Sacramento Real Estate Market Update For-June 2011
The overall consensus is that buyer activity has substantially picked up within the last 30 days. Most of this activity is in lower price ranges and distressed properties, overall activity is up.
All across the four county region (Sacramento, Yolo, Placer and El Dorado) Foreclosure properties are leaping off the market in record numbers. Multiple offers and a high percentage of all cash offers are common place in today’s market. While the market for higher priced properties remains sluggish by comparison, bargain prices for REO’s and low priced short sales (under $200,000) are clearly the value proposition that many homebuyers and investors are focused on.
The average price of Bank Owned properties ($164,000) is 22% below last year and 2% below last month while the number of properties available for sale has remained at an unusually low level of 1.6 months inventory. There were 60% more new Bank Owned contracts accepted (pending sales) than the same month in 2010. This compares to a 35% increase in pending sales and a nearly 7 month inventory of homes over $400,000.
Another notable factor in this market is that the number of Short Sales going under pending status jumped for the fourth straight month, up 14% from last month and 116% over last year. The average price of these Short Sales is down 2% from both last month and last year. This increase in Short Sales suggest that lenders are getting more motivated to complete a short sale transaction. This allows the lender to keep another foreclosure out of the market a positive for the market as a whole.
While the higher priced properties are not as active as the Foreclosure and Short Sale category. there is improvement over this same time last year. The average price for homes over $400,000 was steady at $574,000 compared to last month and last year; and new contracts are up 35% over last year.
Market Sales Data for Sacramento,Placer,El Dorado,Yolo Counties
For all sales within the month of June 2011 we had 2,376 closed sales, pending sales were at 3,597 and inventory came in at 7,342 units. We have 3.1 months of inventory currently on the market and the average sales price is $222,000. The average price per square foot was $121.
For short sale properties for the month of June 2011 we had 590 closed sales up from the prior month with 538 sold units, this is a 10% increase. We had 1,405 pending sales reported in June a 14% increase from the month of May. The months of inventory has decreased from 4.7 in May to 3.9 months in June, a -16% decrease. The average price per square foot continues to drop from $115 in May to $113 in June, a -2% decrease.
For Bank Owned homes nearly every catagory has seen a decrease from May to June. We have also seen an overall decrease in the last year from June 2010 to June 2011 of -22% in average sales price and a decrease of -15% in price per square foot.
For the last two months foreclosure properties have dominated the total market sales in both closed transactions and new contracts with 37.7% this month and 39.6% last month. Short sales came in at 24.8% of closed sales for this month and 23.2% for the prior month.
See my resource page http://shortsale-sacramento.com for more information
or view my real estate places listing, Real Estate Places , What is a short sale, find out here, What Is A Short Sale
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