Sacramento Real Estate Views

Rocklin Home Sales Report – January 2011

95765 Loses 8% In Value In Last 6 Months

Saying there is going to be a double dip housing crisis is becoming more and more common nationally.  Judging from the results of the sales graphs I’ve posted here, I’d have to lean toward agreeing with that assessment.

Without the government incentives to buy from the feds or the state of California, the market is just doing what it’s doing.  Bank of America has just announced that it’s doubling it’s default servicing staff.  It all looks like the stars are lining up for the perfect storm, again.

From August to January of this year, the 95765 zip code of Rocklin lost 8% of it’s value.  That is much more than anyone thought we would lose.  Since mid last year, we’ve been hearing about a possible double dip in housing prices.  Unless something changes, that’s what we’re looking at.

Here are the graphs directly from Trendvision; the statistics are from Metrolist, Inc. our local MLS.

As you can see, there has been a huge drop in values over the last 6 months.  We’ll see when the February numbers come out if this is the start of a trend or if it’s just an anomaly.  Pending sales took off in January so I can’t help but think that will spill over into a leveling off in housing prices but who knows.

We’ll have to wait and see what the numbers say.

Pending Sales Continue Ascent

The pending sale numbers are still rising at a record pace up over 53% in the last 6 months.  My feeling is that this should stabilize prices but you just don’t know.  We’re faced with a market we’ve never seen so it’s very difficult to ascertain what direction the market will go with conflicting information.

When you look at this graph, you see that pending sales also climbed in December but the resulting closed sales in January was lower than you’d expect for such an increase in pending sales.  This is a data conflict and makes it tough to know where we’re going.  Looking at prices alone doesn’t convey the whole story.

Short Sale Days on Market Decreases

The amount of time a short sale is staying on the market has gone way down.  The banks are becoming easier and easier to work with in getting short sale sellers out of their homes and onto a new future.  This is a good thing.

The state of California passed a new law making the decision easier for underwater homeowners to sell short.  Click here for more information on that.

None of this is good news but as they say, it is what it is.  It appears on the surface that housing is headed for another fall.  We’re already very undervalued nationally and how much further this can go is anyone’s guess…

It could be the start of the Perfect Housing Storm. Let’s hope for the best.

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Tags: homes for sale rocklin ca, rocklin ca home sales

Home Sales Report – Stanford Ranch, Rocklin – 6/8 to 6/12

Sales Still Slow

3 homes closed escrow in the Stanford Ranch, Rocklin area last week.  While this isn’t a sampling of the entire zip code, there haven’t been that many sales in this area.

In my last post regarding home sales in Stanford Ranch I mentioned that a good many listings were overpriced compared to the homes that had sold over the same period.  The weak sales continue to point to this market being a bit overpriced.

The current price for a home of these characteristics is $504,789.  Compared to the average sold price, this is a difference of $171,456! While I don’t believe all of this is overpricing, it makes you wonder what’s going on.

It is a disservice to overprice a home for sale.  It will cost the seller’s money in the long run.  IT ALWAYS HAS and it always will unless the market is appreciating quickly which, currently, it is not.

It is a weak real estate agent that accepts an overpriced listing.  Would you want to list your home with a weak real estate agent?  Not in this market.

Here are the stats from the sales last week:

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Tags: homes for sale rocklin ca