Archive for February, 2010

Fruitridge Real Estate Market Update: January 2010

Unit volume is down by half year over year – quite a difference! 49.1% lower market volume has mainly been the offshoot of 68.2% lesser REOs selling in the area of Elder Creek and Fruitridge. There have not been enough short sales or non-distressed sales to make up the difference. 9 short sales sold this January as compared with 8 last January. Also 18 non-distressed properties sold over 13 last January, a gain of 38.5% year over year. A total of 54 homes sold in the area.

Average price per square foot is now $88.90 which is a 10% increase year over year from $80.81 of January of last year. Average sales price also rose 10.5% from $91,831 to $101,515 currently. Median sales price is now $94,000 a gain of 44.6% from last January.

Overall inventory is at 3.1 months based on the last year of sales and 3.7 months based on the last six months of sales. Foreclosure inventory seems low at a little over half a month. Short sale inventory however is still over a year.

Arden-Arcade Real Estate Market Update: January 2010

It’s been a while since we looked at the real estate market of Arden Arcade. The last time we checked in was October 2009 and the average price per square foot has remained the same since then while sales are building up.

61 homes sold this month in the area, of which 13 were foreclosures (an overall drop in sales of 72.3% year over year), 18 were short sales (an increase of 157.1% for the same period) and 30 were non-distressed sales (another increase in sales of 36.4% for the same period.) Overall unit volume however fell by 19.7% year over year.

Average sold price per square foot is now $160.31 which is the same as the last time we checked in but is 11% higher than last January. Interestingly, homebuyers also bought homes on average 6.2% bigger than a year ago. Average sales price currently rests at a high of $252,769 up from $214,451 a year ago. That’s an increase of 17.9% year over year. Median sales price is $185,000.

Inventory is at 5.3 months based on the last year of sales and 5.4 months based on the last six months of sales.

Greenhaven Real Estate Market Update: January 2010

The categories have definitely switched places within the real estate sales of the Greenhaven area. Unit volume for foreclosures declined 66.7% while that for non-distressed sales gained the same number. Short sales also reported an increase in sales and so now overall unit volume is 15.4% higher than it was a year ago.

Average price per square foot is now $154.25 which is 9.6% lower than what it was a year ago when it was $170.54. Average sales price now rests at $279,020 down also 9.5% from last January’s high of $308,437. Median sales price is now $239,900, 20% lower year over year.

Greenhaven seems to be a sluggish market currently with 6.2 months of inventory based on the last twelve months of sales and 6.4 months based on the last six months of sales. Foreclosure inventory is at 3 months and 3.6 months respectively and short sale inventory is at 18.7 months and 13.8 months respectively.

Land Park Real Estate Market Update: January 2010

Just 7 homes sold in the Land Park area following the wake of recovering real estate prices. This was an overall drop in unit volume of 22.2% year over year. With number of homes sold being so small, statistics get grossly exaggerated so it is important to mention that 6 of the homes were non-distressed sales and 1 was a short sale. No foreclosures sold this month.

Average price per square foot is now $290.07 – an 11.8% increase year over year. Average sales price rests at $382,857 which is 4% higher than it was last January but most homebuyers also bought homes on average 7% smaller so the more accurate figure is the average price per square foot. Median sales price is currently $399,000.

Inventory is at 3.2 months based on the last year of sales and at 3.5 months based on the last six months of sales. There are just 5 foreclosures (2.4 months of inventory) and 12 short sales (10.3 months of inventory) currently left on the market of the distress sales.

Carmichael Real Estate Market Update: January 2010

The Carmichael real estate market waited until January to change – quite dramatically – in fact. While the rest of the local real estate markets of Sacramento county seem to be stabilizing slowly, Carmichael just posted double digit declines in both average sales price as well as unit volume.

