Friday, October 15th, 2010September showed little signs of movement, keeping the Sacramento housing market relatively flat with sales volume decreasing 4.2% from 1,496 units to 1,433 units. Making up these sales were 547 REOs (38.2%), 362 short sales (25.3%) and 524 conventional sales (36.6%). These numbers have changes slightly month to month with REOs up 5.5% and short sales and conventional sales down 4.8% and 1.6%, respectively.
The median homes sales price rose decreased 3.2% from $186,000 to $180,000. Compared with the same month last year ($183,000), the number is down 1.6%. The $200,000 – $249,999 price range mode still accounts for a majority (18.4% or 263 units) of the 1,433 total sales this month, while homes under $100,000 totaled 205 (14.2%) units. Conventional financing continued as the primary source of all home and condo sales (520, 33.4%) with cash (443, 28.4%) and FHA financing (455, 29.2%) making up the two other large categories. VA loans (49, 3.1%) and other financing (91, 5.8%) rounded out the remainder. The other category includes CalVet, contract of sale, creative, farm home loan and owner financing. The median amount of days spent on the market (from list date to opening escrow) was 39 – up from the 35 median DOM of sales in August.
The Total Listing Inventory has recently been split up to more accurately display the current market. Active Listings numbered 5,139 properties and Active Short Sales Contingent showed 1,736. Active Short Sale Contingent properties are short sale properties on which initial offers have been made and are not entirely “active.” After breaking down Total Listing Inventory, we find that the Housing Market Supply figure is more accurately reflected. The Housing Market Supply figure for September was 3.6 Months – up from 3.4 Months in August. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (5,139) given the current number of closed escrows (1,433). According to MetroList® MLS data, the average home was 1,706 square feet. Of the 1,433 sales this month, 139 (9.6%) had 2 bedrooms or fewer, 756 (52.7%, up 50% from last month [34.6%]) had 3 bedrooms, 416 (29%) were 4 bedroom properties and 122 properties (8.5%) had 5+ bedrooms.
Continue reading: Median Sales Price Sees Slight Dip, Sales Volume Remains Flat
Recent Comments