Friday, July 11, 2008

June 2008 Sacramento Real Estate Stats - Inventory still decreasing, closed sales still increasing!

The numbers for June are out, and for the SIXTH STRAIGHT MONTH, listing inventory is down, and pendings and solds are up! After a full 6 months, I think we have enough data now to say that this is a trend. Cool beans.

Couple other comments about the numbers...while overall the median price in Sacramento County is still down again ($220k), the line is definitely flattening out. There are MANY zips in Sacramento County where we have experienced an increase in the median price. Some of those zips may or may not surprise you (95610, 95662, 95757, 95826, 95828, 95835 to name a few). Again, probably not enough data to call that increase a trend -- yet.
Another thing I wanted to point out, is that what is going on with the bank-owned properties is incredible. The average days on market for a bank owned property in Sacramento County is 41 days (reflected in the graphic below)...the other interesting thing, is that they are selling for an average of 100% of the listing price. It seems the banks are low-balling themselves! If ya'll are regular readers of this blog, you will know that many of the buyers I am representing right now are overbidding all of their offers right now (some by as much as 18% - that is on the extreme side though) and are not being selected to purchase the property by the seller. So sure - this is an there still are folks out there low-balling, but don't be fooled into thinking that every property deserves a low-ball offer. That's all for me and I will be happy to provide you with any specific graphs/charts you like...

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