Sacramento Real Estate Views

Sacramento Homes for Sale Continues Decline

Inventory at Low Levels

With as many homes that have been foreclosed on, you’d think there would be more homes to choose from in the Sacramento real estate market.

Well, this isn’t the case.

The banks have been holding the homes they have foreclosed on from coming on the market, driving the available homes for sale to levels not seen in many years while the sales prices continue to increase for homes in the lower price ranges.

As of this morning, there are only 5610 single family homes for sale in the Sacramento, El Dorado and Placer county region.

That is not a lot of homes to choose from.

Where Has All The Housing Gone?

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Sacramento Home Sales Report – July 2009

Average Sales Price Up So Far

I ran these numbers twice to make sure this was correct.  According to the MLS data I ran this morning, the average sales price for the average single family residential home in Sacramento has jumped just under 10% since the beginning of the year.

The average sales price in January of $157,221 has climbed in August to $172,726.

Question of the day: Will this last or is this a bubble in the making like it appears the stock market is going through at the moment?

While I don’t expect that, at the end of the year, we’ll see this as being the actual number that homes have appreciated in 2009. The difference between January and now is pretty astounding when you consider what’s happened over the last couple of years.

If it weren’t for the “shadow inventory”, I’d say we’re in a very strong recovery mode.  The fact that the foreclosure rate has increased this year and Sacramento, while not in the top 20 cities where it’s reported foreclosures are getting worse, is no exception. (First in, first out?)

The number of homes in pre-foreclosures according to my ForeclosureRadar.com account is simply overwhelming even in the small area that I’m tracking.

Homes For Sale Sacramento

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Home Sales Report – Sacramento – June 2009

Average Sales Price Gets a Boost!

As far as sales prices go, this has been a good year for the City of Sacramento.  Most months of this year have seen an increase in sales prices since January.

The active listings in the City are a bit higher priced (as if that’s anything new!) than they should be to continue the sales pace of March and April but that said, sales seem to be moving along.

The average home for sale in Sacramento looks like this:

Beds & Baths: 3 / 2

Square Feet: 1704

Current List Price: $290,571 ; Days on the Market: 100

The current list price is significantly higher than the sold price but there are more short sales on the market then there have been. Short sales tend to be listed for a higher price and sell for more than bank owned foreclosures due to condition.

Homes Sold In Sacramento

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Inventory Watch – Sacramento County

Selection of Homes for Sale Continues Decline

The number of homes for sale in Sacramento county has declined for the 3 straight month.  As inventory levels continue to go down, the buying frenzy will continue to heat up the Sacramento real estate market.

To Bailout or Not to Bailout – No Longer in Question

With the announcement of the Treasury Secretary’s plan to bail out the banks troubled assets, we may begin to see more homes come on the market in the coming months.  How many, when and by whom is anyone’s guess.

The State of California has again extended the foreclosure moratorium from February 23 to infinity..they said this one will expire at the end of May but each time they have extended it beginning September 1st, 2008.  They will in all likelihood extend it again.  This has stabilized home prices in the region so why wouldn’t they continue to do it?

Sacramento Home Prices Stabilize

Home prices, while it’s still a little early in the month to get an entirely accurate reading, seem to be roughly the same as they were in January and February and the number of units sold looks consistent as well.  I’ll have more information on that later in the week or early next week.

Great Time to Sell

With the inventory numbers getting lower than they have been in a couple years, it’s a great time to sell if you have to sell your home.  There will be fewer homes on the market to compete with.  In the Sacramento, Placer and El Dorado county area, there are only 9260 homes for sale, as of this morning, down from something like 21,000 or more a year ago.  This will create multiple offers and drive the price of any home up for the seller who hires an agent who knows how to negotiate.  If you need help, give us a call.

Buying or selling, either way, we can help you get there.

Thanks for visiting!

Tags: homes for sale sacramento