Sacramento Association of REALTORS® Web Log

Sales increased for the month to 1,668 units sold, up 8.9% from the 1,531 closed escrows last month. Year-to-year closed escrows were also up (10.9%) from the 1,504 units sold last December. Making up the closed escrows this month were 561 REOs (33.6%), 490 short sales (29.4%) and 617 conventional sales (37%).

The median home sales price dropped this month to the lowest December median since 2000 ($148,000). This is a 2.4% decrease from the $165,000 median sales price of last month. The chart below shows the rise and fall of the December median over the last twelve years.

The $200,000 – $249,999 price range mode still accounts for the majority of the 1,668 total sales this month (14.4% or 241 units), while homes under $100,000 totaled 306 (18.3%) units. Closed escrows from conventional financing (574 units or 32% of all sales) decreased 4.4%, cash buyers increased 12.4% (552 units or 30.8%) and FHA financing decreased 11.8% (508 or 28.3%). These numbers include the 127 condo sales this month. The average amount of days spent on the market (from list date to opening escrow) 71 days; the median DOM remained at 40.

The Total Listing Inventory has been split up to more accurately display the current market. Active Listings numbered 2,966 properties and Active Short Sales Contingent showed 2,122. 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 December was 1.8 Months – a 14.2% decrease from last month. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (2,966) given the current number of closed escrows (1,668).

According to MetroList® MLS data, the average home was 1,845 square feet. Of the 1,668 sales this month, 162 (9.7%) had 2 bedrooms or fewer, 883 (53%) had 3 bedrooms, 514 (30.8%) were 4 bedroom properties and 109 properties (6.5%) had 5+ bedrooms.

Continue reading: Month-to-Month Sales Increase 8.9%, Lowest December Median Since 2000

Sales decreased for the holiday season to 1,531 units sold, down 5.1% from the 1,614 closed escrows last month. On the other hand, year-to-year closed escrows were up 17.6% from the 1,302 units sold last November. Making up the closed escrows this month were 514 REOs (33.6%), 453 short sales (29.6%) and 564 conventional sales (36.8%). These numbers have adjusted a bit from month to month with REOs down 8.1%, short sales up 9.6% and conventional sales up .1%.

The median home sales continues bump along, this month increasing .1% to $165,000 from the $164,900 median sales price of last month. The median sales prices has bumped up and down in the $160,000s for the last 10 months (see chart below). Compared with November 2010 ($180,000), the median sales price is down 8.3%.

Median Home Sales Price for 2011 Chart

The $200,000 – $249,999 price range mode still accounts for a majority (15.3% or 235 units) of the 1,531 total sales this month, while homes under $100,000 totaled 260 (16.9%) units. Closed escrows from conventional financing (545 units or 33.5% of all sales) increased 6%, cash buyers decreased 4.5% (445 units or 27.4%) and FHA financing increased 4.5% (522 or 32.1%). These numbers include the 94 condo sales this month. The average amount of days spent on the market (from list date to opening escrow) 72 days; the median DOM was 40.

The Total Listing Inventory has been split up to more accurately display the current market. Active Listings numbered 3,236 properties and Active Short Sales Contingent showed 2,196. 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 November was 2.1 Months – a 4.5% decrease from last month. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (3,236) given the current number of closed escrows (1,531).

According to MetroList® MLS data, the average home was 1,706 square feet. Of the 1,531 sales this month, 150 (9.7%) had 2 bedrooms or fewer, 832 (54.3%) had 3 bedrooms, 440 (28.7%) were 4 bedroom properties and 109 properties (7.1%) had 5+ bedrooms.

Continue reading: Decrease in Sales Marks Seasonal Downturn, Sales Price Hovering in Mid $160’s

Sales decreased just .1% from 1,615 units sold in September to the current 1,614 units sold this month. Year-to-year, closed escrows were up 20.4% from the 1,341 units sold last October. Making up the closed escrows this month were 590 REOs (36.6%), 436 short sales (27%) and 588 conventional sales (36.4%). These numbers have stayed relatively level month to month with REOs down 1.8%, short sales up 3% and conventional sales down .2%.

