Archive for September, 2009

Fruitridge/Elder Creek Real Estate Market Update: August 2009

87 homes sold in Fruitridge this month, a drop in unit volume by 10.3% year over year. Not surprising, since the drop in foreclosure sales has been substantial – 25% year over year to be exact. Meanwhile, short sales have gained 85.7% and non-distressed sales have also gained 11.1% for the same period. Non-distressed sales are now almost a quarter of all real estate sales in the area.

Average sales price per square foot in Fruitridge is now an unbelievable $80.97 which is 18.5% lower than it was a year ago when it was $99.41. The average home which then sold for $113,778 can today command a price 19.8% lower – a mere $91,250. Median sales price is at an unheard of $66,288.

Overall inventory is at 2.1 months based on the last year of sales and 2.3 months based on the last six months of sales. Foreclosure inventory is at 0.3 months. Short sales should start gaining momentum if this market is to turn around someday: short sale inventory is at 19.5 months and 16.1 months respectively.

Land Park Real Estate Market Update: August 2009

Land Park is a lot like downtown Sacramento in that it is such a small community that any little changes in sales and prices reflect a huge difference when we start to look at the statistical data for it. One thing however has not changed in this equation: homebuyers are definitely not interested in short sales in the area. There have been since last year 17 short sales consistently on the market and the average has been 1 sale in the last year and no sales in the last six months!

Unit volume suffered a decline this month by 45% year over year – just 11 homes sold this August as compared with 20 last August. Of these, 1 was a foreclosure (signaling a 75% drop) and 10 were non-distressed properties (corresponding to a 33.3% drop year over year.)

Average sold price per square foot is now $255.80 in Land Park which is 17.2% lower than last August’s sale price of $308.98. Average sales price climbed over the $400,000 mark this month: it is now $403,889 which is still however 14.2% lower year over year when compared with last August’s $470,625. Median price is $360,000.

Inventory is at 5 months based on the last year of sales and 4.5 months based on the last six months of sales. Foreclosure inventory is at 0.4 months no matter how you look at it.

Greenhaven Real Estate Market Update: August 2009

Homebuyers lately definitely seem taken by the idea of smaller homes. We’ll have to see if this is just an indication of the times and the return to McMansions happen soon or this trend is here to stay for generations. For now however, it is as true in Greenhaven as it is elsewhere in Sacramento county: homebuyers are buying smaller homes. The average home sold in the Pocket area this month was 7% smaller than it was a year ago.

Sales remained fairly consistent – 21 homes sold this August as compared with 24 last August. Of these 5 were foreclosures, 2 were short sales and the rest 14 were non-distressed properties.

Average price per square foot is now $178.03 which is a 4.6% drop from last August’s price of $186.55. The average home in Greenhaven now sells for $293,810 as compared to $331,121 last August which indicates a fall of 11.3% year over year. Median sales price in the Pocket area is $292,000.

Inventory is at 4.5 months based on the last year of sales and 4.2 months based on the last six months of sales.

Elk Grove Real Estate Market Update: August 2009

The Elk Grove real estate market has stayed fairly consistent for the last few years so it’s a little disconcerting when the unit volume starts to drop. The hypothesis of course seems to be that bank-owned properties are running dry and that does indeed seem to be the case with 0.5 months of foreclosure inventory left.

Just 251 homes sold this month as compared with 333 last August – that’s a unit volume drop of 24.6% year over year. Foreclosure sales fell by 43.4%, short sales gained 38.6% in sales and there was almost no change (-1.6%) in sales of non-distressed homes.

Average sold price per square foot reports don’t offer any great news either. Average sold price is now $112.55 per square foot, a drop of 14% year over year. Average sales price rests at $252,062, a fall from grace of 10.5% year over year from a high of $281,511 and median sales price is now $242,000.

Inventory in Elk Grove is at 3.2 months.

