Sacramento Real Estate Views
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Same Story..Different County!
The story for Placer and Sacramento counties in 2012 was all about home values increasing and a consistent decline in the available homes for sale. It appears now, at least for the short term, these trends will continue through 2013.
Now that the word is out that values are increasing, albeit 6 months late, buyers are busier than ever trying to get into a home before being priced out of their range.
One of my buyers said to me while looking at a fixer last week that the homes we were looking at in November were not fixers in this price range. This is true depending on the price range.
Values Increased..A Lot!
Both Sacramento and Placer counties have increased in average sales price well over 20% in 2012. While this makes me a little nervous..what the hell..go with it! LOL
No one knows what the future might bring (see below for what the experts think) but from what I’m reading, this recovery, while it could still be rocky, looks here to stay. The only thing I can see that would derail it is for the inventory of homes to increase significantly or interest rates to jump significantly. If interest rates go up significantly, the inventory could also increase.
How long interest rates can remain at current levels is anyone’s guess.
As you can see from the table and chart above, the average sales price in Placer County came up over 21% in 2012. Sacramento County came up over 25%. This is a good thing for our region. If the appreciation in the average sales price takes ANY steam out of the short sale market that is a very good thing.
A Few More Homes To Sell Please!
From January to December, the amount of homes to sell on the market is astonishingly low. Placer County has more homes available just due to the higher price points than that of Sacramento County as a whole. That said, the difference in the numbers isn’t that much.
As you can see, the number of available homes to sell dipped to it’s lowest level of the year in December with the overall change for the year being just under 52%. A few more homes to sell would slow down the appreciation rates..how much I can’t say.
Coming up to say 3 months of inventory would give buyers more to choose from and wouldn’t put that much of a dent in appreciation although I can’t help but think it would slow somewhat.
Below are a few reports from the Wall Street Journal regarding real estate nationwide. Again, all predictions for 2012 weren’t close. Let’s hope the “experts” are closer this year. What a guessing game this has become. LOL
Why The Available Homes For Sale Keeps Declining – Click here
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