21 May
New Listings, and a New Report on Sacramento County Real Estate Sales
Posted May 21st, 2008 | View Comments
I just updated the listings in our foreclosures section (and elsewhere).
I also just prepared a new report on Sacramento County Real Estate Sales that I’ll publish from time to time. This report shows county-wide figures for active listings and general sales statistics for the last 30 days. (I’ll probably tweak and reuse the same report for other local counties as well).
In the Are Short Sales Fake Listings article and White Paper (PDF), I use the numbers for Elk Grove as an example of how dismal the short sale closing rates are compared to both REOs and non-distressed sales.
The chart below shows that the same thing holds true county-wide. (Click on the chart for a larger view).
Although short sales are discounted 24% from non-distressed sales, and although in active inventory they are more numerous than both short sales and REOs (bank foreclosures), only 8% of all homes that closed in the last thirty days were short sales. So in other words, non-distressed sales outsold short sales by almost 2 to 1 even though on average they cost some $81,000 more!
Fortunately, the overwhelming majority of buyers end up focusing at some point on REOs, which are the most heavily discounted (40%) and have the best sale rate (71% of all sales in the last month).
One cautionary note: the discounts we’re quoting here are overall county-wide discounts, so part of these numbers reflects the fact that in more inexpensive areas there are more foreclosures. In other words, I wouldn’t expect in any given neighborhood to see a discount of 40%. Naturally we’re always willing to get our buyers current data and listings for the neighborhoods and homes they’re interested in!