Citrus Heights Real Estate Market Update: August 2009

As elsewhere in Sacramento county, Citrus Heights is seeing its foreclosure sales dwindle. Year over year, 48% fewer foreclosures sold this August, while short sales saw an impressive jump up of 187.5%! Even sales of non-distressed properties saw an increase for the same period – of about 95%. Overall though, unit volume was at a negative 3%. 102 homes sold this August as compared with 105 last August.

Average sold price per square foot is currently $125.13, which is 14% lower year over year from a high of $145.58. Average sales price rests at $185,500 which is 6% under last August’s high of $197,247. Median sales price is at $175,500 which is 10% lower for the same period. However, since homebuyers afforded themselves homes on average 9.4% bigger this month than they did a year ago, the more accurate measure of home values is the average price per square foot.

Inventory in Citrus Heights is at 2 months. Foreclosure inventory is at 0.4 months.

New Listing: 5142 String Canyon Court, Grizzly Flats.

Welcome home! That’s what this house says to you as soon as you step inside. With a cul de sac location and newer construction, paradise can’t be much farther than Grizzly Flats! 1774 square feet on a single floor with enough room to roam around. The gourmet kitchen with center island beckons and the peaceful surroundings are the perfect place to put up your feet and relax. Call Mike Keleshian the listing agent at 916-997-4086 for a showing!

To see photos and other details, go here.

Carmichael Real Estate Market Update: August 2009

If a return to non-distressed property sales is the sign of a normal, healthy real estate market, then Carmichael is definitely showing signs of robust health. Foreclosure sales fell 53.8% year over year and short sales fell a corresponding 57.1% for the same period. Non-distressed properties gained 13% in sales. Overall, however unit volume fell by 18.6%. A total of 35 homes sold in the area of Carmichael, as compared with 43 last August. Today, 74.3% of all sales are non-distressed as compared with just 53.5% last August.

If that wasn’t enough to make you breathe a sigh of relief, here’s another statistic: for the first time in many months, we see an increase in year over year sold price per square foot average. From $176.05 in August of last year, it has now jumped to $188.66. Interestingly enough, homebuyers also bought homes on average 19% smaller this year than they did the last. Average sales price in Carmichael is now $300,867 which is 13% under last August’s $346,409 but the more accurate measure is average price per square foot. Median sales price is $247,000.

Inventory is at 5.8 months based on the last year of sales and 5.7 months based on the last six months of sales.

Antelope Real Estate Market Update: August 2009

Although foreclosure sales are falling, the Antelope real estate market for sales isn’t looking too bad – or didn’t in August. Unit volume gained 15.2% year over year, which is no mean task in itself and non-distressed sales doubled for the same period, going from just 12% of all sales to 25%. 76 homes sold in all, of which 34 were foreclosure sales, 23 were short sales and 19 were non-distressed. Thus, we have a gain overall, even though foreclosure sales fell 21% year over year.

Average sold price per square foot is currently at $116.44 which is 11% under last August’s price of $131.02. Homebuyers also afforded themselves homes on average 6.2% bigger than they did last year. Average sales price – currently at $198,733, down 5.6% year over year from a high of $210,464 – reflects this number so the more accurate measure is average price per square foot. Median sales price rests at $199,000 this month.

Inventory in Antelope is at 3.8 months based on the last year of sales and 4.2 months based on the last six months of sales.

Elk Grove Real Estate Market Update: August 2009

In keeping with July’s numbers, real estate sales in Elk Grove have been showing signs of slowing quite dramatically from last year. A total of 251 homes sold this month, as compared with 333 last August, a unit volume drop of 24.6% year over year. The biggest slice of this drop has been in the foreclosure sales area where just 128 homes sold this August as compared with 226 last August. Short sales gained by 38.6% year over year with 61 homes selling this August as compared with 44 last August. Non-distressed sales remained pretty steady at 62.

