Erin Attardi's Blog

I have gotten into several debates over the weekend, both in person and online (on other blogs and forums) regarding the state of the market in certain areas and price ranges. Folks, the market is blazing hot in nice areas under $300k. Allow me to illustrate...above is a Trendgraphix chart that shows months of inventory in 95608 (Carmichael), 95610 & 95621 (Citrus Heights), 95628 (Fair Oaks), 95662 (Orangevale), 95821, 95825 & 95864 (Arden), 95826 (Rosemont), 95827 (Lincoln Village), 95831 (Pocket), 95841 (Arcade), and 95843 (Antelope) for all listings under $300k. FYI generally 6 months of inventory represents buyer/seller equilibrium. I have many clients getting into multiple offer situations and bidding wars in this price range in these areas.

Exciting stuff...the March stats are out, and pendings have substantially increased over last month (which was substantially up over the prior month too). In March, there were 2,311 pending sales. Compared to February's numbers, that is about 50% MORE pending sales. Overall listing inventory decreased slightly, but is still higher than March 2007's total listings. This is a positive trend for sure...is the madness completely over? I doubt it. There will be many new foreclosure listings that hit the market over the next several months, but the silver lining is that the banks are 'getting it' and actually pricing listings to sell. I have several buyer clients who are getting outbid in multiple offer situations for well priced listings. Who is outbidding them, you ask? Yes there are investors in the marketplace, but there are even more first time buyers and move-up buyers taking advantage of the buyer's market we are in. While there will be a lot of listings on the market, I think the bottom is in sight for the low end of the market. Appropriately priced listings under $300k in nice areas are selling relatively quickly, and they are moving even faster the closer to $200k you get...this applies to properties in all types of condition.

Over $300k, listings take longer to sell, and the length of time on the market extends with the higher the price range (exceptions in a notable neighborhoods, like Land Park for example). My own sales activity reflects these trends. I wish I had a crystal ball to see what the future holds. I do not think we will see another 50% increase in pending sales from March to April (when those figures comes out in a month or so), but there are lots of buyers out there, and I think demand will remain consistent.

If anyone is interested in data for any specific areas or price ranges, please email me at erin@erinattardi.com and I am happy to shoot them over to you.

Source: Trendgraphix, Metrolist MLS
http://www.trendgraphix.com/

I recently have gotten involved with the Sacramento Association of Realtors' "Young Professionals Council." Pretty cool organization. There are some sharp, young Realtors and affiliates out there that I have gotten the opportunity to meet via the YPC. FYI, SAR defines "young" as under 40, and affiliates are non-Realtor members, like someone who works for a Title Company. Recently, several of us took time out to volunteer at Loaves & Fishes. We are also going to attempt to raise money for the Mustard Seed school by doing some fundraising events this year. Good stuff.