The median home sales price barely changed month-to-month, increasing .4% to $164,900 from the $164,283 median sales price of last month. Compared with October 2010 ($179,500), the median sales price is down 8.1%. The $200,000 – $249,999 price range mode still accounts for a majority (14.7% or 237 units) of the 1,614 total sales this month, while homes under $100,000 totaled 311 (19.2%) units. Closed escrows from conventional financing (550 units or 31.6% of all sales) decreased 2.1%, cash buyers decreased 7.7% (499 units or 28.7%) and FHA financing decreased 5.7% (534 or 30.7%). These numbers include the 124 condo sales this month. The average amount of days spent on the market (from list date to opening escrow) 68 days; the median DOM was 39.

The Total Listing Inventory has been split up to more accurately display the current market. Active Listings numbered 3,477 properties and Active Short Sales Contingent showed 2,162. 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 October was 2.2 Months – the same as last month. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (3,477) given the current number of closed escrows (1,544).

According to MetroList® MLS data, the average home was 1,717 square feet. Of the 1,614 sales this month, 148 (9.1%) had 2 bedrooms or fewer, 873 (54%) had 3 bedrooms, 471 (29.1%) were 4 bedroom properties and 118 properties (7.3%) had 5+ bedrooms.

Continue reading: Sales Activity for October Remains Flat, Prices Show Similar Trend

Sales decreased 5.6% from 1,711 units sold in August to the current 1,615 units sold this month. Year-to-year, closed escrows were up 12.7% from the 1,433 units sold last September. Making up the closed escrows this month were 602 REOs (37.3%), 423 short sales (26.2%) and 590 conventional sales (36.5%). These numbers have stayed relatively level month to month with REOs down only .5%, short sales up 9.1% and conventional sales down 5.2%.

The median home sales price barely changed month-to-month, decreasing .4% to $164,283 from the $165,000 median sales price of last month. Compared with September 2010 ($180,000), the median sales price is down 8.7%. The $200,000 – $249,999 price range mode still accounts for a majority (13.6% or 219 units) of the 1,615 total sales this month, while homes under $100,000 totaled 289 (17.8%) units. Closed escrows from conventional financing (570 units or 32.3% of all sales) decreased 6.1%, while cash buyers increased (548 units or 31.1%) and FHA financing decreased (505 or 28.7%) 7.2% and 1.7%, respectively. These numbers include the 146 condo sales this month. The average amount of days spent on the market (from list date to opening escrow) 67 days; the median DOM was 37.

The Total Listing Inventory has been split up to more accurately display the current market. Active Listings numbered 3,607 properties and Active Short Sales Contingent showed 2,268. 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 August was 2.2 Months – down 4.3% from last month. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (3,607) given the current number of closed escrows (1,615).

Continue reading: Sales Prices Flat, Decreased Activity for September

This August, sales increased 8.4% from 1,579 units sold in July to the current 1,711 units sold this month. Year-to-year, closed escrows were up 14.4% from the 1,496 units sold last August. 2011 SAR President Doug Covill commented “The numbers show it – sales are up. People are coming out and taking advantage of the low prices and historically low interest rates.” Making up the closed escrows this month were 642 REOs (37.5%), 411 short sales (24%) and 658 conventional sales (38.5%). These numbers have stayed relatively level month to month with REOs down only .2%, short sales up 5.7% and conventional sales down 3.5%.

The median home sales price remained low, decreasing .6% to $165,000 from the $166,000 median sales price of last month. Compared with August 2010 ($186,000), the median sales price is down 11.3%. The $200,000 – $249,999 price range mode still accounts for a majority (14.6% or 249 units) of the 1,711 total sales this month, while homes under $100,000 totaled 325 (18.9%) units. Closed escrows from conventional financing (640 units or 34.4% of all sales) decreased 3.1%, while cash buyers (539 units or 29%) and FHA financing (543 or 29.2%) increased 4.3% and 4.6%, respectively. These numbers include the 153 condo sales this month. The average amount of days spent on the market (from list date to opening escrow) 64 days; the median DOM was 37.

