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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.
At the 2009 C.A.R. REALTOR® Expo, California’s largest real estate trade show, REALTORS®, Affiliate Members and Association Staff were treated to a number of meetings, including a housing market forecast. “We expect the median price to decrease slightly through the remainder of 2009 and into next year, then rise before leveling off next summer,” said C.A.R. Chief Economist Leslie Appleton-Young. “For the year as a whole, home prices are forecast to reach $280,000.” C.A.R. President James Liptak also commented: “California’s housing market continued its strong sales rebound this year, resulting from the continued pace of distressed properties coming to market. This follows two years of double-digit sales declines in 2006 and 2007. Looking ahead, we expect sales to moderate to a more sustainable pace.”
Condominium Resale Market
Sacramento condominium sales decreased 2.5% from 118 last month to 115. Compared to last year, sales are up 5.5% from the 109 units sold in September 2008. REO properties made up 54.8% (63) of all sales while short sales accounted for 12.2% (14) of the sales. Conventional sales rounded out the remainder of the total, accounting for 33% or 38 sales. The condominium median sales price decreased 3.5% month-to-month from $93,000 to $90,000. This current price is down 19.5% from the $112,000 median sales price of September 2008. The total listing inventory increased 5.6% month to month from 504 listings to 532 listings. Compared with the total closed escrows, the total listing inventory represents 4.6 months of inventory in the local condominium market.
More detailed reports are available to members through the SAR REALTORS® Only section
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