REOs and short sales are driving the market in our tri-county region of Sacramento. “Inventory is down 30% from last year, sales are up 250% from last year, and pending sales are up 270% from last year,” said Michael Lyon, CEO of Lyon Real Estate. In fact, our September inventory (the number of homes for sale) has dropped 31% over the same time last year.
Here are the September stats for Sacramento County, which has had pending sales rise 7% over August and inventory drop another 3%:
Homes sold under $200,000: 52%
Homes sold between $200,000 and $400,000: 41%
Homes sold over $400,000: 7%
The average per-square-foot cost in Sacramento is now $131.
This is a great time to be a home buyer or investor in Sacramento!
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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 ... Very interesting. I have not looked yet at a market analysis, but I found a definite increase in homes sold in September over August. And in your area, like my area, it's the lower priced homes that sell. Thanks ... I'll have to take a look at my stats.
Elizabeth,
It's good to see there are markets still booming, even if it's REO sales.
Elizabeth that is great news. We should be shouting from the rooftops....as a matter of fact, I think I will.
Wow! Those are amazing numbers. What do you attribute the boom to Elizabeth? Prices finally coming down to an affordable level? Or that they have become "bargain basement deals not to be passed up?"
That's great news. I hope it spreads east. We have lots more homes on the market than this same time last year.
Hi Marie: I think the lower-priced homes are selling because they are affordable for first-time home buyers.
Hi Fran: I've never met an REO I didn't like. Oh, wait, there was that house with no front door.
Hi Fred: Go ahead and shout, Fred. What are you going to shout? I'm mad as hell and I'm not gonna take it anymore?
Hi Colleen: Yup, they are bargain basement deals that everybody is fighting over.
Hi Tammy: I'm sending good thoughts your direction. And warmer weather, too.
Elizabeth - At the end of a day when the stock market has tanked, your news on Sacramento sales activity is WELCOME indeed :-)
Hi Myrl: That's me, cheerio-news. :)
Elizabeth, that year over year number is staggering!! Congratulations on such an achievement for your area.
Elizabeth, so good to hear this news. I have kept up with Sacs numbers and I've been sharing that we might be seeing the bottom there. Very encouraging. Great news indeed!
Well, I didn't do it alone, Gary, ha, ha, ha. It took a concerted effort from many agents and the attractive pricing offered by REOs.
Hi Jeanean: I hope it trickles up to Redding, too!
Elizabeth - That is some great news! It's good to hear something positive going on... :)
Hi Debi: Even the stock market rebounded briefly yesterday.