Sacramento Real Estate Views

August Lincoln Home Sales Report

Average Sales Price Gets Body Slammed In 2010!

I’ve got a few buyers looking in Lincoln right now and watching the values in this community is a little shocking.

Between January and August there has been almost an 19% decline in the average sales price in Lincoln.

Every time we’d find a home they liked, I’d run the comparable sales to the listing price and find this disparity between sales prices and listing prices.

Then the Mello Roos in Lincoln Crossing would completely kill it.

Maybe that’s part of the problem.  There are homes available in surrounding communities for the same money without such high fees and taxes.

I’d buy elsewhere too. Sales prices are going down in Lincoln.

This report does not include Sun City Lincoln Hills or 12 Bridges subdivisions.

Homes Sold In Lincoln

The average home sold in Lincoln in August looks like this:

55 homes sold in August with an average of 114 days on the market.  August was the fourth best month of sales this year.

The status of these sales breaks down like this:

It doesn’t surprise me that there were more short sales in Lincoln than regular real estate deals as this community has been dealt severe values losses.  72% of sales in Lincoln this month were bank related. Wow!

Home sales have been relatively steady in 2010.  There have been ups and downs but as a whole, properties are selling and that is a good sign.

It’s also good sign for buyers that prices have been coming down in this community and a bad sign for the banks as there are more foreclosure and short sales in Lincoln than not in this community.

Do you care about it being bad for the banks?  I don’t.  Is that bad?

Looking for a good value on a newer home in Lincoln Crossing?

Have questions about Mello Roos costs in Lincoln?

Just fill out the form below and we’ll get back to you promptly.

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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!

(Click on images to enlarge)

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Tags: homes for sale in lincoln