Sacramento Association of REALTORS® Web Log

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

Sales increase 8.3% from 1,524 units sold in April to the current 1,650 units sold this month. Year-to-year, closed escrows increased by 7.3% from 1,720. Making up the closed escrows this month were 685 REOs (41.5%), 386 short sales (23.4%) and 579 conventional sales (35.1%). These numbers have changed month to month with REOs down by 5.8%, short sales up 3.5% and conventional sales up 5.4%.

The median home sales price continues along its bumpy path, decreasing this month by 1.2% from $169,900 to $167,000. Compared with the same month last year ($190,000), the number is down 12.1%. The $200,000 – $249,999 price range mode still accounts for a majority (15.8% or 261 units) of the 1,650 total sales this month, while homes under $100,000 totaled 294 (17.8%) units. Closed escrows from conventional financing (30.6%) cash buyers (30.9%) and FHA financing (30%) were nearly identical this month, making up 91.5% of all transactions. The remaining 8.5% is made up by VA financing (3.3%) and Other (cal vet, contract of sale, creative, farm home loan and owner financing). These numbers include the 145 condo sales this month. The average amount of days spent on the market (from list date to opening escrow) was 66 days – up from the 50 average DOM of April

The Total Listing Inventory has been split up to more accurately display the current market. Active Listings numbered 4,111 properties and Active Short Sales Contingent showed 2,101. 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 2.5 Months – down from the 2.9 Months of last month. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (4,111) given the current number of closed escrows (1,650).

Continue reading: Sacramento Market Remains Affordable, Monthly Sales Up

After a busy March, the Sacramento market activity decreased, with sales dropping 12.9% from 1,750 units sold in March to 1,524 units this month. Year-to-year, closed escrows decreased, but only slightly – by .8% – from 1,536. Making up the closed escrows this month were 672 REOs (44.1%), 344 short sales (22.6%) and 508 conventional sales (33.3%). These numbers have changed month to month with REOs down by 8.3%, short sales up 1.8% and conventional sales down 2.3%.

The median home sales price stayed low, but increased 2.3% to $169,900 from $166,000 in March. Compared with the same month last year ($185,000), the number is down 8.2%. The $200,000 – $249,999 price range mode still accounts for a majority (15.4% or 235 units) of the 1,524 total sales this month, while homes under $100,000 totaled 241 (15.8%) units. Conventional financing continues to be the most popular form of financing, making up 32.2% of all sales (535 units). Cash buyers decreased .8% from 29.7% to 28.9% of all sales (479 units). FHA increased 2.2% month to month to 29.9% of all sales (497 units) of the 1,660 closed escrows this month (these numbers include the 136 condo sales). The average amount of days spent on the market (from list date to opening escrow) was 50 days – down from the 74 average DOM of March.

The Total Listing Inventory has recently been split up to more accurately display the current market. Active Listings numbered 4,484 properties and Active Short Sales Contingent showed 2,086. 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 April was 2.9 Months – up slightly from the 2.5 Months of last month. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (4,484) given the current number of closed escrows (1,524).

According to MetroList® MLS data, the average home was 2,370 square feet. Of the 1,524 sales this month, 136 (8.9%) had 2 bedrooms or fewer, 816 (53.5%) had 3 bedrooms, 452 (29.6%) were 4 bedroom properties and 118 properties (7.7%) had 5+ bedrooms.

Continue reading: Sales Slow, Median Price Ticks Back Upward

After the holiday lull, the Sacramento market is returning to normal activity, showing a pick up of pending sales – making way for increase closed escrows for next month. Pending sales this month totaled 1,333, 15.5% more than the 1,154 pending sales in December. Despite the positive trend in pending sales, closed escrows decreased month to month from 1,504 to 1,239 units (17.6%). Making up these sales were 579 REOs (46.7%), 320 short sales (25.8%) and 340 conventional sales (27.4%). These numbers have changed month to month with REOs up by 7.1%, short sales up by 14.1% and conventional sales down by 18.9%.

The median home sales price decreased 5% from $179,000 to $170,000. Compared with the same month last year ($170,000), the number is unchanged. The $200,000 – $249,999 price range mode still accounts for a majority (15.5% or 192 units) of the 1,239 total sales this month, while homes under $100,000 totaled 201 (16.2%) units. Conventional financing continued as the primary source of all home and condo sales (472, 35%) with cash (422, 31.3%) and FHA financing (338, 25%) making up the two other large categories. The median amount of days spent on the market (from list date to opening escrow) was 47 – the same amount of days on market as December.

The Total Listing Inventory has recently been split up to more accurately display the current market. Active Listings numbered 5,004 properties and Active Short Sales Contingent showed 1,333. 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 January was 4 Months – up 17.6% from the 3.4 Months Inventory of December. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (5,004) given the current number of closed escrows (1,333). According to MetroList® MLS data, the average home was 1,732 square feet. Of the 1,239 sales this month, 110 (8.8%) had 2 bedrooms or fewer, 671 (54.1%) had 3 bedrooms, 375 (30.2%) were 4 bedroom properties and 83 properties (6.6%) had 5+ bedrooms.

Continue reading: The New Year Starts Off With Seasonal Norms, Home Values Remain Affordable