Sacramento County Real Estate Market Update

Well, the numbers for homes sold in May are in, so it’s time to take a look at our local real estate markets, beginning with Sacramento County. To look at unit volume first, it’s practically unchanged since last year, at 1761 units sold in May 2010 versus 1757 in May, 2011, a difference of only .2%. However, when we start to see what’s happening on the foreclosure front, a different picture emerges. Compared to the same time last year, foreclosures are up significantly, some 15.5%, from 644 last year to 744 this year. Short sales are down slightly, 2.4%, from 421 last year to 411 this year. Meantime, non-distressed sales are down substantially, from 696 homes in May of 2010 to 602 homes in May of 2011. The net result is that the number of distressed properties selling has risen from 60.5% to 65.7%, or just under two thirds of all sales.

Interestingly, the Sacramento numbers seem to be an exception to the trend in California. According to RealtyTrac, from May to April the number of foreclosures sold statewide has dropped from 22,488 in May, 2010 to 14,724 in April of 2011. Unfortunately RealtyTrac hasn’t yet published May numbers, so there’s a little bit of an apples and oranges thing going on here, but it does look like we’re an exception to the rule.

As you might expect from the breakdown of what’s selling, prices are down — a lot! The average sold price per square foot fell 13.6^from year to year, from $125.55 in May of 2010 to $108.48 in May of 2011. The median price has dropped from $180,000 to $160,000 during this time (remember that this number includes condos, so single family homes are no doubt higher). The average sale price of $207,162 in 2011 has fallen to $177,491 in May of 2011, a 14.3% drop.

In terms of inventory, once again short sales throw the numbers off at 9.5 months of inventory. Inventory for both foreclosures and non-distressed sales are low, at 1.1 months and 3.5 months, respectively. Overall inventory is at 3.8 months, with 1587 homes selling per month over the last six months, an 6,020 homes active as of this article.

Unit Volume Data

Units Sold May, 2010 May, 2011 Change
Foreclosures Sold 644 744 15.5%
(% of total units) 36.6% 42.3%  
Short Sales Sold 421 411 -2.4%
(% of total units) 23.9% 23.4%  
Non-distressed Sold 696 602 -13.5%
(% of total units) 39.5% 34.3%  
Total 1761 1757 -0.2%

Price Data

Prices May, 2010 May, 2011 Change
Sold Price / Square Foot $125.55 $108.48 -13.6%
Square Feet 1650 1636 -0.8%
Average List Price $209,102 $180,676 -13.6%
Average Sale Price $207,162 $177,491 -14.3%
Median Sale Price $180000 $160000 -11.1%

Inventory (Based on 12 months of prior sales)

Sale Type Average Sales Per Month Active Months of Inventory
All Sales 1564 6020 3.8
Foreclosures 671 825 1.2
Short Sales 371 3479 9.4
Nondistressed 525 1723 3.3

Inventory (Based on 6 months of prior sales)

Sale Type Average Sales Per Month Active Months of Inventory
All Sales 1597 6020 3.8
Foreclosures 737 825 1.1
Short Sales 365 3479 9.5
Nondistressed 498 1723 3.5
  • Californiagold Realty

     Awesome blog. I enjoyed reading your articles. This is truly a great read for me. I have bookmarked it and I am looking forward to reading new articles. Keep up the good work!