Archive for 2009

Downtown Sacramento Real Estate Market Update: September 2009

There are 2 foreclosures and 16 short sales on the active sales market of downtown Sacramento but they aren’t getting much attention. At least so it seems when of the 7 homes that sold in the area last month, there were no foreclosure sales and only one short sale. The rest were non-distressed homes. Overall, we see a unit volume decline in sales by 36.4% year over year.

The good news, if you can call it that, comes from the price data. Average sold price per square foot is about the same as it was last year at this time – $277.50 per square foot. (Last September it was $277.34) Still home buyers have bought homes on average 6.4% smaller than they did last year. Average sales price in downtown Sacramento is now $354,286 which is 6.4% lesser than last September and median sales price is now $335,000.

Inventory in downtown Sacramento is at 9.3 months based on the last year of sales and 8.9 months based on the last six months of sales. Foreclosure inventory is at 1.1 months and 1.7 months respectively.

Foothill Farms Real Estate Market Update: September 2009

With foreclosure sales drying up many homebuyers have begun to consider other areas of real estate that still offer discounts like short sales and some non-distressed property, but that doesn’t seem to be the case in Foothill Farms. Just 41 homes sold in the area, which is a unit volume decline of 34% year over year. Last September, 62 homes had sold. Foreclosure sales by themselves fell by 54% without any corresponding rise in short sales (that went from 5 sales to 8 sales) and non-distressed homes (that went from 7 to 10). Even so, now non-distressed home sales to distressed home sales are at a ratio of 1:4 as compared with 1:10 from a year ago.

Average price per square foot is now hovering around the $100 mark at $102.84, down 13.1% from a year ago when it was $118.30. Average sales price is at $124,676 down 13% as well from a high of $143,339 from a year ago. Median sales price is now $126,000.

Inventory is at 2.3 months based on the last year of sales and 2.5 months based on the last six months of sales.

Arden-Arcade Real Estate Market Update: September 2009

From a lackadaisical August in Arden-Arcade we come to a September that did better than expected by most in terms of real estate sales and prices. 90 homes sold in the area and we see a unit volume increase of 11.1% year over year. Not bad considering that foreclosure sales fell by 21.7% for the same period. Short sales gained 120% and non-distressed sales were also up by 43.3% however. This brings us closer to the balance between distressed and non-distressed property to about 50-50.

Average sold price per square foot is a little higher than it was last month at $144.95. Last month it was $141.84. Nothing to celebrate yet however because year over year it is still a decline of 13.6% from a high of $167.78. Interestingly enough, homebuyers also bought homes on average 15% bigger this September than they did the last. Average sales price thus shows only the smallest amount of decline year over year (falsely so) from $227,954 to $227,004. Median sales price currently rests at $181,500.

Inventory in Arden-Arcade is at 5.5 months based on the last year of sales and 5.1 months based on the last six months of sales.

Elder Creek / Fruitridge Real Estate Market Update: September 2009

If you’re looking to buy a home for five figures in the Sacramento area, you wouldn’t go wrong by looking in the Elder Creek / Fruitridge area. Prices have fallen and continue to fall here to unheard of numbers. Average price per square foot this month was $87.45 which was a decline again of 4.2% year over year from a high of $91.25. Average sale price is now $97,937 in the area down 7.2% from $105,586 last September. Median sales price currently rests at $76,000.

The clear winners in sales in the area are of course short sales. Foreclosure inventory is rapidly drying up and homebuyers are looking at well-priced short sales for bargains. Foreclosure sales fell by 45.9% year over year while short sales gained 433.3% for the same period! Non-distressed property sales remained the same almost with just a 5.6% increase for the same period. Overall unit volume fell year over year by 23.6% with just 81 homes selling this September as compared with 106 last September.

Inventory is at 2.4 months based on the last year of sales and 2.7 months based on the last six months of sales.

Land Park Real Estate Market Update: September 2009

Homeowners (and home sellers, I suppose as well) in the Land Park area have quite a bit to smile about and can afford to feel a little optimistic. Whereas in other areas of Sacramento county September has been a bit of a slow month, Land Park seems to be doing better than elsewhere. Unit volume was higher in Land Park by 28.6% year over year and it also included two short sales! Land Park has been in the past averse to getting rid of its short sale inventory so we hope this is a step in the right direction. 2 foreclosures and 14 non-distressed properties also sold. Homebuyers in the area have always seemed to prefer non-distressed homes over distressed, an important fact that gives Land Park its relative stability.

Speaking of stability, average price per square foot rose from last month’s $255.80 to $273.63. It is still 4% under last September’s $284.63 however. Average sales price is currently at $347,018 down 9.3% year over year from a high of $382,786 but since homebuyers bought homes 6% smaller on average this year over last year, the more accurate number here is the price per square foot. Median sales price is now at $319,062.50.

Inventory is at 4.9 months based on the last year of sales and 4.3 months based on the last six months of sales.

