Yes, it is time for my seventh 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 since the
last time? I am anxious to see if 2011 continues to bring a high volume of active
short sale listings, and more importantly, more
closed short sales. 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, and thus far I think my hypothesis has been proven to be true. Starting in this installment, just for kicks and for the sake of comparison, I am going to track the numbers of active
Foreclosure /
REO listings. Let's see how this new data compares to the "
control data" for the experiment and also to
last installment...
95624 is the section of
Elk Grove closest to Hwy 99. As of right this second according to MLS, there are a total of 354 active listings there. 231/354 listings are
short sales. The median price in that zip code in December 2010 was $244,000 according to Trendgraphix. The result vs. the
control data? Control data was 68.6% of all active listings in
95624 were
short sales, vs. 71.9%
last installment, vs. 65.3% this month. DECREASE over the control data, and a decrease over
last installment. Number of 2010 closed
short sales - 312. YTD closed in 2011 - 9....Active
Foreclosure /
REO listings - 60.
95610 is a section of
Citrus Heights. As of right this second according to MLS, there are a total of 232 active listings there. 126/232 listings are
short sales. The median price in that zip code in December 2010 was $164,000 according to Trendgraphix. The result vs. the
control data? Control data was 60.3% of all active listings in 95610 were
short sales, vs. 64.0%
last installment, vs. 54.3% this month. DECREASE over the control data, and a decrease over
last installment. Number of 2010 closed
short sales - 109. YTD closed in 2011 - 1....Active
Foreclosure /
REO listings - 57.
95826 is a section of
Rosemont and
College Greens. As of right this second according to MLS, there are a total of 143 active listings there. 73/143 listings are
short sales. The median price in that zip code in December 2010 was also $161,000 according to Trendgraphix. The result vs. the
control data? Control data was 62.2% of all active listings in 95826 were
short sales, vs. 51.5%
last installment, vs. 51.0% this month = DECREASE over the control data. Number of 2010 closed
short sales - 57. YTD closed in 2011 - 1....Active
Foreclosure /
REO listings - 36.
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 134 active listings there. 57/134 listings are
short sales. The median price in that zip code in December 2010 was $248,000 according to Trendgraphix. The result vs. the
control data? Control data was 17.0% of all active listings in 95864 were
short sales, vs. 29.7%
last installment, vs. 42.5% this month. BIG INCREASE over the
control data and last month. Number of 2010 closed
short sales - 37. YTD closed in 2011 - 0....Active
Foreclosure /
REO listings - 12.
95818 is a section of
Midtown,
Land Park, and
Curtis Park. As of right this second according to MLS, there are a total of 87 active listings there. 24/87 listings are
short sales. The median price in that zip code in December 2010 was $307,000 according to Trendgraphix. The result vs. the
control data? Control data was 16.0% of all active listings in 95818 were
short sales, vs. 16.9%
last installment, vs. 27.6% this month. INCREASE over the control data, and increase over the
last installment. Number of 2010 closed
short sales - 23. YTD closed in 2011 - 0....Active
Foreclosure /
REO listings - 6.
95819 is a section of
East Sacramento. As of right this second according to MLS, there are a total of 78 active listings there. 18/78 listings are
short sales. The median price in that zip code in December 2010 was $391,000 according to Trendgraphix. The result vs. the
control data? Control data was 19.7% of all active listings in 95819 were
short sales, vs. 21.1%
last month, vs. 23.1 this month. INCREASE over the
control data, and over the
last installment. Number of 2010 closed
short sales - 15. YTD closed in 2011 - 0....Active
Foreclosure /
REO listings - 6.
So in summary - of the six
Sacramento area zip codes I am tracking for my experiment, 3 of them experienced a decrease in the number of active
short sale listings from
last installment, while 3 experienced an increase over the
control data...interesting. It appears that areas with higher median sales prices are starting to show an increase in short sale activity, while the areas with the lower median prices are showing a decrease in short sale activity. AND while I have not specifically been tracking this data, it appears that there are an increasing number of
Foreclosure /
REO listings on the market. Since I just started tracking that statistic for this little project, we will have to see how those numbers compare in the future. 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
Erin's Sacramento Short Sale Experiment, Part III
Erin's Sacramento Short Sale Experiment, Part IV
Erin's Sacramento Short Sale Experiment, Part V
Erin's Sacramento Short Sale Experiment, Part VI