Archive for March, 2010

Natomas Real Estate Market Update: February 2010

The number of homes sold in Natomas continues to be high compared to other parts of Sacramento in spite of the slowdown in foreclosure sales. 114 homes sold in the area this month as compared with 134 last February, an overall unit volume decline of about 15% year over year. Foreclosure sales fell 43.1% while short sales doubled and non-distressed sales increased 50% for the same period. About 1 out of every 5 homes now is a non-distressed sale.

Average price per square foot is now $108.01 which is 4.8% lower than it was a year ago when it was $113.40. Homebuyers afforded themselves on average homes 6.3% larger this year than the last. The average price per square foot then is the more accurate number while average sales price shows a small increase in price year over year of 1.3% from a low of $199,161. It currently rests at $201,731. Median sales price is now $183,750.

Inventory in Natomas is currently at 4.5 months based on the last year of sales and 5 months based on the last six months of sales. Foreclosure inventory is right around 1 month.

Rancho Cordova Real Estate Market Update: February 2010

21 homes sold in the Rancho Cordova area this month. It was an overall unit volume increase of 23.5% a bit of a shock since foreclosure sales have fallen 27.3% year over year. Short sales meanwhile have increased from just 2 last February to 7 this month. Non-distressed sales also increased 50% for the same period. The majority of homes sold in the area of Rancho Cordova are still distress sales at a ratio of 5 distressed homes to 2 non-distressed.

Average sold price per square foot remains the same or almost the same as last year at $117.43. Last February, it was $116.82. However, homebuyers bought homes on average 14.2% smaller this February than they did the last. Average sales price thus has correspondingly fallen to $262,828 – a 13.7% decline from a year ago when it was $304,723. Median sales price now rests at $262,000.

Inventory in Rancho Cordova is at 6 months based on the last year of sales and 6.2 months based on the last six months of sales. Forelosure inventory is still at about a month and a half.

Land Park Real Estate Market Update: February 2010

Just 9 homes sold in the Land Park area of Sacramento county this month, an overall unit volume decrease of 35.7% year over year. The majority of homes sold however were non-distressed: 7 non-distressed to be exact for 1 foreclosure and just 1 short sale that closed escrow this month. For an area with already limited real estate sales that Land Park is, this was an overall decline of 50% for both foreclosure sales and short sales and a decline of 30% for non-distressed homes year over year.

Average sold price per square foot is now $247.63 which is an 8.4% drop from last February’s average sales price per square foot of $270.37. Homebuyers on average bought homes 10% larger than a year ago. Average sales price is now $391,722 which is almost the same as it was a year ago when it was $388,850. Median sales price is now $330,000.

Inventory in Land Park is now at 3.4 months based on the last year of sales and 3.7 months based on the last six months of sales. Foreclosure inventory remains fairly high in this area of Sacramento – 2.5 months based on the last year of sales and 3.8 months based on the last six months of sales.

Foothill Farms Real Estate Market Update: February 2010

30 homes sold in the area of Foothill Farms this month, an overall unit volume decrease of 16.7% year over year. Foreclosures have been drying up for a while and we are beginning to see the green shoots of a possible recovery, at least locally. Although 14 of the sold homes were still foreclosures, 8 non-distressed homes also sold as compared with none last February. Short sales also gained ground with 8 closed escrows as compared with 2 last February.

Average price per square foot is now $97.86 which is 10.1% higher than it was a year ago from $88.85. Average sales price in Foothill Farms is now $117,088 which is 16.4% higher year over year. Last February it was $100,601. Median sales price currently rests at $124,250.

Inventory in Foothill Farms is at 4.1 months based on the last year of sales and 4.4 months based on the last six months of sales. Foreclosure inventory is around 1.5 months. Short sale inventory still hovers around a year.

Orangevale Real Estate Market Update: February 2010

A total of 35 homes sold in Orangevale this month, an overall unit volume increase of 34.6% year over year. Unlike in the rest of Sacramento county, Orangevale has not seen a reduced homebuyer interest in foreclosure sales. 18 of the homes sold were REOs which was a 20% increase year over year and 9 of the homes sold were short sales, which is a 125% increase for the same period. Non-distressed sales remained almost the same as last year at this time. Approximately 4 out of 5 homes sold in Orangevale are still distress sales.

Those statistics don’t bode well for prices. Average price per square foot has fallen 19.1% year over year from a high of $157.93 to a low of $127.70. Average sales price is now $184,532, an overall drop of 20% year over year. Median sales price sits at $188,000.

