Housing Market Stats for Foreclosures in Sacramento County in March 2009

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Real Estate Agent with RE/MAX Gold DRE #00697006

How low can prices drop in Sacramento County? That's the question on everybody's mind. Agents and buyers are asking if we're at the bottom, almost like little kids excitedly repeating: Are we there yet? Are we there yet?

Here are charts from Trendgraphix, which are available exclusively to Lyon Real Estate agents, that show what's going on in the Sacramento real estate market.

The first chart shows the foreclosure market in Sacramento, and the activity over the past 15 months through March of 2009:

sacramento foreclosures

The horrifying problem with the above Sacramento foreclosure chart is we have NO INVENTORY. The pending sales for March have surpassed the number of foreclosures for sale. We have one month of foreclosure homes available for sale in Sacramento. The hope is, of course, that once the moratorium on foreclosures is lifted, we will see increased inventory. Because the number of homes going through foreclosure in Sacramento is still increasing, but there are very few foreclosures presently on the market.

Almost every foreclosure listing in Sacarmento is receiving multiple offers, which helps to push up the already below-market pricing set by the banks as advised by their REO agents.

This next chart shows the activity of all Sacramento homes for sale over the past 15 months through March of 2009, which include those offered by sellers who actually have equity -- or at least hope that they do:

sacramento homes for sale

The pending sales are continuing to rise in Sacramento. Sales are up 24% over February of 2009 and have increased 26% from the same time last year. As you can see, our inventory has dropped by more than 50% over the past 15 months. We have very few homes for sale in Sacramento, and about half are in pending status.

The average per-square-foot cost of a Sacramento foreclosure is now $99 as compared to a home that is not in foreclosure at $113 per-square-foot.

So while the good news is homes are now very affordable in Sacramento, trying to buy such a home can be difficult for a buyer. There is little selection. Multiple offers are the norm on every attractive listing. Prices often mean nothing as they are set artificially low. Which is why it's imperative to hire an experienced buyer's agent to represent you.

I won't go so far as to say every aspiring home buyer will end up with a terrific deal in today's market because it simply is not true. Some Sacramento home buyers will make offer after offer and go back to their rental home or apartment empty handed. There is not enough inventory to go around and competition is fierce. My advice is if you want to buy a home in Sacramento and qualify to do so, hire the best Sacramento buyer's agent you can find to give yourself that edge.

sacramento real estate agent

The Short Sale Savior, by Elizabeth Weintraub, coming in June 2009.

Images: Trendgraphix, available exclusively to Lyon Real Estate agents

 

 

 

 

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Ambassador
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Sheldon Neal
Bergen County, NJ - RE/MAX Real Estate Limited - Maywood, NJ
That British Agent Bergen County NJ

Hi Elizabeth !

At least 'pendings' are up nicely !

Happy Easter, and continued success to you for the year :o)

Sheldon

Apr 12, 2009 06:05 AM #1
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Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Hello Elizabeth, that inventory down can only get multiple offers on the properties. Great for the Sellers. Happy Passover to you!!

Apr 12, 2009 08:34 AM #2
Rainmaker
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Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Happy Easter to you , your wife, and your adorable new baby, Sheldon.

Hey Gary, it's not so great for buyers, though. They're fighting like cats and dogs over listings.

sacramento agent

Apr 12, 2009 11:13 AM #3
Rainmaker
3,268,414
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

I am sure your market appreciates not just a regurgitation of numbers but an actual interpretation AND it also gives some impetus to "move it or lose it " !  Happy and prosperous spring !

Apr 13, 2009 12:32 AM #4
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Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

I guess that it is still a great buyer's market. Let's hurry up and get all those deals closed and move out of this market--although I'm thinking that it is going to be awhile!

Apr 13, 2009 03:56 AM #5
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