Erin's Sacramento Short Sale Experiment - Part III

Time for my third installment of Erin's Sacramento Short Sale Experiment! I am sure ya'll are just on the edge of your seats to find out just what has transpired in the world of short sales in our Sacramento metro area? For those of you not following along at home, or perhaps if you are reading this for the first time, 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: the number of short sales will grow over time, as will their dominance in our greater Sacramento marketplace (overall percentage of listings). I have continued to list more short sale properties. Let's see how this new data compares to the "control data" for the experiment and also to last month...

95624 is the section of Elk Grove closest to Hwy 99. As of right this second according to MLS, there are a total of 268 active listings there. 188/268 listings are short sales. The median price in that zip code in July 2009 was $233,000 according to Trendgraphix (an increase over last month). The result vs. the control data? Control data was 68.6% of all active listings in 95624 were short sales, vs. 72.5% last month, vs. 70.1% this month. INCREASE over the control data, but a decrease over last month. Number of YTD closed short sales - 122.

95610 is a section of Citrus Heights. As of right this second according to MLS, there are a total of 124 active listings there. 85/124 listings are short sales. The median price in that zip code in July 2009 was $199,000 according to Trendgraphix (a slight decrease over last month). The result vs. the control data? Control data was 60.3% of all active listings in 95610 were short sales, vs. 55.6% last month, vs. 68.5% this month. BIG INCREASE. Number of YTD closed short sales - 54.

95826 is a section of Rosemont and College Greens. As of right this second according to MLS, there are a total of 101 active listings there. 64/101 listings are short sales. The median price in that zip code in July 2009 was also $184,000 according to Trendgraphix (unchanged from last month). The result vs. the control data? Control data was 62.2% of all active listings in 95826 were short sales, vs. 63.3% last month, vs. 63.3% this month = INCREASE. Number of YTD closed short sales - 30.

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 161 active listings there. 34/161 listings are short sales. The median price in that zip code in July 2009 was $285,000 according to Trendgraphix (a decrease over last month). The result vs. the control data? Control data was 17.0% of all active listings in 95864 were short sales, vs. 15.8% last month, vs. 21.1% this month. BIG INCREASE. Number of YTD closed short sales - 11.

95818 is a section of Midtown, Land Park, and Curtis Park. As of right this second according to MLS, there are a total of 83 active listings there. 18/83 listings are short sales. The median price in that zip code in July 2009 was $365,000 according to Trendgraphix (slight decrease over last month). The result vs. the control data? Control data was 16.0% of all active listings in 95818 were short sales, vs. 21.5% last month, vs. 21.7% 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 72 active listings there. 10/72 listings are short sales. The median price in that zip code in July 2009 was $404,000 according to Trendgraphix (an increase over last month). The result vs. the control data? Control data was 19.7% of all active listings in 95819 were short sales, vs. 20.0% last month, vs. 13.9 this month. BIG DECREASE. Number of YTD closed short sales - 5.

So in summary - of the six Sacramento area zip codes I am tracking for my experiment, 5 of them experienced an increase in the number of active short sale listings...2 of the zip codes posted pretty large proportional increases, and the one decreasing zip code I am tracking posted a very large proportional decrease. My phone definitely keeps ringing and I continue to receive emails - I am fielding lots of inquiries from homeowners looking for more information and insight from my short sale experience...buyers too are really curious about the short sale process since they are encountering so many short sale listings in our marketplace. Also (you will be aware of this if you follow me on Twitter or Facebook), I closed many of my own short sale listings since the last installment of Erin's Sacramento Short Sale Experiment.

Until next time!

Erin's Sacramento Short Sale Experiment, Part I
Erin's Sacramento Short Sale Experiment, Part II