, since September/October 2011, values have been on the rise.  The average sales price in 2011 was $219K.

Orangevale Home Sales

The home values in Orangevale have also trended down with a precipitous fall from July to November of almost 20%.  The average sales price in Orangevale for 2011 was $203K.

Sacramento Home Sales

Sacramento, was largely unchanged throughout 2011.  Besides a blip July and August, values were very stable all year long.  In fact, the average sales price in January 2011 was the same as the average sales price in January 2009.  Not surprisingly, the average sales price over the entire year was $166K.  Very level home values without much in declines.

Availability of Homes For Sale

All of 2011 was plagued by an ever dwindling amount of available homes for sale in the Sacramento real estate market.  As the graph indicates, from January and February forward, the total amount of homes for sale decreased significantly.  Sales have been consistent but not barn burning so it’s not that the pace of sales has increased beyond the point where the homes coming on the market can’t keep up.

Since the fall of 2008, there have been rumors that there will be a flood of foreclosures coming on the market at anytime..BE READY!!  It’s all turned out to be horse hockey.  Move up buyers are largely stuck cause they are underwater and can’t sell to move up.  Those who do sell short have to wait until their credit clears up before than can make a move.  These issues combined have greatly reduced the total number of homes for sale in the region.

 

Please keep in mind that every neighborhood is different within each zip code in the region.  What might hold true for one area may not for the next.  If you have questions about the value of your home in your neighborhood, please let me know.  I’ll be happy to calculate the value of your home and present it to you in a report format.

Simply call, text, email or fill out the form below and I’ll get back to you promptly.

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Related posts:

1. The State of South Placer County Real Estate
2. Sacramento Real Estate Home Sales Report
3. Average Sales Price Declines In Sacramento Real Estate

Tags: homes for sale sacramento, sacramento real estate

This entry was posted on Friday, January 13th, 2012 at 9:28 am and is filed under Real Estate Market Commentary. 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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