The November numbers just came out...I wish there were enough space on this blog to post all the graphs that show what our market is doing, but unfortunately there just is not enough. If anyone wants me to email them all of the graphs showing price per square foot, inventory, days on the market, etc. for Sacramento (or any specific areas within Sacramento), please just shoot me a brief email.
From an overall inventory perspective, the Sacramento market total homes on the market has dropped to under 10,000 homes for the first time since the spring...another encouraging stat is that the total number of pending sales has climbed to 1,151 homes, its highest number since <get ready for this> August 2006!
As usual, there are certain micro-markets in Sacramento that are really pulling down the market stats as a whole. On the other side of the coin, there are some other micro-markets that are doing well and are stable. I will try to show the overall trends for 4 areas to adequately portray what the market is doing...Graph #1 shows the average price per square foot for all of Sacramento County as a whole. Graph #2 shows the average price per square foot for Downtown Sacramento, East Sacramento, and Land Park / Curtis Park - notice how consistent the pricing per square foot is. Graph #3 shows the average price per square foot in the Arden / Arcade areas...again you will see consistency and stability. Now...Graph #4 shows the average price per square foot in Natomas. Here you will see a steady decline in prices! Graphy #5 shows the average price per square foot in Elk Grove...another area of steady decline.
I can tell you from my own client activity is that buyers are definitely out there right now. I am representing a buyer right now on a house in 95842 (Foothill Farms)...it is a bank owned property that in February 2006 sold for $319k...we are in escrow for $175k. It is a 3/2 of about 1000sf. I am representing another buyer right now on a house in 95823 (South Sac) for $169,900 - newer construction, 3/2, 1300sf...the house appraised 2 years ago in the high $200k's.
I am pleased with what is available out there for under $200k. The buyers I am working with right now who are in escrow on the above mentioned properties will actually be paying LESS for their fully loaded mortgage payments (including loan payment, property taxes, and homeowner's insurance) than they currently do for their rent. AWESOME! 100% financing too.
Erin,
Who's doing 100% financing in this market? Are the buyers going VA?
Mike in Tucson
Charles - It has gone down consistently in certain areas, not all areas in Sacramento.
Mike - Yes VA, and we also have a program called CalHFA, among a couple others...