Erin's Sacramento Short Sale Experiment - Part II

So exactly one month after the first post of Erin's Sacramento Short Sale Experiment, I am curious to see exactly what has transpired in the world of short sales in our metro area?

Just to recap, my short sale experiment is tracking a few different Sacramento zip codes to see what how the short sale activity increases or decreases over time as compared with traditional resale listings (where there is a seller with equity in a "normal transaction") and to bank-owned resale transactions. My hypothesis at the start of this experiment last month: the number of short sales will grow over time, as will their dominance in our greater Sacramento marketplace (overall percentage of listings). For the sake of reference, I am also going to add the number of year-to-date closed short sales in each zip code. Let's see how this new data compares to the "control data" for the experiment...

95624 is the section of Elk Grove closest to Hwy 99. As of right this second according to MLS, there are a total of 280 active listings there. 203/280 listings are short sales. The median price in that zip code in June 2009 was $228,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 68.6% of all active listings in 95624 were short sales, vs. 72.5% this month = INCREASE. Number of YTD closed short sales - 103.

95610 is a section of Citrus Heights. As of right this second according to MLS, there are a total of 126 active listings there. 74/133 listings are short sales. The median price in that zip code in June 2009 was $200,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 60.3% of all active listings in 95610 were short sales, vs. 55.6% this month = DECREASE. Number of YTD closed short sales - 46.

95826 is a section of Rosemont and College Greens. As of right this second according to MLS, there are a total of 90 active listings there. 57/90 listings are short sales. The median price in that zip code in June 2009 was also $184,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 62.2% of all active listings in 95826 were short sales, vs. 63.3% this month = INCREASE. Number of YTD closed short sales - 22.

95864 is a section of Sierra Oaks, Arden Park, and Arden Manor. As of right this second according to MLS, there are a total of 165 active listings there. 26/165 listings are short sales. The median price in that zip code in June 2009 was $330,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 17.0% of all active listings in 95864 were short sales, vs. 15.8% this month = DECREASE. Number of YTD closed short sales - 8.

95818 is a section of Midtown, Land Park, and Curtis Park. As of right this second according to MLS, there are a total of 79 active listings there. 17/79 listings are short sales. The median price in that zip code in June 2009 was $368,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 16.0% of all active listings in 95818 were short sales, vs. 21.5% this month = INCREASE. Number of YTD closed short sales - 9.

95819 is a section of East Sacramento. As of right this second according to MLS, there are a total of 71 active listings there. 14/70 listings are short sales. The median price in that zip code in June 2009 was $394,000 according to Trendgraphix. The result vs. the control data from last month? Last month, 19.7% of all active listings in 95819 were short sales, vs. 20.0% this month = INCREASE. Number of YTD closed short sales - 4.

So in summary - of the six Sacramento area zip codes I am tracking for my experiment, 4 of them experienced an increase in the number of active short sale listings.

I can tell you from my vast personal short sale experience...in the last few weeks since I posted the first installment of Erin's Sacramento Short Sale Experiment, the number of inquiries from sellers looking for information regarding the possible short sale of their homes has remained very consistent, and I have new short sale listings coming to market this month. Also (you will be aware of this if you follow me on Twitter or Facebook), I have received written approval for 4 separate short sale transactions in the last couple weeks! I expect more short sale approvals in the coming weeks for my other listings...