When my husband and I first moved to Land Park, my husband had his car stolen. A few years later, he almost had his bumper swiped right in front of our home, but the police scared off the thieves before the thugs could remove the last of 30-some screws. That's what he got for driving a Honda. So, I bought him a Prius.
Now, if I'm driving more than one buyer to see homes in Land Park, I take my husband's car because my vehicle is a roadster. The other day I took the Prius to the car wash on Broadway and 17th. You may not know this, but a Prius doesn't require a key to start it. There is a place somewhere in the car to stick a key for emergency situations -- in case you want to turn on the lights or something when the car isn't turned on -- but I don't know where that secret location is. So, I had to leave the car running for the car wash attendants.
Here are the facts and trends for the real estate market in Land Park and Curtis Park. The chart below shows the last 15 months of activity through January 2009:
Pending sales dropped by more than half over last January. The median price in 95818 for January slid to $340,000. A year ago at this time, the median price was $466,000. That doesn't mean that home values in Land Park and Curtis Park have fallen. What this means is homes priced over $400,000 aren't selling. It's the lower-priced homes that are attracting buyers right now.
Here is another chart that shows the average days on market in 95818 and the original sales prices versus the closed sales prices:
Wow. Will you look at those average days on market? They jumped from 2 months to more than 3 months in January 2009 over December 2008. Inventory numbers spiked from 2.4 months in December to 5.9 months in January. It will take almost 6 months to sell every home that is presently for sale in Land Park and Curtis Park. Hello buyer's market.
And look at that downward arrow for price ratios. At 84% for January, it means that, on average, sellers had to reduce their original sales prices by 16% to sell. Many of the homes that closed in January, though, went into escrow in December. I've always said that December is the absolutely best month to buy a home in Land Park.
If you're interested in more information about the real estate market in Land Park or Curtis Park, call your Land Park Real Estate Specialist Elizabeth Weintraub at 916.233.6759. I'd love to show you homes in Land Park. And maybe you can help me figure out where the stupid key goes in my husband's Prius.
The Short Sale Savior, by Elizabeth Weintraub, coming June 2009.
Charts: TRENDGRAPHIX, available exclusively 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.
Stats provide a very clear picture of what's going on in any market. I wish more agents would utilize them in order to help educate their clients.
Elizabeth
Stats are great, and Tommy said you are the source for Real Estate in Sacramento. He is doing better, and slowly bouncing back. Tom also said you are one of the most charming people he has ever met, and he says you are his mentor.
Glenn Shong
Hi Elizabeth
Hoping all is well. Working like crazy and on to the next
Tom Braatz
Wow, that sounds more like South Bronx.
Since 2004 we live in Ponce Inlet in a 760+ condo/townhome development. Yes, it is gated, but it is for people like us, who would go to the gate. You can get to The Links from any place around it, just cross the golf course.
We have not closed our entrance door at night. The only time it is closed is when we have guest from paranid Russia (they would not be able to sleep with an open door), and my frineds from New York.
I guess this is the beaty of living in smaller places.
Hi Colleen: I love the fact that I have access to Trendgraphix reports. In Northern California, only Lyon agents have get Trendgraphix. They are comprehensive, and I can drill down any neighborhood with them.
Hi Glenn: Aw shucks, you're making me blush. I'm happy to hear that Tom is recovering.
Hi Tom: Hey, there you are!!! Hiya -- glad to see you back to work and kicking butt.
Hi Jon: Your Russian guests are paranoid? I'd think things would be pretty relaxed in Florida.
Hey my hybrid toyota has to have a key... I'm jealous.
Great looking stats presentation. And what I would give to only have 5.9 months of inventory on Lake Sinclair. We have about 24 months. Real buyers market.
I have heard that the East and West coasts are starting to recover and we might be next. The snow is gone here looking forward to more activity .
Elizabeth - I had no idea you didn't need a key to start a Prius. So if you don't have a key, and you need to start one, how do you?
Elizabeth,
Some of them sleep with a shotgun and drive with AK in the car when they are home in Russia. They need the door to get that extra second to grab the gun.
Businessis a serious thing there...
Hi Myrl: The Prius starts (and unlocks the door) because it recognizes you. You simply push the "start" button to turn it on. It recognizes you because you must have the key on your person somewhere. My husband is forever running out the door without a key in his pocket.