Average price per square foot is now $112.55, down 14% year over year from a high of $130.89. Average sales price rests at $252,062 after a 10.5% drop year over year from $281,511. Median sales price is currently $242,000, a more modest 8.7% drop for the same period.

Overall inventory is at 3.2 months whether we look at the last 12 months or 6 months of sales, which seems to suggest the real estate sales market has been pretty steady in Elk Grove over the last year. Foreclosure inventory is at 0.5 months and 0.6 months respectively.

Folsom Real Estate Market Update: August 2009

A total of 57 homes sold in the city of Folsom this August as compared with 68 last August. That shows a unit volume drop of 16.2% year over year. Of these, 12 were foreclosure sales (a gain of 33% year over year), 9 were short sales (no change) and 36 were non-distressed properties (a drop of 28% year over year). One wonders if the so-called shadow inventory finally made it on to the market to renew homebuyers’ interest in REOs this month.

Average sold price per square foot is currently $179.32 – a drop of 8.9% from $196.91 last August. Interestingly enough, homebuyers also bought homes on average 12.5% smaller than they did last August. Average sales price is $368,475 down 20.3% year over year from a high of $462,287. However, keep in mind that the price per square foot is more accurate a measure than the average sales price. Median sales price rests at $340,000.

Overall inventory is at 5.5 months based on the last year of sales and 5 months based on the last 6 months of sales. Foreclosure inventory is at 1.2 months no matter how you look at it.

El Dorado County Real Estate Market Update: August 2009

The El Dorado county real estate market has remained mostly unchanged from last August to this August. A total of 141 homes sold with a unit volume drop of just 9.6% year over year. When compared to Sacramento county, that seems like quite a small change. Foreclosure sales fell 3.5% year over year, short sales gained 60% and non-distressed sales fell 21.3% for the same period.

Average sold price per square foot now rests at $153.47, down 16.3% year over year from a high of $183.45. Average sales price has correspondingly fallen 16.6% from $399,290 last August to $332,096. Median sales price is not at $285,000, a drop of 19.7% year over year.

Inventory in El Dorado county is at 10.1 months based on the last year of sales and 9.2 months based on the last six months of sales. Foreclosure inventory still hovers around 2 months, so we might see more homebuyers from Sacramento move to El Dorado county in search of foreclosure gold!

Sacramento County Real Estate Market Update: August 2009

Technical difficulties we faced not withstanding, August has been a slow month for Sacramento real estate overall, not to mention REOs. It always seems like when there is a truly new reality out there in terms of the nature of the real estate market, homebuyers take a while to relate to it and it shows up in the statistics. The new reality this time of course is that there just aren’t that many REOs to choose from.

Consider this: unit volume has fallen 14.5% year over year. Foreclosure sales have dropped 39.3% for the same period while short sales have gained 73.7% and non-distressed sales have also gained by 19%. Non-distressed sales have gone from being just under 25% of all sales last August to consuming a third of the sales market. As they say, the times they are a’ changing!

Average sold price per square foot is currently at $118.98 which is 15.5% under last August. Average sales price is at $197,464, also 15.3% lower for the same period. Median sales price rests at $180,000.

Inventory is down to 3.2 months for all sales and foreclosure inventory still hovers around the 0.5 month mark.

Back to School (and Real Estate, hopefully!)

As I write this, the agents at our real estate office and I are beginning to wonder where everyone is. On the one hand, people seem to be back from their lazy summer days in July vacation, but on the other wherever they are, they’re not searching for homes. Hmmm… is it the back to school rush?

It isn’t just the website, however. It’s also roads, stores, public parks. There seems to be a lull in the air in general. Yesterday I went to the public library in our area and found a total of five cars in the parking lot. I thought it was closed. Where is everyone?

If you’re a potential homebuyer in today’s market and haven’t bought a home yet (or are not actively searching and making offers) you should be paying extra attention to your timeline if you’re interested in the first-time homebuyer credit. Remember that this credit of $8,000 or 10% of the total purchase price expires on December 1st of this year.

