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Rocklin Home Sales Report – November 2011

Home Sales Steady

Homes sales in Rocklin real estate have been steady all year long.  Seems that prices being relatively stable, so to speak, have maintained buyer interest which has resulted in homes sales keeping pace with month after month.

Rocklin real estate sales in the 95765 zip code have yet to dip under 40 home sales per month with only two months below 50 homes sold all year whereas the last 3 months of 2010, as indicated in the graph, were all below 40 sales per month.  That’s encouraging.

Average Sales Price?  It’s Like A Teeter Totter

If you look at the table, it reads that the average sales price dipped 4.3% over the last year but I don’t think that is entirely accurate.  I don’t know how you can tell what prices are doing when they have been bouncing along all year long.  Up then down then back up again.  Seems like every 2 months it shoots up then comes back down the next month.

Over the last year, the average sales price has been a high of $339,000 and a low of $296,000 but both of those numbers are surrounded by lower values on the high end and higher values on the low end.  To say prices have dropped 4.3% just doesn’t mean much when values are bouncing around like that.  It can be safely said that home values may be declining slightly but how much is tough to estimate.   This is a good thing.

 

Sales Are Good But Where Are The Homes To Sell?

The total number of homes for sale has been declining all year long.  That’s my rendition of the proverbial broken record as I’ve been saying that constantly.

These numbers are a little easier to explain.  There are several reasons why there are fewer homes available to sell.

1)  Many mortgages in Rocklin real estate are dramatically underwater.  This means, if you haven’t heard by now, that more is owed on them then they are worth.  Why this is relevant is because people who live in them can’t move and if they do move, they are selling their homes in a short sale or the home is going to foreclosure.

If they sell short or go to foreclosure, they have to rent for at least 2 to 3 years before they can buy again.  In either case, they aren’t moving up and putting their homes on the market.

2)  Banks aren’t foreclosing in a timely manner and when they do, only a small portion of those homes are coming on the market.  I spoke to a friend of mine today who has been living in his home without paying the mortgage for a year and a half.  The bank hasn’t filed a notice of default on the home and he has gotten no calls from his lender about this issue.

Lenders are delaying the foreclosure process and metering homes out over a longer period of time so those distressed homes aren’t coming on the market either.

Being down to a month and a half of available homes to sell in Rocklin real estate is a very low.

Looking for a home in the Rocklin real estate market?  Have a home to sell and are underwater on your mortgage?  We here to help if you need a Realtor you can count on.  Please call, text, email or simply fill out the form below and I’ll get back to you promptly.

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Tags: rocklin real estate home prices

Rocklin Home Values Continue Decline

95765 Zip Code

The average sales price for a 4 bedroom, 2.75 bath, 2350 square foot home in Rocklin declined again in July.  In fact, over the last six months we’ve seen a 10.6% drop in the average sales price in the 95765 zip code of Rocklin.

I haven’t run all the reports but I’m assuming we’ll see similar results in the Roseville zip codes as well.

The national news has the market continuing to lose value over the remainder of the year into next year as well.  Will that happen?  I don’t know and no one else does either but the striking thing about the numbers over the last 6 months is that we’re in the prime buying season with less than 2 months of inventory available and prices are still declining even with pending sales numbers higher than they have been all year.

Omen?  Can’t help but think it is but we’ll see.

Pending Sales Rise

The market is in a very funny place right now.  Pending sales are up over the last 6 months 25% YET prices are still declining.  We have only 1.8 months of homes for sale at the current pace of sales YET prices are still declining. Does less than 2 months of homes for sale now constitute an over-supplied market?  Downward pressure on values suggests this.

 

Months of Inventory Increases Slightly

The total number of homes for sale has increase slightly from June to July but still remains under 2 months at the current pace of sales.  Normally, this would be a seller’s market and, due to demand outweighing supply, prices would be going up.  That’s not the case right now as prices declined in July yet again.

Summary

The Rocklin real estate market is still experiencing downward pressure on home values yet there isn’t much on the market for buyers to chose from and homes that are quality that come up are gone within a few days.

Based on the overwhelming economic news, my opinion is that we’ll continue to see downward pressure on values for the remainder of the year.  To what extent is anyone’s guess but I don’t see any evidence that would cause this trend to reverse itself but plenty to suggest it will continue.

If you have an underwater mortgage already and you have questions about the market or would like to speak to someone about your options, please feel free to call, email, text or simply fill out the form below.  There is no obligation to list with us, although we would obviously prefer you do , and all consultations are free.

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Tags: rocklin homes for sale

QUICK STATS: Average Sales Price In Rocklin Declines

UPDATE: 4.51% Decrease From June To July

The end of July has come and gone and the average sales price in the 95765 zip code of Rocklin appears to have declined again.

