Tuesday, August 12, 2008

Sacramento County Real Estate Statistics for July 2008

Well...the Sacramento County Real Estate statistics are out for July 2008. Closed sales are still up, pendings are still up, and overall inventory is still going down. Good stuff!

What I find to be particularly interesting is the what the REO inventory is doing right now. Banks and asset management companies still seem to be drastically underpricing their listings. If you look at the second graph, this represents REO average days on the market, and the listing price vs. selling price ratio. Note that last month on average, REO listings sold for 101% of their asking price! These are very competitive bidding situations, and it is not uncommon for one property to have 5-10 offers on it within the first week of the property hitting the market.

There is only 1.6 months of REO Listing inventory for the entire county. That is a very brisk market! Non-REO listings represent 8.7 months of inventory - this includes short sales. Overall, there is 3.7 months of inventory in Sacramento County. The median home price dipped again to $215k - fueled by so many low dollar transactions! There are some really trashed homes out there - and investors are snagging them.

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