Many mistakenly assume that this means they need to be in escrow on December 1st, which just isn’t true. The rules are very clear – you need to have bought a home – which means – signed paperwork, have it recorded and closed – before December 1st, 2009. With escrows taking longer with additional details lately, you should shoot for a 45 – 60 day close. Which leaves you with barely enough time to find a home this month and get into escrow!

Also remember, this is a tax credit, not a tax deduction, which means you get it even if you have no tax liability to deduct it against.

So if you are in back to school mode but are also considering buying a home soon, give us a call. We’ll make it as easy as possible to shop for a home. There are still some REOs left, but even the owner occupied homes are priced affordably and are worth a look.

First time Homebuyer Tax Credit Ending Soon!

With the real estate market going down and the number of foreclosures we have been seeing, many homebuyers have taken a wait and watch attitude. The ones that jumped in have reaped quite a few rewards, however. For one, there’s the fact that interest rates have been at historical low levels. For another, it’s that prices themselves have been lower than they have been in a long time. Affordability is here!

In spite of these changes however, some remain unconvinced that this might be just the time to look into that long put-off purchase of a home. If you’re one of those homebuyers that is still sitting on the fence, you might want to rethink your position. The first time homebuyer tax credit – yes, the much talked about $8,000 tax credit to first time homebuyers – is ending soon. December 1st, to be exact. And since many escrows are taking about 60 or even 90 days thanks to added paperwork, if you want to take advantage of this tax credit but are not actively working with one of our agents and looking for a home, you’re going to get left out.

For the purposes of this credit, if you have not owned a home in the last three years, you qualify as a first time homebuyer and the credit is $8,000 or 10% of purchase price. Remember this is not a tax deduction but a tax credit, which means it is refundable even if you have no tax liability. Got your attention? Then give us a call or drop us an email and get to looking for a home immediately! There are many homes to look at and our agents are some of the most hardworking in the real estate industry.

Good luck!

Natomas Real Estate Market Update: July 2009

Natomas had been posting some impressive numbers for sales recently and perhaps that was because of all the new homes or relatively new homes that were in foreclosure. Home buyers were impressed with the size and the lack of repairs they had to make and those homes were bought rather quickly. In July, that pace has slowed. Foreclosure sales fell by 40% this month year over year going from 157 homes sold to just 94 this July. Short sales gained ground however with 150% increase in sales. Non-distressed sales remained in keeping with last July at 35 sales. Overall unit volume fell by 20.8% year over year.

Average price per square foot is now at $107.93 – that’s an 18.8% drop year over year from a high of $132.93. Average sales price also suffered a decline of 21% year over year to rest at $192,117. Median sales price is currently at $190,000.

Inventory in Natomas is at 3.6 months based on the last year of sales and 3.7 months based on the last six months of sales. Foreclosure inventory is at 0.5 months.

Florin Real Estate Market Update: July 2009

Unit volume in the Florin area is down by 24% year over year and yet 127 homes sold this month. The slowdown has been mainly foreclosure sales like elsewhere in Sacramento county. REOs fell by 39.6% year over year. Or to put another way, just 81 foreclosures sold this month as compared with 134 last July. 20 short sales and 26 non-distressed homes also closed escrow. That’s an overall jump of 54% for short sales and 30% for non-distressed property. Distress sales are now 80% of all real estate sales as compared with 88% of all sales last July.

We have yet to see any of this bring price increases, however. Average price per square foot is currently hovering around the $100 mark at $99.36 – that’s a drop of 17% year over year. Average sales price fell 13.2% for the same period to rest at $166,680 from a high of $192,021 from a year ago. Median sales price is currently $155,000.

Florin has an active inventory os 2.7 months based on the last year of sales and 2.8 months based on the last six months of sales. Foreclosure inventory is at 0.4 months.