Have we hit the bottom yet? Ahhh...who knows. But, here are some really interesting statistics that were shared with a group of Realtors on Tuesday morning. The information was provided by our local MLS and compiled by the wonderful Brian McMartin - thanks for sharing Brian!
In Sacramento County and the City of West Sacramento, there were a record breaking number of closed escrows for the months of January and February! There were 1,542 recorded sales for the month of January and 1,575 recorded sales in the month of February. Never before has Sacramento seen this many closed escrows in either January or February. And, these record breaking months came on the heels of an 85% increase in total sales from 2007 to 2008.
The median home price for single family detached homes in February of this year was $167,000 for Sacramento and the City of West Sacramento. The last time we saw a median price as low as $167,000 was in April of 2001. Median price is now 65% of what it was at the same time last year.
So what does all of this mean? Prices are down and homes are selling (in record numbers)!
Stay tuned.
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