Rosemont Real Estate Market Update: September 2009

Rosemont saw a unit volume decline of 25.7% year over year! Not surprising considering distressed property seems to be losing favor with homebuyers in the area. Just 26 foreclosures sold this month as compared with 43 in September of 2008. Short sales also declined by 40% – from 10 to just 6 this month. Non-distressed property sales rose by 17.6% year over year. Perhaps the most important statistic is that non-distressed sales now make up 38.5% of all sales, as compared to just 24.3% from a year ago.

Average price per square foot though has yet to benefit from this turn of sales. It is currently $116.02 as compared with $134.67 from a year ago. That’s a decline of 13.8% year over year. Average sales price now rests at $165,081 down 12.1% year over year from a high of $187,754. Median sales price in Rosemont is now $160,275.

Inventory in Rosemont is at 3.4 months.

Greenhaven Real Estate Market Update: September 2009

The price declines – year over year anyway – continue, even in the Greenhaven or “pocket area” as it is lovingly called, albeit at a slower pace. Average price per square foot is now $167.70 which is a 2.7% decline since last September’s high of $172.31. Average sales price hasn’t fallen far from the $300,000 mark and currently rests at $279,833 which seems to be a 6.3% decline from last September’s $298,663. However, since the average home sold was 3.7% smaller than last September, the more accurate number here is the price per square foot. Median sales price remains at $268,500.

We are also seeing declines in actual sales, not just the price. Just 21 homes sold this September as compared with 24 in September of 2008, which points to a unit volume drop of 12.5%. We are also seeing declines in the categories of foreclosure sales (37.5% year over year) and non-distressed property sales (20% year over year). The only increase we see is in short sales which have risen by 300% for the same period. But that isn’t saying much based on the fact that just 4 short sales closed escrow this month.

Inventory in Greenhaven is at 5.5 months based on the last year of sales and 4.9 months based on the last six months of sales.

Fair Oaks Real Estate Market Update: September 2009

Just 31 homes sold in the Fair Oaks area this month leading to the question where are the homebuyers? Perhaps they are waiting for more price declines. With 4.9 months of overall inventory (based over the last year of sales) and 1.2 months of foreclosure inventory it isn’t lack of houses to look at that’s holding buyers back. 37 homes had sold last September. Unit volume thus is down 16.2% year over year. Foreclosure sales fell 45.5%, short sales gained 100% and there was no change in non-distressed property sales.

Average sold price per square foot is now $147.80 down 12.3% from a year ago when it used to be $168.51. Average sales price is now $269,474 down 12.7% from last September’s high of $308,785. Median sales price now rests at $225,000.

While foreclosure sales seem to have fallen we are seeing no corresponding gain in non-distressed property sales as we are seeing in other parts of Sacramento county. Based on the last six months of sales, there is 9.2 months of inventory for short sales and 5 months of inventory for non-distressed property alone!

Citrus Heights Real Estate Market Update: September 2009

103 homes sold in the city of Citrus Heights this month as compared with 101 last September keeping the unit volume almost the same. Within the individual categories though we see some marked differences that suggest this market might be heading toward some stabilization. For instance, foreclosure sales fell 29.4% year over year while both short sales and non-distressed property sales gained momentum. Non-distressed property sales rose by 135.7% brining the ratio of distressed to non-distressed home sales to 3:1 from almost 10:1 a year ago.

In terms of price data, the news is not as encouraging however. Current price per square foot is now $122.60, a drop of 12% year over year from a high of $138.96 a year ago. Average sales price in Citrus Heights is now $171,897 down 9% from $188,785 a year ago. Median sales price is now $165,000.

Inventory in Citrus Heights is at 2.1 months based on the last year of sales and 2 months based on the last six months of sales. Foreclosure inventory remains at 0.5 months.

Carmichael Real Estate Market Update: September 2009

September has been a slow month of real estate sales for Carmichael. Just 37 homes sold in the area which accounted for a unit volume drop of 24.5% year over year. In face, sales in every category fell except for non-distressed properties. Foreclosure sales fell 56.5% year over year while short sales fell 62.5% for the same period. Non-distressed sales rose by 33.3%. Perhaps the most marked change we see in the Carmichael real estate market is the market share that non-distressed property sales now take up as compared with last September – from being just over a third of all sales, these non-distressed homes are now 65% of all properties sold!

Average sold price per square foot sits at $166.26 which is a decline of 5.3% year over year from a high of $175.65. Average sales price rests now at $303,526 as compared with $305,023 from a year ago. Median sales price is now $260,000. Homebuyers also on average bought homes 5.3% bigger this September than the last.

Inventory in Carmichael based on the last twelve months of sales is at 6.2 months and based on the last six months of sales is 5.7 months.

Antelope Real Estate Market Update: September 2009

If you’re a homebuyer looking for a house in Antelope, you’re one of the (very) few buyers in the area, at least according to the sold statistics from last month. Year over year, monthly real estate sales in the Antelope area fell almost 47% – just 50 homes sold this September as compared with 94 in September of 2008! Add to that the fact that there was no change in the non-distressed property sales but short sales fell 27.8% year over year and foreclosures fell an even larger number of 62% for the same period.

Average sold price per square foot remains fairly consistent at $115.44 which is a drop of 10.3% year over year. Interestingly enough, homebuyers also bought houses 7% smaller than they did last September. Average sales price is now $183,930 which is 16% lower than it was a year ago from a high of $219,705. However, because homes sold were also smaller on average, the more accurate picture here is given by the average sold price per square foot.

