Friday, October 9th, 2009After a 5.6% increase in August, the median sales price decreased for the month of September. Sales volume followed a similar trend, decreasing slightly month to month.
Single family home sales dropped to 1,631 total units in September. This is a 3.1% decrease from the 1,683 units sold the previous month. Year-to-year, the current figure is 19.3% below the 2,020 sales of September 2008. Of the 1,631 sales this month, REO sales made up 45.4% of the total sales while short sales and conventional sales made up the remainder of sales at 19.3% and 35.3%, respectively. When compared with August, REO sales decreased slightly while short sales and conventional sales showed slight increases.
After some positive movement, the median sales price decreased 3.7% in September from $190,000 to $183,000. Compared to the previous year, the current figure is 6.1% below the $194,950 of September 2008. The Total Listing Inventory increased from 4,987 to 5,273, a 5.7% change. The current Total Listing Inventory is 26% below the 7,124 listings reported in September last year. The Housing Market Supply figure again increased slightly, from 3 months in August to 3.2 months. Compared with last year, this figure is down 8.6% from the 3.5 months of inventory of September 2008. This figure represents the amount of time – in months – it would take to deplete the total listing inventory given the current rate of sales. According to MetroList® MLS data, the average home spent 48 days on market (from the time it was listed to the time escrow was opened) and was 1,714 square feet. Of the 1,683 sales this month, 158 (9.4%) had 2 bedrooms or fewer, 880 (52.3%) had 3 bedrooms, 506 (30.1%) were 4 bedroom properties and 136 (8.3%) boasted 5+ bedrooms. A report that shows similar information for each Sacramento zip code is available at ims.sacrealtor.org, the REALTORS® only section of the SAR website.
Continue reading: Sales Skipping Along the Bottom, Median Prices Showing Similar Trend
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