Sigh. The inventory decline in Sacramento County continues. Our housing inventory (the number of homes for sale) dropped almost in half between 2007 and 2008. Over the past 15 months, it's dropped in half again. The problem is there is very little for sale. That which is for sale, if it's desirable, has multiple offers.
Here is a graph from Trendgraphix that shows the last 15 months of home sales activity in Sacramento County:
The number of bank-owned homes for sale dropped by 20% over the past 30 days. This is due in part to the moratorium on foreclosures and federal aid incentives. Some people believe the banks are hoarding bank-owned homes and just haven't released them yet. Pending sales, those homes that are now in escrow but have not yet closed, are up 4% over January.
Here is how the numbers for February break down in Sacramento County:
- 61% of the sales were under $200,000
- 33% of the sales were priced between $200,000 and $400,000
- 6% of the sales were over $400,000.
You can easily see that homes priced under $200,000 is where the activity is in Sacramento right now. For those who have been waiting for a dream home to go on the market at an affordable price, this is the time to get that preappoval letter and start house hunting. If you're looking for a buyer's agent to help you, call Elizabeth Weintraub at 916.233.6759. I love working with first-time home buyers.
The Short Sale Savior, by Elizabeth Weintraub, coming in June 2009.
Image: Trendgraphix, used with permission, exclusive to Lyon Real Estate agents
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.