In unit volume we see declines in all categories. Foreclosure sales fell 23.8%, short sales fell 20% and non-distressed sales fell 25% year over year. Overall unit volume also declined 23.7% for the same period. Average price per square foot fell 10.7% year over year. Average sale price is now $278,583 which is 12.4% lower than it was a year ago. Median sales price is now $240,000.

Inventory in Carmichael is at 5.7 months based on the last year of sales and 5.8 months based on the last six months of sales. Foreclosure inventory is around 2 months. Short sale inventory which is the main cause of worry for most people is at 22 months.

Antelope Real Estate Market Update: January 2010

44 homes sold in the Antelope area this month, an overall unit volume decline of 20% year over year. This was to be expected with foreclosure sales falling 59.5% – from 42 homes to just 17 for the same period. Short sales have gained ground from last January, however. They increased in sales by 88.9% year over year while non-distressed homes increased 150%. Overall, Antelope seems like it is recovering – 22.7% of sold homes are now non-distressed as compared with just 7.3% a year ago.

Prices seem to have steadied as well. Average sold price per square foot now sits at $118.48 which is just 0.6% under what it was a year ago when it was at $119.14. Homebuyers however preferred homes on average 9.1% smaller this January than the last and so the average sales price seems to be 9.6% lower year over year. It is currently $184,691 from a high of $204,291. Median sales price is now $186,000.

Inventory in Antelope is at 4.8 months based on the last year of sales and 5.1 months based on the last six months of sales.

Fair Oaks Real Estate Market Update: January 2010

In terms of real estate sales, the Fair Oaks market has remained largely unchanged. 29 homes sold this month as compared with 27 last January, an overall unit volume increase of 7.4% year over year. The increase in sales was felt mainly in the area of short sales where 60% more sold year over year. Distressed sales still make up 80% of all homes sold in the Fair Oaks area, an indication that the real estate recovery still has a way to go.

Average sold price per is now $136.08 down 8.7% year over year from a high of $149.01. Interestingly enough, homebuyers also chose homes on average 6.4% smaller than they did a year ago. This caused the average sales price to fall 14.6% year over year. It is currently $229,261 down from $268,307 last January. Median sales price sits at $200,000.

Inventory in Fair Oaks is at 5.2 months based on the last year of sales and 4.8 months based on the last six months of sales. There is still a fair amount of foreclosure inventory – right around 2 months – more than in other areas of Sacramento county.

Elk Grove Real Estate Market Update: January 2010

January was a slow month for real estate sales in Elk Grove, even less prolific than December. Just 178 homes sold in the area, an overall unit volume decline of 16.4% year over year. Foreclosures alone fell 57.7% for the same period. The biggest gains were experienced by non-distressed properties which rose 176.2% year over year. Short sales also gained over last January’s sales by 75.9%. One out of every three homes sold is now non-distressed which says a lot about the recovering health of the Elk Grove real estate market.

Average sales price per square foot in Elk Grove is now $112.96 which is just 3.2% under last January’s $116.66. Average sales price has fallen year over year by 4.7% and currently rests at $239,362 from a high of $251,181. Median sales price is now $227,000.

Inventory in Elk Grove is at 3.7 months based on the last year of sales and 3.9 months based on the last six months of sales. Foreclosure inventory is under a month and the only inventory that needs to get absorbed before we see price gains seems like the short sale inventory. However, that seems to be around 12 months, so I guess we’ll just have to be patient.

Folsom Real Estate Market Update: January 2010

A total of 54 homes sold in Folsom in the month of January – that’s a 45.9% increase in unit sales year over year. The real estate recovery might be taking its time coming in terms of prices, but the number of distressed properties sold has gone down, which might make quite a few homeowners quite happy.

Foreclosure sales were down by 36.8% year over year while short sales gained 116.7% for the same period. The biggest gains were in the non-distressed category of real estate sales where 141.7% more homes sold this January than the last. 53.7% of all homes sold are now non-distressed sales, a significant improvement over last January where just 32.4% of all homes were not either foreclosures or short sales.

