Wednesday, June 11, 2008

Sacramento County - Pendings UP! Closed Sales UP! Inventory DOWN!

Demand in Sacramento County is remaining consistent...inventory is decreasing. In Sacramento County as a whole, based on these figures there is 4.8 months of inventory on the market currently. 6 months of inventory is regarded as a market with buyer/seller equilibrium...hmm...

Couple other stats...REO's represent a large percentage of the inventory and sales. REO Inventory in May was 2,161, REO pendings were 1,584, and REO closed were 1,083. Based on those numbers, there is 2 months of REO inventory.

Average sales price in May was $253,000 (down from $254,000 - just a slight decrease there). Median sales price in May was $230,000 (down from $236,000).

My personal activity definitely reflects these trends...there are LOTS of buyers out there in the $300k and under price ranges, mainly using FHA programs. Many properties have multiple offers extending well beyond the asking price. There are some great opportunities out there...and it is still the wild west in Sacramento!!

Source: Trendgraphix / Metrolist MLS

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