Real Estate Blog - Sacramento Tri-County Housing Trend Report for May 2008

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Sacramento Tri-County Housing Trend Report for May 2008

The closed sales are continuing to increase. May closed sales for the tri-county region of Sacramento have gone up 10% during the month of May over April. Iin fact, May closed sales are up 48% over May of 2007. Look at this graph of for sale -- pending -- closed sales for May:

Sacramento For Sale - Pending - Sold thru May 2008

The amount of inventory has fallen dramatically from last year. May inventory is 17% lower than May of 2007. On top of this, our May inventory of homes for sale is 24% lower than the regional record of 15,302 that was set in August of last year. The number of homes for sale is falling and has been falling for five months in a row. Fewer homes for sale means more competition among buyers. Look at this graph that shows the inventory numbers for the past 15 months in our tri-county region of Sacramento, which includes Sacramento County, Placer County and Yolo County:

homes for sale in tri-county area of Sacramento

Last, the price per square foot has decreased by only 1% from April to May. This most likely means that prices will not experience dramatic drops as they have in previous months. In some Sacramento areas, prices have fallen almost 50% over the past three years. Is there room for significant price decreases from now on? What do you think? Look at this price-per-square foot graph for the past 15 months:

Price per Square Foot Tri-County Region of Sacramento

Source: TRENDGRAPHIX, brought to you by Lyon Real Estate.

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Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available through bookstores everywhere and at Amazon.com.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.

Posted by Elizabeth Weintraub, Sacramento Short Sale Agent, 916.233.6759, Lyon RE on 06/16/2008 01:23 PM

Comments (12)

sacramento county housing market, trendgraphix

Originally posted at: Elizabeth Weintraub • Sacramento Short Sale Agent • Land Park: Sacramento Tri-County Housing Trend Report for May 2008

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12 Comments on Sacramento Tri-County Housing Trend Report for May 2008

JUN

2008

These are great reports, Elizabeth.

Sales are climbing and inventory is dropping.... looks good from here. Smart Sacramento buyers would be signing contracts before prices begin to escalate too much more.

Elizabeth, the months of inventory declining steadily in your market is a good sign. Much better than a lot of areas in the country.

Eliabeth

It is picking up.

Sincerely

Tom Braatz

Hi Jesse, Gary and Tom: Well, it's improving but we aren't out of the woods. Almost half of the pending sales are foreclosures, and another waive of foreclosures is about to hit. But I honestly don't believe the prices will continue a tailspin. What bothers me more is the fact interest rates are on the rise, which could slow everything and price some buyers totally out of the market again. We have a good window of opportunity at the moment.

Hi Elizaeth

Great information. I hope your market stabilizes soon.

All the best!

Hi Elizabeth. Your graphics have to be the sexiest market report graphics out there! :-) Nat

JUN

2008

Looks like prices have hit bottom in Sacramento, pending what is going on in the national economy. With higher energy costs outlying areas may continue to suffer.

Hi Kevin: I suspect we are a ways from stabilization in all areas, but some are holding their own while others are picking up, so I don't think our prices will fall as much as they have in the past.

Hi Nat: That's Trendgraphix, which is owned by Lyon Real Estate, that generates those sexy reports!

Hi Robert: I agree that outlying areas are suffering. It's one of the reasons that some agents from the suburbs like Elk Grove are moving their businesses to the core area near the capitol. Because they're tired of not making any money. Fortunately, I work near downtown, and this is where all the action is these days.

Hi Elizabeth,

Great post...now if only you can beat this in to the head of that guy from the Trulia Q&A from the other day. We don't make this stuff up!!! The numbers don't lie!!!

Erin

Hi Erin:

It's best not to feed the trolls -- especially those suffering from the syndrome of "Look, the Emperor has No Clothes!" Because they end up naked themselves. Stupid is as stupid does, said Forrest Gump.

Amen! ;-)

Some people choose to ignore the numbers so it fits their own hysteria. Take care, Erin. I know you will!

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