Inventory in Orangevale is at 4.9 months based on the last year of sales and 5.2 months based on the last six months of sales. Foreclosure inventory is around 1.5 months.

Rosemont Real Estate Market Update: February 2010

A total of 37 homes sold in the area of Rosemont this month, an overall unit volume decline of 24.5% year over year. The biggest drop was experienced by the category of foreclosure sales – 66.7% year over year. of short sales gained 133.3% and non-distressed sales gained 80% year over year. Almost one of two homes sold is now non-distressed, a sign of a relatively healthy market approaching.

Average sold price per square foot also seems to point in that direction. There has been no almost no change year over year. Currently average price per square foot is $121.40 which is almost the same as it was last February at $121.17. Average sales price now sits at $164,100 which is 4.6% lower than it was a year ago but that’s is partially due to the fact that homebuyers bought homes on average 5% smaller than they did last year at this time. Median sales price in Rosemont is currently $170,000.

Inventory is at 4.7 months based on the last year of sales and 5.2 months based on the last six months of sales.

Greenhaven Real Estate Market Update: February 2010

It’s been a few months since we looked at Greenhaven. February, as November 2008 (which is when we last checked in) has been a slow month for the Pocket area as it is referred to. Just 10 homes sold over the month of February, an overall unit volume decline of 23.1% year over year. Foreclosure sales fell 60% and even non-distressed sales fell 37.5%. Short sales which were non-existent last February have increased. 3 short sales closed escrow this last month.

Average price per square foot has suffered another blow. It is now $142.67 which is 14.2% lower than it was a year ago when it was $166.37. Average sales price is now $244,400 a 23.6% decline from the high of $319,900 last February. Median sales price is now $237,500.

Inventory is at 6.7 months based on the last year of sales and 7.3 months based on the last six months of sales. Foreclosure inventory is still relatively high in the Greenhaven area as compared to other areas in Sacramento county – 3.3 months based on the last year of sales and 4.3 months based on the last six months of sales.

Downtown Sacramento Real Estate Market Update: February 2010

The downtown Sacramento real estate market keeps chugging along and each time I write a market report on the area, it seems like nothing much is going on. Nevertheless, 6 home sold in the area last month, an overall unit volume drop of 25% year over year. 4 of these sales were of non-distressed homes while 1 each were in the foreclosure sale and short sale category. The breakdown was almost the same last year at this time.

Average price per square foot currently sits at $242.31 down 8.1% from a year ago from a high of $263.80. Homebuyers preferred smaller houses this February, on average 29.4% smaller and the average sales price reflects that preference. So even though the average sales price shows a decline of 35.2% overall, keep in mind that the more accurate figure here is the average price per square foot. Average sales price is currently $262,500. Last February it was $405,000. Median sales price is currently $265,500.

Inventory in downtown Sacramento is currently at 6.9 months.

East Sacramento Real Estate Market Update: February 2010

24 homes sold in East Sacramento in the month of February, a decline of 20% year over year in unit volume. Foreclosure sales fell 28.6% and short sales also fell 83.3% for the same period. Correspondingly, non-distressed sales are up by 30% year over year. The biggest change is that now 54.2% of homes sold are non-distressed, as compared with 33.3% last February.

Average price per square foot rose 16.4% year over year in the area to rest at $202.23 up from $173.71 last February. Average sales price is also 21.9% higher at $254,154. A year ago, it was $208,463. Median price interestingly enough has fallen 29% to rest at $165,000 down from $232,500 a year ago.

East Sacramento has 3.9 months of inventory based on the last year of sales and 4.7 months of inventory based on the last six months of sales. Foreclosure inventory is right around one month. Short sale inventory is at 14.6 months based on the last year of sales and 18 months based on the last six months of sales.

Fruitridge Real Estate Market Update: February 2010

Both unit volume and foreclosure sales are down dramatically in the Elder Creek / Fruitridge area of Sacramento. Just 46 homes sold this February in the 95820 and 95824 zip codes which is an overall decrease of 56.2% year over year. Foreclosures alone fell 73.1% for the same period – from 93 sales to just 25 this month. And although short sales increased slightly, it seems as if homebuyers are looking at owner-occupied homes currently.

With the bargains that abound, one can hardly blame them. Average price per square foot remains under $100 at $85.20 even when it rose 25.2% from last February when it was $68.03. Average sales price rose from last February’s $77,784 but remains under the six-figure mark at $96,471. Median sales price is now $85,000, a 41.7% increase year over year from a low of $60,000.

