Buyer’s who’ve been waiting for price reductions on Sacramento County have been finding reasons to be cheerful in the last couple of months, as inventory plateaus and prices continue to fall. Whether we see more bargain hunters finally getting the reductions they want and pulling the trigger in months ahead is anyone’s guess, but August still saw sellers outnumbering buyers by something that looks suspiciously like a two-to-one margin.

Anyway, on to the specifics. The median price of a home in Sacramento County in August was $404,062. (We’re using, as always, MLS data). The median price was down 3.9% from last August’s median of $380,000. The sold price per square foot was down 2.8%, and the average sold price was down 1.6%. Sellers are beginning to track buyers’ expectations a bit more, since the average list price was down 1.2% at the same time, lagging not too far behind the average.

Less than half as many homes sold this August as last August, with unit volume dropping 52.5% from 2379 units last August to 1130 sold units this August. At the same time, expired listings rose 213.6%, from 346 last year to 1085 this year. The expired to sold ratio stands at 96%, meaning that almost as many listings expired as sold. Inventory hasn’t changed much from last month, being still at 9.5 months.

We’ll have statistics for El Dorado County and Placer County in a few days. As well, we’ll start working on some tips for buyers and sellers who want to succeed in this market.

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