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Thursday, May 15th, 2008FOR IMMEDIATE RELEASE: May 15, 2008
(RESIDENTIAL RESALE STATISTICS April 2008)
As spring swings into gear, the Sacramento residential resale market displays a dramatic increase in transactions, showing rising sales for three consecutive months. This information, compiled by the Sacramento Association of REALTORS®, is collected from the MetroList® multiple listing service and includes data covering Sacramento County and the City of West Sacramento.
Closed escrows made their biggest month-to-month jump of the year, showing a significant increase to 1,450, 35.6% over March’s 1,069 closed escrows. When compared to the same month one year ago, the April 2008 sales tower over the 861 closed escrows that took place April 2007, showing a 68.4% increase.
After remaining relatively level for the past couple months, the median price for a single family home dropped for the month of April, showing a figure of $236,888, a 7.1% decrease from the $254,896 shown in March. When compared with April 2007, Sacramento’s median home sale price shows a 33.3% decrease, staying well below the $355,000 median price of a year ago. New listings for April 2008 totaled 2,262, a decrease of 33.1% from March’s 3,379. The total listing inventory showed a small, but welcome drop to 8,612 listing, a figure down 2.7% from March’s 8,861.
In some areas, those homes that were foreclosed have recently caused a flurry of activity as REO-specialist agents make the most of these bank-owned properties. “Some REALTORS® have made changes to their approach and adjusted to the current market,” stated 2008 Association President Alan Wagner. “The increased escrows in April can be partially attributed to efforts of those REALTORS® who specialize in the area of REOs and short sales. According to the MLS, over 900 of the over 1,450 single family homes sold in April were listed as REO properties. This shows a tremendous portion of the region’s sales spawning from foreclosed properties.” In lieu of the unfortunate events that led to the local inventory surplus, REALTORS® are being proactive. “We are staying on the cutting edge of market tactics and changing as the market does,” stated Wagner. “REALTORS® are attempting to alleviate the market challenges by staying abreast of the industry changes, working closely with banks, prequalifying buyers and carefully matching their needs with the incredible opportunities currently available.”
By dividing the total listing inventory by the number of closed escrows, the month-end housing market supply figure is calculated. This figure represents the amount of time – in months – it would take to deplete the total listing inventory given the current rate of sales. For April 2008, this figure made a dropped significantly, down 28.9% to 5.9 months. This indicates a favorable change when compared to the 8.3 month figure in March and the 10 month figure of February.
Condominium Resale Market
Closed condominium escrows increased during the month of April, ending with 103 closed escrows, a 12% increase over March’s 92 closed escrows. This number is also greater than the same month one year ago, showing a 21% increase over the 85 closed escrows in April 2007. New listings published dropped dramatically for April, showing 169 as compared to March’s 288, a 41.3% decrease. The median sales price of a Sacramento condominium in April was $136,000, down 1.8% from March’s $138,500. The current median price still stands 38% below the $218,000 median price of April 2007.
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More detailed reports are available to members through the SAR REALTORS® Only section
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