Sacramento sees record January home sales
March 2nd, 2009 categories: Real Estate, Real Estate News, Update In Market
Sacramento sees record January home sales
An unusually active January kept sales above average for the month. The following information, compiled by the Sacramento Association of REALTORS®,
is collected from the MetroList® multiple listing services and covers Sacramento County and the City of West Sacramento. January closed with 1,542 single family home sales, the most ever recorded by the Association during the month of January. Month-to-month, this figure represents a 20.2% decrease from December’s 1,932 sales, but a 108% increase over the 739 sales of January 2008. Of the 1,542 sales recorded this month, 1,168 were listed as REO properties. This accounts for over 75% of all sales.
The large number of distressed property sales in the area is continuing to pull down the Sacramento median sales price. January recorded a median price of $169,000, a figure 6.1% below the $180,000 median price last month. Compared to the median price of January 2008, $255,000, the current figure marks a 44.1% drop. According to SAR historical data, this is the lowest median sales price since May 2001, when the median sales price was $169,718. New listings increase month-to-month, recording 1,998, 9.3% over December’s 1,819. Total listings for the month decreased from 6,462 in December to 5,935, an 8.2% change. Compared year-to-year, the current figure is 33.8% below the 8,963 listings recorded in January 2008. The Housing Market Supply figure remains low at 3.8 months, but marks a 15.2% increase over December’s figure of 3.3 months. This figure represents the amount of time – in months – it would take to deplete the total listing inventory given the current rate of sales.
Sacramento continues to be one of the more active markets in the state, but the recent streak of increased sales may subside. Oscar Wei, C.A.R. Senior Research Analyst, published the recent 2008 Housing Market Wrap-Up. This report noted the state-wide increase in sales and stated that “with the economy deteriorating and the financial system struggling to stay above water, distressed properties with deeply-discounted prices will continue to affect the market.” This report, on par with the conditions of the Sacramento market, concludes that “home prices may not show clear signs of stability until the mid of 2009.” The graph below reflects the drastic change in January sales from year-to-year.
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Month/Year |
Jan-00
|
Jan-01
|
Jan-02
|
Jan-03
|
Jan-04
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Jan-05
|
Jan-06
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Jan-07
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Jan-08
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Jan-09
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|||||||||
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Home Sales
|
819
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1,003
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1,150
|
1,204
|
1,234
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1,256
|
895
|
751
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739
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1,542
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|||||||||
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Year-to-Year Change
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22.5%
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14.7%
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4.7%
|
2.5%
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1.8%
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-28.7%
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-16.1%
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-1.6%
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108.7%
|
||||||||||
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Median Price
|
$130,000
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$151,000
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$178,925
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$217,500
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$254,900
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$335,500
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$367,900
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$355,000
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$255,000
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$169,000
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|||||||||
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Year-to-Year Change
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16.2%
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18.5%
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21.6%
|
17.2%
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31.6%
|
9.7%
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-3.5%
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-28.2%
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-33.7%
|
||||||||||
Condominium Resale Market
Info from the Sacramento Association of Realtors:
John J Hayes
RE/MAX Gold
Sacramento REO Specialist
530-306-3316
DRE#01709600
http://www.johnhayesrealestate.com
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4 parts vodka Combine liquid ingredients in a cocktail shaker with cracked ice and shake well. Strain into a chilled cocktail glass and garnish with olive. |
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Total listing inventory in Sacramento Ca remains stable, pending escrows rise!
March 2nd, 2009 categories: Real Estate, Real Estate News, Update In Market
Total listing inventory in Sacramento Ca remains stable, pending escrows rise
As the winter season continues, the Sacramento residential resale market refuses to lay dormant, showing a steady amount of activity through the notoriously slow month of January. This information, compiled by the Sacramento Association of REALTORS®, is collected from the MetroList® multiple listing service and includes data covering Sacramento County and the City of West Sacramento.
Closed escrows decreased slightly to 739, showing a 8.2% drop from last month’s 805 homes sold. When compared to the same month last year, January 2008 showed a slight decrease of sales, remaining 1.6% below the 751 homes sold in January 2007.
The median price for a single family home continued to drop, settling at $255,000, 8.9% below December’s $280,000. When compared with 2007, Sacramento’s median home sale price shows a 28.2% decrease, staying well below the $355,000 median price of a year ago. New listings in January 2008 totaled 3,138, an increase of 45.7% from last month’s 2,154. The total listing inventory barely budged, dropping a fraction of a percent from December’s 8,965 to 8,963.
As some prospective buyers wait for the market to “bottom out,” others are making great financial investments. “Those who make the well-advised decision to buy and who can qualify for loans are taking advantage of a market that offers record-low rates and an inventory that can please even the pickiest buyer,” says newly elected 2008 Association President Alan Wagner. “Sellers who are market savvy are pricing their homes aggressively to increase the likelihood of offers being made. Realistic pricing will keep prospective buyers circling, while an overpriced property will often sit on the market and forego drastic cuts in price to better compete with similar listings. Unrealistic pricing usually leads to nothing more than wasted time. Seasoned REALTORS® need to help sellers to avoid these mistakes and increase the probability of finding the right buyer. This soft market,” continues Wagner, ” calls for increased REALTOR® activity.”
The month-end housing market supply figure - the active listing inventory divided by the rate of completed sales - increased for the month of January, up 9% to 12.1 months, compared to 11.1 months in December.