Inventory is at 3.4 months based on the last year of sales and 4.2 months based on the last six months of sales.

Arden-Arcade Real Estate Market Update: February 2010

The Arden-Arcade area of Sacramento seems to be showing signs of stability. Overall sales and prices are almost unchanged year over year, an almost flat line on the graph. 62 homes sold overall this month as compared with 61 last February. That is a 1.6% increase year over year. Foreclosure sales fell 26.7% year over year while non-distressed home sales gained 40%. Short sales were largely unchanged. Almost 1 out of 2 homes sold is now non-distressed, a marked improvement over last February where 1 out of 3 homes sold was non-distressed.

Average price per square foot remains almost unchanged year over year at $137.68 which is a small increase of 0.4%. Average sales price has fallen 4.8% to reach a low of $182,097 down from $191,189 last February. Median sales price rests at $155,300.

Inventory is at 5.8 months based on the last year of sales and 6.1 months based on the last six months of sales. Short sale inventory however is still relatively high at 18.8 months and 17.6 months respectively.

Fair Oaks Real Estate Market Update: February 2010

Finally – a ray of hope for those living in Fair Oaks! For the first time in months, we see both – a unit volume increase year upon year as well as a price increase. Now before we all get too excited, it’s still a good idea to keep an eye on the short sale inventory, but let’s go into it one by one.

Unit volume was up this last month by 50% year over year. Although just 24 homes sold, the fall in foreclosure sales of 25% year over year was countered by a corresponding increase in non-distressed property sales (150% for the same period) and short sales which increase 50% for the same period. Almost 2 out of 3 homes sold are now non-distress sales, twice the number from last February.

Average price per square foot is now $151.43 which is up 2% year over year from the low of $148.41. Interestingly enough, homebuyers bought homes about a fourth larger on average this February than they did the last. So the average sale price seems to have gained more than it really has. Average sales price is now $336,256 which is 30% higher than a year ago when it was $258,254. Median sales price is now $318,450.

Inventory in Fair Oaks is at 5.4 months based on the last year of sales and 5.6 months based on the last six months of sales. Short sale inventory however is still 13.8 months – a number that should be watched.

Citrus Heights Real Estate Real Estate Market Update: February 2010

It has been a while since we looked at real estate sales in the Citrus Heights area. It doesn’t look like we have missed much, however. In fact, Citrus Heights is one of the few places in Sacramento county that seems to have been among the most stable areas in terms of prices.

When it comes to real estate sales, unit volume has fallen 11.4% year over year. 70 homes sold this month. Foreclosure sales have fallen quite dramatically which has no doubt been the biggest reason for declining sales. Foreclosure sales fell 31% year over year while short sales gained 50% and non-distressed property sales increased 38.5% for the same period.

Average price per square foot is pretty similar to what it was the last time we checked in. It is at $116.02, just 1.4% lower than it was a year ago when it was $117.68. Average sales price is now $163,860 down 3.1% year over year. Median sales price is currently $169,000, up 5.6% from where it was last year at this time.

Real estate inventory in Citrus Heights is at 2.3 months based on the last year of sales and 2.5 months based on the last six months of sales.

Antelope Real Estate Market Update: February 2010

Homebuyers have lost interest in buying real estate in the Antelope area, or so it seems, in this very slow and lackadaisical market. Just 33 homes closed escrow this last month which was a 47.6% unit volume decrease year over year. There was a drop in foreclosure sales by 62.5% and short sales by 26.3% with no corresponding increase in non-distressed property sales. In fact, just 4 non-distressed sales took place, the same number as a year ago.

Prices too have fallen year over year. Average price per square foot is now $110.61 which is 9.5% lower than it was a year ago when it was $122.29. Average sales price is now $190,214 which is 3.9% lower than last February’s average sale price os $197,919. Median sales price remains fairly stable at $195,000 down 0.5% from a high of $196,000 last February.

Inventory in Antelope is at 5 months based on the last year of sales and 5.8 months based on the last six months of sales. Foreclosure inventory is a little over a month.

Carmichael Real Estate Market Update: February 2010

36 homes sold in the Carmichael area this month – an overall unit volume increase of 24% year over year. In terms of sales the market seems well on its way to recovery, although this could just be because owner-occupied homes are still priced to compete with foreclosures and short sales that remain on the market.

Foreclosure sales fell 30% year over year and short sales fell 40% for the same period. Non-distressed sales took the cake in year over year increases – 19 homes sold this month over just 4 last February for a 375% increase in sales! 1 out of every 2 homes sold is now a non-distressed sale, a far cry from a year ago when just 1 out of 10 homes sold was non-distressed.