Average sold price per square foot is now $179.55 which is almost the same as it was a year ago when it was $180.23. Average sales price currently rests at $329,121 which is 7.9% under what it was last January. Median sales price is now $314,000.

Inventory in Folsom is at 4.6 months.

El Dorado County Real Estate Market Updates: January 2010

When prices fall, homebuyers in El Dorado county buy more and buy bigger. This trend we have seen for a while now has continued in January of this year as well. Overall unit volume was up by 30.3% year over year in the county of El Dorado, with short sales being the largest gainers – up by 92.9% year over year. Non-distressed sales also were up by 48.1%. REO sales remained the same or almost the same as last January with just a 2.1% increase. 116 homes sold in all in the county.

Average price per square foot is now $149.48 a 7% decline year over year from a high of $160.70 last January. As such, people afforded themselves homes on average 6.1% larger this January than the last. Average sales price seems to show a decline of just 1.3% but the more accurate figure is the average sold price per square foot. The current average sales price has now hit $352,668 from a high of $357,349 last year. Median sales price on the other hand has gained 6.8% and currently sits at $315,000.

El Dorado county has 7.7 months of inventory based on the last twelve months.

Sacramento County Real Estate Market Update: January 2010

This is what a stumbling, unsure recovery looks like for Sacramento county, I suppose. Unit volume is down once again but prices are gradually – very gradually – picking back up. For the third month in a row.

A total of 1176 homes sold in the county of Sacramento this month, more than half of which were distress sales. In fact, just one of three homes is a non-distressed sale which is better than it was a year ago where only 1 out of 10 homes sold was non-distressed. Still overall unit volume is down by 27.8% year over year. The majority of this decline has to do with foreclosure sales being down 58.6% for the same period. And short sales gaining 67.3% and non-distressed gaining 72.1% year over year did not help the fall.

Average price per square foot is now $118.99 which is 3.6% over last January’s average of $114.86. Average sales price rose 4.9% year over year and is currently $191,806 above last year’s $182,861. Median sales price rests at $166,500.

Inventory in Sacramento county is at 3.9 months based on the last year of sales and 4.2 months based on the last six months of sales. Short sale inventory is however still over a year.

Greenhaven Real Estate Market Update: December 2009

The Greenhaven or “Pocket Area” of Sacramento as it is called didn’t do as well this month as some of the previous months reported. With just 19 homes selling in December, it suffered a unit volume decrease of 9.5% year over year. Sales were quite evenly divided between distressed and non-distressed; in other words, the balance this month was worse than a year ago at about the same time when two-thirds of all homes sold were non-distressed. Homebuyers are beginning to show an interest in short sales however and that can only be seen as good news. There was an increase in short sales by 300% year over year.

Average price per square foot is not $163.65 which is 3.8% under what it was a year ago when it was $170.20. Average sales price of a home is now $297,755 which is 2.8% lower than it was last December. Median sales price currently sits at $280,000.

Inventory in Greenhaven is at 4.8 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: December 2009

Foreclosure sales are down in Rosemont as elsewhere and even with buyer interest being piqued in short sales, that has not helped the overall unit volume which fell 10.4% year over year. Foreclosure sales dropped 40% for the same period while short sales gained ground by 140%. There was no change in the non-distressed sales. A total of 43 homes sold. Distress sales still take up the majority of the market (2 out of 3 homes sold) but the balance between short sales and foreclosure sales seems to be shifting.

Average price per square foot is now $110.58 which is a 15% change for the worse year over year. Last December average price per square foot was $130.13. Average sale price currently rests at $159,300 also 15% down from last December’s $187,331. Median sale price is now $165,000.

Inventory in Rosemont is at 4.1 months (based on the last year of sales). Foreclosure inventory is still higher than it is in most areas of Sacramento at 1.4 months. Short sale inventory is at 15.5 months.