Sacramento Association of REALTORS® Web Log

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

The Sacramento median sales price reached levels not seen since September 2008. Before the initial decline from the Sacramento high of $392,750, the last time this sales price was reached was in early 2002. This graph showcases the rise, fall and current median sales price of Sacramento County.

May home sales increased 12% from 1,536 in April to 1,720. Year to year, the current figure is .08% below the 1,733 units reported in May 2009. Conventional sales – non REO or short sales – continue to rise, making up 41.1% (707 units) of all sales this month. This is 6.1% more than the 606 REO units sold (35.2%) Short sales round out the remainder of sales, accounting for 23.7%, or 407 units, of the total. Conventional sales have shown a steady increase, rising 16.3% from May 2009. Compare the current figures to last May, where REOs, short sales and conventional sales accounted for 60.6%, 14.6% and 24.8% of total sales, respectively. The median sales price continued to increase, rising 2.7% from $185,000 to $190,000. The current figure is 5.6% higher than the $180,000 median price last year. The $200,000 – $249,999 price range mode accounts for a majority (18% or 309 units) of the 1,720 total sales this month, while homes under $100,000 totaled 176 (10.2%) units. This is down 2.8% percent from last month.

The Total Listing Inventory has recently been split up to more accurately display the current market. Active Listings numbered 4,189 properties and Active Short Sales Contingent showed 2,429. 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. Month to month the Housing Market Supply figure did not change, staying at 2.4 Months. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (4,189) given the current number of closed escrows (1,720). According to MetroList® MLS data, the average home spent 54.6 days on market (from the time it was listed to the time escrow was opened) and was 1,701 square feet. Of the 1,720 sales this month, 175 (10.1%) had 2 bedrooms or fewer, 934 (54.3%) had 3 bedrooms, 474 (27.5%) were 4 bedroom properties and 137 properties (7.9%) had 5+ bedrooms.

Continue reading: Median Sales Price Ticks Upwards, Sales Volume Picks Up

A four month rising trend brings single family home median sales price near December 2009 levels. Additionally, April continues a six month trend of increased year-to-year sales price.

After a February to March jump in units sold, April reflects a decrease. The 1,536 units sold this month is a 6.3% decrease from the 1,640, sales of March. Year to year, the current figure is 10% below the 1,707 units reported in April 2009. Conventional sales – non REO or short sales – have slowly been climbing, making up 37.8% (580 units) of all sales this month. This stands less than one percent below the 591 REO units sold (38.7%) Short sales round out the remainder of sales, accounting for 23.6%, or 362 units, of the total. accounting for 24.7% of all sales. Conventional sales have shown a steady increase, rising 15.8% from April 2009. Compare the current figures to last April, where REOs, short sales and conventional sales accounted for 65%, 13% and 22% of total sales, respectively.

The median sales price increased slightly (1.6%) from $182,000 to $185,000. The current figure is 10.7% higher than the $167,100 median price last year. The $200,000 – $249,999 price range mode accounts for a majority (17% or 261 units) of the 1,536 total sales this month, while homes under $100,000 totaled 200 (13%) units.

The Total Listing Inventory has recently been split up to more accurately display the current market. Active Listings numbered 3,679 properties and Active Short Sales Contingent showed 2,383. 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. Month to month the Housing Market Supply figure increased 9.1% from 2.2 to 2.4 Months. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (3,679) given the current number of closed escrows (1,536). According to MetroList® MLS data, the average home spent 61 days on market (from the time it was listed to the time escrow was opened) and was 1,650 square feet. Of the 1,536 sales this month, 181 (11.7%) had 2 bedrooms or fewer, 837 (54.4%) had 3 bedrooms, 421 (27.4%) were 4 bedroom properties and 97 properties (6.3%) had 5+ bedrooms.

Continue reading: Sales Volume Decreases, Median Sales Price Rebounding Since January

Sales increase dramatically month-to-month, median sales price also rises.

A 41.9% increase in sales marks the beginning of the spring sales season. Units sold in March totaled 1,640, a big jump from the 1,156 sales in February. Sales this month, however, were still 4.9% less than the 1,725 sales in March 2009. The distribution in types of home sales has shifted, with bank-owned properties making up 39.6% of all sales – down 6.4% from the previous month. Short sales properties increased 3.6%, accounting for 24.7% of all sales. Conventional sales also made 3.6% jump to 35.7% of all sales, largely a sign that homeowners appear more confident releasing their homes in the market.

The median sales price increased slightly (1.2%) from $179,900 to $182,000. The current figure is 8.7% higher than the $167,500 median price last year. The majority of homes sold were in the $200,000 – $249,999 price range. This mode accounts for 16.6% (or 272 units) the 1,640 total sales. Local trends show a bottoming out of the lower-priced “investor” homes, while mid- and high-level homes are still softening and adjusting as the market shifts.

The Total Listing Inventory has recently been split up to more accurately display the current market. Active Listings numbered 3,665 properties and Active Short Sales Contingent showed 2,355. Active Short Sale Contingent properties are short sale properties on which initial offers have been made and are not entirely “active.” The Housing Market Supply figure decreased significantly (21.4%) month-to-month from 2.8 to 2.2 Months. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (3,665) given the current number of closed escrows (1,640). According to MetroList® MLS data, the average home spent 55days on market (from the time it was listed to the time escrow was opened) and was 1,696 square feet. Of the 1,640 sales this month, 168 (10.1%) had 2 bedrooms or fewer, 849 (51.6%) had 3 bedrooms, 477 (28.9%) were 4 bedroom properties and 146 properties (8.8%) had 5+ bedrooms.

Continue reading: A Spring Surge in Sales Signals Fair Weather Market

A seasonally normal decrease in home sales signaled the open of the 2010 Sacramento real estate market. The 1,159 home sales in January are a 29.7% decrease from the 1,648 sales of December. The trend continued year-to-year, showing a 24.8% decrease from the 1,542 sales of January 2009. The winter months affected the distribution [...]