The average home sold is:

4 bedrooms, 2.81 baths, 2359 square feet and sold in 91 days.

The average listing price for this home was $308, 003 and the average sold price was $303,993, a 4.51% decline from $318,359 average sales price for the same house in June.

As it is the end of the month, there are still homes to be recorded and sold this month so these numbers may change between now and the first week of August.

If you’re looking to buy or sell a home in the Rocklin or Roseville area, please call, text email or simply fill out the form below and I’ll get back to you promptly.

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Tags: rocklin home sales

Rocklin Real Estate Market Stabilizing

95677 Bouncing Around  A Little

Both zip codes of Rocklin are beginning to stabilizing.  Prices still might be trending down slightly, according to most economists, but none the less, the last 4 months have see relatively stable activity in all areas of the market – sales, pending sales, months of inventory, average sales price – all a beginning a trend of stabilization.

With no current government intervention, at the moment, the market is seeking it’s level and hopefully by year end, we will be done with significant value losses and we can then begin to climb out of the hole that has been created.

While pending sales took a spike in May, that seems to be the only blip in the 95677 Rocklin real estate market.  That is a blip that we like to see.  More sales and more  homes running through the sales cycle.

The number of homes, as the graph illustrates, coming on the market has declined significantly but this is the trend region wide.

Average Sales Price Spikes

Since the beginning of the year, the average sales price in the 95677 zip code of Rocklin has been climbing.  Over the last 3 months, however, the average sales price has leveled off in the mid $270’s.  I suspect, if all things remain as consistent as they have been, that the average sales price will begin to bounce around in a relatively small range.

The 95677 zip has a wide variety of price points that 95765 zip code doesn’t have.  As a result, it’s difficult to draw much from the below graph other than general information.

Available Homes For Sale Declines

Over the last 6 months, the total number of homes for sale in the Rocklin area has been declining.  In 95677 zip code, there is only 1.8 months of available homes for sale at the current pace of sales, down almost 54%.

There are still multiple offers being submitted on all homes that are of reasonable quality.  Homes that need a dramatic amount of fix up are staying on the market depending on the price.

While the 95677 zip code of the Rocklin real estate market is bouncing around a little more than the 95765 zip code, the stabilization in the market is clear.  I hope we’re coming out the other end of the tunnel.  That would be a nice change.

Are you looking for the value of your Rocklin or Roseville home?  Go to Rocklin House Values.com or Roseville House Values.com for up to date home values in your neighborhood.

Looking to buy or sell a home? Please call, email, text or simply fill out the form below and we’ll get back to you promptly.

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Tags: homes for sale rocklin

Rocklin Homes For Sale At 6 Month Low

Down Almost 71% Since January 1st

While there are many good signs in our real estate market, it would be better if there were more homes for buyers to select from.  As it is, the 95765 zip code of Rocklin has experienced a 70.9% decrease in the number of homes available for sale in the last 6 months.

There are buyers in the market place as the pending sales have stayed relatively steady all year long.

It is a good time to buy a principal residence.  Prices are lower than they have been and the economy is keeping interest rates low as well.  The 30  year average fixed mortgage interest rate, according to FreddieMac.com, is 4.60%.

Average Sales Price Dips

While the average sales price dipped in June, it’s really more appropriate to say that the average sales price stayed stable as most economists believe that sales prices will bounce along the bottom of the market for the rest of the year and next year as well.  The worst case scenarios have our market losing up to 6% by year end.

This is a doom and gloom outlook and not shared by many economists but most seem to agree on about a 3% or 3.5% drop is likely by year end.

Home Sales Stabilize

It seems that a sign that the real estate market is beginning to become healthy is a stabilization in sales, pending sales, sales prices, inventory levels, a decrease in foreclosure filings – all of this is going on in our market right now.

The graph below illustrates the stability the market has demonstrated over the last 4 months.

While there is not quite enough information here to consider this a trend yet, it is beginning to look like trends are emerging that we could be at or nearing the bottom of the market.  If that’s the case, it’s not only a good time to buy but the best time to buy a home in the Sacramento regional real estate market.

There seems to be a relative calm in the market right now and things look like they are getting better albeit slowly but better none the less.  What can be safely said is that, while history does tend to generally repeat itself, home values won’t be skyrocketing anytime soon.

This is a good thing.   Slow and steady improvement is healthy for the market as it seeks to convey confidence to buyers and sellers.  It looks like, according to the emerging trend, we’re getting there.

Looking for the value of your Rocklin or Roseville home?  Go to Rocklin House Values.com or Roseville House Values.com for up to date home values in your neighborhood.

Need to purchase or sell a home in Rocklin or Roseville?  Please call, email, text or simply fill out the form below and we’ll get back to you promptly.