Inventory is at 4.1 months based on the last year of sales and 4.4 months based on the last six months of sales, pointing to the slowdown.

Elk Grove Real Estate Market Update: September 2009

The Elk Grove real estate market has been fairly consistent with last month but the year over year changes are still quite pronounced. 247 homes sold in September of this year as compared with 283 last September. That’s a unit volume drop of 12.7% year over year. Here are the interesting details, however: within this unit volume drop we see REO sales fallen by 44.4% while short sales rose 51.3% and non-distressed homes also rose by 97.3% for the same period!

Even prices seem to have recovered slightly from last month. Average sold price per square foot is now $115.58 up slightly from last month. Year over year however, prices are still 8.7% lower. Average sales price is now $247,150 which is 7% under last September’s $265,796. Median sales price currently rests at $235,000.

Inventory in Elk Grove is now at 3.4 months based on the last year of sales and 3.3 months based on the last six months of sales. Foreclosure inventory is at 0.5 months and 0.6 months respectively.

Folsom Real Estate Market Update: September 2009

Although we see a drop of 40% in REO sales, unit volume in overall real estate has gone up by 13.5% in Folsom year over year, a good sign that homebuyers are beginning to explore other avenues of buying homes besides REOs. Short sales (up 100% year over year) and non-distressed sales (also up 37% for the same period) are still priced inexpensively as shown by the price data.

Average sold price per square foot is now at $173.09 which is 9.2% under average sold price from last September. The average home in Folsom now sells for $378,440 as compared with its average price in last September when it would have fetched $425,514. That is a drop of $11.1% year over year. Median sales price is Folsom currently rests at $375,000.

Inventory in Folsom points to the last six months of increasing sales. Based on the last six months, inventory has shrunk to 4.7 months. If we look at the average of the last twelve months though inventory is at 5.2 months. Foreclosure inventory is at 1.5 months no matter how you look at it.

El Dorado County Real Estate Market Update: September 2009

If sales were mostly unchanged last month, they are even more so this month. El Dorado county seems to be the perfect example of the phrase “the more things change, the more they remain the same.” 163 homes sold this month as compared with 162 homes last September. Yes, things don’t change very quickly in El Dorado county as I’ve mentioned before. Even within the REO and short sale and non-distressed categories, the numbers have remained pretty much in keeping with last September: 68 REOs this September as compared with 65 year over year, 22 short sales as compared with 19 and 73 non-distressed homes as compared with 78 for the same period.

Average sold price per square foot is now at $146.63 compared with $175.58 from a year ago. That’s a drop of 16.5% overall while the average sales price now hovers at $323,720 with a 15.5% fall for the same period. Median price has fallen 20.6% from a year ago to rest at $286,000.

Inventory in El Dorado county is not at 9.4 months based on the last year of sales. We have seen a small increase in sales over the last six months though as evidenced by inventory based on the last six months at 8.1 months. Foreclosure inventory is at 1.7 months and 1.6 months respectively.

Sacramento County Real Estate Market Update: September 2009

Sacramento county is a mixed bag of news this month. The bad news is that prices still show a decline year over year. The good news is that the price declines are a lot smaller than they were a few months ago. In another piece of good news, REO inventory seems to be drying up and homebuyers are beginning to get interested in the non-distressed market as well.

A total of 1667 homes sold in Sacramento county this month, which included 774 REOs, 310 short sales and 583 non-distressed homes. This brings the percentage of non-distressed sales to 35% as compared with barely 20% from a year ago. Bank-owned home sales have fallen 48.3% for the same period while short sales have risen inversely to that by about 39% year over year. These are all good signs for a recovering market. Unfortunately unit volume seems to have suffered a blow: 22.3% less homes sold this month as compared with last September.

Average price per square foot is now at $121.09 which is 7% lower than it was a year ago when it was $130.22. Average sales price is now under $200,000 at $199,489, also a fall of 4.1% from last September’s high of $208,117. Median sales price for Sacramento county now rests at $175,000.

Inventory is consistently at 3.4 months whether we consider the last six months of sales or twelve. Foreclosure inventory remains at 0.5 months.

Arden-Arcade Real Estate Market Update: August 2009

This has not been a fantastic month for Arden-Arcade on any count. Unit volume has fallen along with price. A total of 81 homes sold in the month of August in the area, which was a unit volume drop of about 21.4% year over year. Foreclosure sales fell by 34.1% and non-distressed property sales also fell by 31%. The only real winners were short sales which gained 250% year over year!

Average sold price per square foot is now $141.84 which is 27.2% under last August’s price per square foot measure. And other numbers aren’t comforting either: the average home that sold for $271,781 last August can today not even hit the $200,000 mark. Average sales price in the area today is $194,537, which is 28.4% lower year over year. Median sales price is now at $165,000.

Inventory in Arden-Arcade is now at 5.1 months based on the last year of sales and 5 months based on the last six months of sales. Foreclosure inventory is at 0.7 months and 0.8 months respectively.

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!