Condominium Resale Market
The condominium market inventory of 729 in January showed a slight decrease of 1.2% when compared with December’s 738. New listings published were up 37.3% to 232 in January compared with 169 in December. Closed condominium escrows showed a considerable, but expected, drop in activity for the month of January, ending with 36 closed escrows, a 36.8% decrease when compared with the 57 closed escrows in December. The 36 closed escrows in January 2008 remain 31% below January 2007’s 52 closed escrows. The median sales price of a Sacramento condominium in January was $143,000, a figure down 24.7% from the median price of $190,000 in December. This $143,000 median price is 34.4% lower than the $239,607 median price of January 2007. Info from the SAR..Sacramento Association of Realtors
John J Hayes
RE/MAX Gold
530-306-3316
DRE#01709600
http://www.johnhayesrealestate.com
Buckeye Martini Recipe |
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6 parts gin Combine liquid ingredients in a cocktail shaker with cracked ice and shake well. Strain into a chilled cocktail glass and garnish with black olive. |
| Discussion: No Comments »
First-Time Home Buyer Tax Credit 2009
February 22nd, 2009 categories: Buyers Tips, Real Estate, Real Estate News
Just wanted to share a link to all my martini readers:
If you are looking to buy a home in 2009 now is the time to buy a home and get paid for it.
http://www.federalhousingtaxcredit.com/2009/home2.html
Merry Berry Martini Recipe |
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The berry? Raspberry of course . . . or is it Razberi. 2 oz. Stoli Razberi Combine ingredients in a shaker. Add ice, stir to chill and strain into your Swank Martini Glass. |
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Testimonial From Sold Real Estate In Elk Grove Ca
February 22nd, 2009 categories: Real Estate, Testimonial
I love it when these e-mail come up in my computer. This makes me, as an agent, understand why I do what I do for a living..
Hi John!
John..working with you was great, so great that I have referred quite a few people to you so that you could help them find and purchase their homes. I think one of the best things about you is that your ALWAYS reachable. There were many, many times that I needed to talk to you and you always answered the phone or called back in a matter of minutes. That’s really important to me because it shows me that you care and that your not just there for the sale, your with us the entire way through. Buying a home is very stressful at times, dealing with the banks on a foreclosed property and the lenders asking you for proof of everything but your blood type can really drive you nuts. You know your stuff. You give us your advice with an added “trust me” and sure enough you were always right. I would also like to add that you have remained in contact to this day offering your assistance in many different ways. You have a list of people that you have referred us to to help with many misc. repairs for our home (at really low prices), you have even kept us in mind when interest rates have dropped to a lower rate so we can re-fi and lower our payment. Your service doesn’t stop with the SOLD sign, you continue to work for us long after the sale and that really means a lot to us. Good luck with everything and we’ll keep those referrals coming! Jennifer Hill Elk Grove, CA.
John Hayes
RE/MAX Gold
Mexican Martini recipe
2 oz 1800® Tequila
1 1/2 oz Cointreau® orange liqueur
2 oz sweet and sour mix
1 oz lime juice
2 oz orange juice
1 splash Sprite® soda
2 olives
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Real Estate summery of homes sold in Folsom Ca
February 9th, 2009 categories: Real Estate, Real Estate News, Update In Market
Folsom finishes tops in the Sacramento area…2008 Real Estate summery of homes sold in Folsom Ca. Average days on market 53 is below the the Sacramento average of 135 days. Folsom counties to grow and be a disirable place to live. Some new futures in Folsom would be the new Folsom bridge to open..In and Out Burger..New Palladio mall..Starbucks drive thru..and more to come.
| Selling Price Range | Quantity | Average DOM | ||
| $140,000 thru $159,999 | 1 | 174 | ||
| $160,000 thru $179,999 | 2 | 4 | ||
| $180,000 thru $199,999 | 3 | 28 | ||
| $200,000 thru $249,999 | 12 | 44 | ||
| $250,000 thru $299,999 | 42 | 62 | ||
| $300,000 thru $349,999 | 131 | 42 | ||
| $350,000 thru $399,999 | 134 | 53 | ||
| $400,000 thru $449,999 | 122 | 55 | ||
| $450,000 thru $499,999 | 87 | 50 | ||
| $500,000 thru $549,999 | 63 | 62 | ||
| $550,000 thru $599,999 | 36 | 46 | ||
| $600,000 thru $649,999 | 26 | 46 | ||
| $650,000 thru $699,999 | 18 | 93 | ||
| $700,000 thru $749,999 | 5 | 27 | ||
| $750,000 thru $799,999 | 9 | 89 | ||
| $800,000 thru $849,999 | 4 | 66 | ||
| $850,000 thru $899,999 | 2 | 13 | ||
| $900,000 thru $949,999 | 2 | 12 | ||
| $950,000 thru $999,999 | 1 | 312 | ||
| $1,000,000 thru $1,249,999 | 6 | 91 | ||
| Total homes sold 706…average days on market 53 | 706 | 53 | ||
Summary Price Information
| Summary Price Information | |||
| Minimum | $145,000 | Maximum | $1,089,000 |
| Average | $434,465 | Median | $410,000 |
John Hayes
RE/MAX Gold
Apricot Mango Martini*
2 measures gin ½ measure apricot brandy ½ measure simple syrup ¾ measure fresh lemon juice 1 slice of fresh mango In the bottom of a glass half of the boston shaker muddle together the mango, the syrup, and the lemon juice, add the apricot brandy and the gin and shake well with ice. Strain into a chilled martini glass. Garnish with a lemon peel.
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