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Tags: rocklin home sales

Homes Sales Report–Rocklin, 95765 May 2011

Pending Sales and Sales Flat

When pending sales started out skyrocketing in January, I thought the market was taking off.  By March, I expected sales to be off the charts in comparison to last year.

That just hasn’t been the case in the Rocklin 95765 real estate market.

Over the last 3 months, pending sales and sales have flattened out.  In addition, the inventory levels have also essentially remained unchanged over the last 90 days.

The dip in sales in April was very surprising when you take into account the pending sales numbers just kept on climbing.  It is nice to see some stability in the market, no major ups or downs aside from the pending sales since the beginning of the year.

Days On The Market Time Drops

The time it takes to get a home sold has dropped quite a lot since the housing downturn began.  No longer does it take a year to get a short sale through the banking system.  It’s a good thing too.

The government allowed the FDIC to let banks leave toxic assets on their books longer which translates into the foreclosure process taking 271 days start to finish on average.  While it may sound odd, I think this is a good thing.   Forcing the banks to get rid of these homes quickly could spell big trouble for the everyone, not just the banks.

With upwards of 70% of the market being either short sales or bank owned foreclosures, it’s nice to see the days on market shortening up and cycling those homes through the system..

Average Sales Price Goes Up

You might think that this would be the main headline here but when the average sales price county wide actually went down, I have to think this is just a blip on the housing radar screen.

In other words, it seems like an anomaly to me.  I don’t see how, if the county housing prices continue to decline, how the Rocklin market can continue an ascent.

Here is the current graph for Rocklin 95765 real estate market.

And here is the graph for the Placer County.

It doesn’t make sense that we’d see home prices in Rocklin continue to go up with the home prices county wide still in decline.  If the county’s average sales price had not declined but stayed flat then I can see where we might be making a turn for the better.  Not yet though so it appears.

We won’t see a serious resurgence in home values as long as the economy continues to struggle.  Our regional economy is still very rocky and not improving all too fast.  Without that, I wouldn’t expect that home values will increase at anything other than a slow and gradual pace, if at all, for the next couple of years.

Time will tell.

I hope the value declines don’t continue as they have.  A little bit? Ok but what we’ve seen over the last 6 months?  I can do without that.

Looking for the value of your Rocklin or Roseville home?  Please go to Rocklin House Values.com or Roseville House Values.com for up to date neighborhood by neighborhood home values.

Looking for a home to purchase in the Rocklin or Roseville area?  Please call, text, email or simply fill out the form below and we’ll contact you promptly.

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Tags: rocklin home sales 95765

Rocklin 95765 Home Sales Report

Sales Decline Slightly In April

Home sales in Rocklin zip 95765 declined over 22% March over April.  In March, 58 homes closed versus 45 closing in April.  The pending sales have been so high that I really expected a corresponding increase in sales but that didn’t happen.

The total number of homes for sale leveled off and I assume that the total number of homes for sale will increase going forward.

Average Sales Price Up Over March

Although the average sales price in Rocklin 95765 has come down over the last 6 months over 3%, the month over month numbers are showing a 14.6% increase in the average sales price.

While the 6 month average is more dependable as an indicator of where the market is going it’s nice to see a bit of a leveling off.  Many sources are calling for a very slow housing recovery and in the Sacramento region, we are further hampered by our employment picture being as bad as it is.

Number Of Homes For Sale Levels Off

Over the last 6 months, the total number of homes for sale has decreased over 26% but in the last month there has been a leveling off with there being 98 homes for sale in April versus 99 homes for sale in March.

It’s too early to tell whether or not this is a trend but a leveling off would most likely also begin leveling off sales prices.

I’ve read a few articles lately that have the nation “bouncing along the bottom” of the market until 2014 which would make it just about perfect for the standard real estate cycle of about 7 years.  The downturn started in earnest in 2007.

The delay in the housing recovery is due to the total amount of properties that are on the banks books but not sold, something like 900,000 homes with 600,000 of those on the market, then another 1.2 million or so homes that are in some stage of foreclosure then another 4 million or so on their way to foreclosure. Nationwide, there is just too much supply to be absorbed.

Then add the “shadow inventory”.  It’s going to be a while before the real estate market in the Sacramento region gets back to anything remotely known as “normal”.

It could be longer for the Sacramento region housing market to recover but we’ll see.  So far we’ve been first in, last out of this housing downturn.

Looking for your home value in Rocklin?  Please go to Rocklin House Values.com or call, email, text or simply fill out the form below and we’ll get back to your promptly.

Looking for your home value in Roseville?  Please go to Roseville House Values.com for area by area home values.

Need a Realtor to help you find a home?  Please call, text, email or simply fill out the form below and I’ll get back to you promptly.

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Tags: homes for sale rocklin 95765