August 6 2009

Homes for Sale - Sacramento Market Conditions July 2009

by brook

One year ago, who could have predicted that one of the hardest-hit markets in the nation would eventually report a fairly uneventful summer? Believe it or not, Sacramento real estate figures for July 2009 differ slightly from those recorded during last year’s hot foreclosure market in the region.

Although the total number of homes sold last month in Sacramento County was 1,883 (50% of which were REO’s, or real estate owned, properties); foreclosures fell by 36.4% from this time last year. However, the number of short sales has risen – by 75.6%, to be exact. What could this mean? Perhaps what can be interpreted is that while defaults are still occurring in Sacramento, many owners are opting to sell before it’s too late – and that’s good news for everyone. Banks, agents, potential buyers, and surrounding properties all stand to benefit more from short sales than they do from foreclosures. 

Despite this positive note, the average sales price in Sacramento County has fallen 14% year over year at this time – from a high of $228,312, to the current median of $175,000. Also good news for those interested in Sacramento bank properties: non-distressed sales have increased by 30%. This may mean that your chances of securing a new home in Sacramento – or at the very least, a home in good condition – is substantially greater than it was last year. Although those on the inside aren’t pleased with the unit volume shortfall of 12.5% year over year, there is potential for you, as a consumer, to make these Sacramento market conditions work for you.

 

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Comments (1) -

12/23/2010 12:20:20 PM #

Straight to the point!  Thanks!

Tod Leather United States |

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