Home sellers and buyers in the Sacramento market are advised to ask their Lyon real estate agent for Trendgraphix reports specific to their neighborhood. After all, only Lyon agents have access to Trendgraphix; these reports are exclusive to the company and show precisely what is going on in any given area.
I use Trendgraphix with my clients, especially with my first-time home buyers, to help them understand what the market is doing, and from there we form a strategic plan. Newspaper and TV stories are mostly general and some pertain to national statistics. And, quite frankly, sometimes people who read articles don't always read the whole story.
Here are the April 2009 market stats for Sacramento. The first graph is the entire county, consisting of homes for sale, pending and sold in April:
Closed sales increased over April of last year, and pending sales are definitely on the rise. No surprise is the fact that our increasingly low inventory continues to fall. There are fewer and fewer homes for home buyers to choose from as we move forward into the year. At the moment, we have about 2 1/2 months of inventory on the market, meaning it would take fewer than 3 months to sell everything that is for sale.
What is this? This is 15 months of the average price per square foot. Look at April. The average P-S-F fell month by month since February of 2008. But this April reflects a slight increase in the P-S-F. Why is that? Because there's no inventory! Buyers are fighting over listings; multiple offers are the norm.
Does this mean the Sacramento market is turning around? It's too early to tell. Could be. Much depends on whether the banks dump more foreclosures on the market, which is expected to happen by this June. If there are large numbers of foreclosures hitting the market, that could depress prices. If the foreclosures are slipped into inventory a few at a time, prices could continue to go up.
Here is how the numbers break down for April in Sacramento County. The average sold price rose to $189,000:
- Homes priced under $200,000: 62%
- Homes priced between $200,000 and $400,000: 32%
- Homes priced over $400,000: 6%
Images: Trendgraphix, licensed exclusively to Lyon real estate agents
Elizabeth Weintraub is an author, 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 Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com
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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.
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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.
Hi Elizabeth, it is interesting to me at least that the $ per sqft is declining yet there is limited supply. The economy and the purchasing power of the buyer and the still tight lending environment must play into that somehow. Your reduced inventory locally is one of the few markets I have seen that. We have PLENTY of inventory in our market even though it has shrunk due to sellers waiting out this market.
Hi Gary: Actually, the $ per sq. ft increased last month over the previous month. This could be a fluke or it could mean the bottom has come and gone. One month of stats does not a trend make, as Yoda would say.
Falling prices coupled with falling inventory makes this a very weird market, I agree.
Where is the news media now or is this the same old story that good news doesn't sell.
This is the first news I've seen that demonstrates that Sacramento home prices are increasing; but with shrinking inventory and buyer demand, we knew it had to happen.
Wlizabeth,
This is a very good sign, and looks like tihs is not just a California phenomenon, but more or less all over the nation. Though a bit unexpected, still a welcome sign
Elizabeth: Our markets are experiencing the same trends. Multiple offers, low inventory and rising prices. Woo-hoo!
I've got to say, this is one of the craziest markets. Evey day I adjust something I do or tweak it a little, just to stay ahead of the curve.