The Total Listing Inventory has been split up to more accurately display the current market. Active Listings numbered 3,907 properties and Active Short Sales Contingent showed 2,298. 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 August was 2.3 Months – down 4% from last month. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (3,907) given the current number of closed escrows (1,711).

Continue reading: Sales Volume Increases Late in Summer, Sales Price Ticks Down a Notch

For July, sales decreased 8.9% from 1,734 units sold in June to the current 1,579 units sold this month. Year-to-year, closed escrows were up 15.8% from the 1,363 units sold last July. Making up the closed escrows this month were 591 REOs (37.4%), 358 short sales (22.7%) and 630 conventional sales (39.9%). These numbers have changed month to month with REOs down 11.7%, short sales staying relatively level (-.4%) and conventional sales up 14.6%.

The median home sales price remained low, but increased .7% to $166,000 from the $164,900 median sales price of last month. Compared with July 2010 ($185,000), the median sales price is down 10.3%. The $200,000 – $249,999 price range mode still accounts for a majority (14.6% or 230 units) of the 1,579 total sales this month, while homes under $100,000 totaled 279 (17.6%) units. Closed escrows from conventional financing (35.5%) increased, while cash buyers (27.8%) and FHA financing (27.9%) both decreased for the month. These numbers include the 130 condo sales this month. The average amount of days spent on the market (from list date to opening escrow) was 64 days – up from the 60 average DOM of June.

The Total Listing Inventory has been split up to more accurately display the current market. Active Listings numbered 3,747 properties and Active Short Sales Contingent showed 1,488. 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 Month was 2.4 Months – the same as last month. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (3,747) given the current number of closed escrows (1,579). 2011 SAR President Doug Covill stated “We would have more sales if there was more inventory. With all the competition, many buyers have to write multiple offers before getting a home. There are more buyers than property right now.”

Continue reading: Low Inventory Leaves More Buyers Than Property

Summer months bring about a usual trend in sales – a welcomed increase. For June, sales increased 5.1% from 1,650 units sold in May to the current 1,734 units sold this month. Year-to-year, closed escrows were down 2.4% at 1,777 units sold. Making up the closed escrows this month were 735 REOs (42.4%), 396 short sales (22.8%) and 603 conventional sales (34.8%). These numbers have changed month to month with REOs up 2.1%, short sales down 2.5% and conventional sales down .8%.

One notable piece of data is that properties are selling faster. Broken down into quartiles, 75% of escrows this month spent less than 90 days on market (DOM). The DOM is figured from the time the property is listed to the time the property enters escrow. Continuing this analysis, 50% of home sold this month spent less than 35 DOM and 25% of all homes sold this month entered escrow in less than 15 days of being on the market. Compare these numbers with February, where 75% of homes sold entered escrow in 107 days, 50% in 52 days and 25% in 17 days on DOM. Homes are spending less time on the market, this is especially notable because more than 65% of all homes sold were distressed properties (either REO or short sales).

The median home sales price remained low, decreasing 1.3% to $164,900 from the $167,000 median sales price of last month. Compared with June 2010 ($194,000), the median sales price is down 15%. The $200,000 – $249,999 price range mode still accounts for a majority (14.9% or 259 units) of the 1,734 total sales this month, while homes under $100,000 totaled 291 (16.7%) units. Closed escrows from conventional financing (34.4%) increased, while cash buyers (28.2%) and FHA financing (29.1%) both decreased for the month. These numbers include the 159 condo sales this month. The average amount of days spent on the market (from list date to opening escrow) was 60 days – down from the 66 average DOM of April

Continue reading: Seasonal Increase in Sales Showing, Homes Selling Faster