Average price per square foot is now $137.28 which is 21.6% lower year over year. Last February it was $175.13. Average sales price is now $227,638 down 21.1% year over year from a high of $288,461. Median sales price on the other hand has gained 13% year over year from a low of $192,375 to rest at $217,500.

Inventory in Carmichael is currently a little under 6 months.

El Dorado County Real Estate Market Update: February 2010

Prices in El Dorado county continue to fall. However, unit volume is up. A total of 122 homes sold this month in the county of El Dorado. Of these, 49 were foreclosure sales, 29 were short sales and 44 were non-distressed sales. Now 2 out of 3 homes are distress sales although the ratio between foreclosure sales and short sales has changed somewhat, beginning to lean toward short sales.

Overall, foreclosure sales fell 10.9% year over year, short sales increased 107.1% and non-distressed sales also posted an increase of 29.4% for the same period. Overall unit volume was higher by 18.4% year over year.

Average price per square foot is now $144.25 which is a 12.7% decrease year over year from a high of $165.25. Homebuyers as a result afforded themselves homes on an average 5.7% larger this year than they did the last. Average sales price is now $322,707 down 7.7% from a high of $349,588 last February. Median sales price is $289,000.

Inventory in El Dorado county is at 8 months. Foreclosure inventory is at 2.4 months.

Folsom Real Estate Market Update: February 2010

Folsom has an interesting real estate landscape right now. For most of last year, it was one of the few places in Sacramento county that did not see price declines, where foreclosures and REO sales didn’t really show up on the map as much as elsewhere, but it seems like that is changing a little this year. Or perhaps because of that slow change, homebuyers that were waiting and watching are beginning to pick up some good bargains.

Just 40 homes sold in the city of Folsom in February, an overall unit volume decline os 18.4% year over year. Of these, 13 were foreclosure sales, 13 short sales and 14 non-distressed sales – an even division between all categories. When compared year over year, though, we see that short sales have more than doubled, foreclosure sales have remained the same but non-distressed sales have fallen to less than half of what they were a year ago.

Average price per square foot is now $174.23 which is 7.5% lower than it was a year ago. Average sales price is now $322,220 which is 21.2% lower year over year. However, homebuyers seem to have been interested in smaller homes – much smaller than a year ago – in fact, 14.8% smaller. So the more accurate figure here is the average price per square foot. Median price is currently $302,500.

Folsom has approximately 5 months of inventory.

Elk Grove Real Estate Market Update: February 2010

For those of you who have been waiting with bated breath, Elk Grove has seen its first year over year increase in price. It is however small, tiny, in fact. But first, let’s take a look at the overall sales of the real estate market in the city of Elk Grove. Just 146 homes sold in the month which is an overall unit volume decrease year over year of 39%. Foreclosure sales alone fell 63.5% for the same period. Short sales remained the same at 33 but non-distressed sales gained a whopping 71.4% year over year. This means that 1 out of 3 homes sold are now non-distressed, a big change from last January where just 1 out of 10 homes sold was non-distressed.

There is a small increase in average price per square foot. Currently average price per square foot is $117.27 which is 1.6% higher than it was a year ago when it was $115.47. Average sales price currently rests at $240,722 which is 2.9% lower than it was a year ago. Median sales price is $221,500.

Inventory in Elk Grove is at 4 months based on the last year of sales and 4.3 months based on the last six months of sales. Foreclosure inventory hovers around 1 month and short sale inventory hovers around a year!

Sacramento County Real Estate Market Update: February 2010

With foreclosures staying away – either because banks are holding on to their inventory and introducing it in phases or because the total foreclosures are slowing down or both – unit volume is down overall. However, the silver lining is that there are more non-distressed sales as a result. Even short sales have increased in sales year over year. Here is the entire picture: a total of 1179 homes sold this month, an unit volume drop year over year of about 29%. Foreclosures were lower by 55%, short sales increased 42.3% and non-distressed homes increased in sales by 51.6%. In fact, almost one out of every three homes is now non-distressed.

Average price per square foot has increased year over year by 3.5% from $113.57 to $117.59 currently. Average sales price also increased slightly year over year from $180,757 to $187,691 currently. That’s an increase of 3.8%. Median sales price is now at $169,000.

Inventory in Sacramento county is now at 4.1 months based on the last year of sales and 4.6 months based on the last six months of sales. Foreclosure inventory is barely over a month and short sales are a little over a year.