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| From BuyWithDoug.com's Blog |
Change in sales volume and median sales price small but positive
Sacramento sales volume and median sales price both increased for October, showing a continued trend of a flat local market. Single family home sales increased 5.2% from 1,631 to 1,716 total units in October. Year-to-year, the current figure is 18.4% below the 2,103 sales of October 2008. Of the 1,716 sales this month, REO sales made up 41.6% of the total sales while short sales and conventional sales made up the remainder of sales at 20.7% and 37.7%, respectively. When compared with last month, REO sales decreased slightly while short sales and conventional sales showed slight increases.
After a month of decline, the median sales price increased 1.1% in October from $183,000 to $185,000. Compared to the previous year, the current figure is 5.2% below the $195,100 of October 2008. The Total Listing Inventory increased 2.3% from 5,273 to 5,392. The current Total Listing Inventory is 26.2% below the 7,304 listings reported in October last year. The Housing Market Supply figure changed slightly month-to-month from 3.2 months to 3.1 months. Compared with last year, this figure is down 11.4% from the 3.5 months of inventory of October 2008. This figure represents the amount of time - in months - it would take to deplete the total listing inventory given the current rate of sales. According to MetroList® MLS data, the average home spent 49 days on market (from the time it was listed to the time escrow was opened) and was 1,692 square feet. Of the 1,716 sales this month, 160 (9.3%) had 2 bedrooms or fewer, 956 (55.7%) had 3 bedrooms, 468(27.2%) were 4 bedroom properties and 132 (7.6%) boasted 5+ bedrooms.
A lackluster Sacramento market does have a positive side: market stability. In the last six months the median sales prices has remained between $180,000 and $190,000. This makes for a less volatile market than Sacramento had previously encountered. Also, the recent extension of the $8,000 tax credit for first time homebuyers has relieved many trying to close before the original November 30th deadline. The new deadline has been set for April 30th, with a 60-day extension if a binding contract is placed prior to the April deadline. A less publicized $6,500 tax credit for "move up" buyers also went into effect following the vote. For more information on the tax credit, view my older blog posts. Also available to first-time homebuyers represented by a REALTOR® is theMortgage Protection Program (MPP). This program is offered through the C.A.R. Housing Affordability Fund and it provides involuntary unemployment protection to buyers, increasing buyer confidence and reducing the possibility of foreclosure.
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