Although the number of single-family home sales increased 3.7% in Sacramento County for the Month of March 2011 vs. March 2010, the median sale price declined by 10.8% for the same period.
In the Sacramento condominium market, a 27.8% increase in number of sales was posted for March 2011 vs. March 2010. Prices declined 4.2% for the same period.
Mortgage interest rates continue at historic lows, and for those with the ability to currently buy homes. The opportunities continue to be great!
Your stats are similar to others across the country. At least the number of sales is going up. I hope your piece of the pie is increasing, too.
Have a good week, Myrl
Myrl,
Great presentation for Sacramento County. Glad to see the sales numbers going up. Wishing you and your clients much success this season.
Steve
Hi Myrl~
I think the fear factor is dwindling down and as you said, people who have the ability to purchase are stepping up to buy because it truly is an amazing time to purchase a first home, step up home or investment property.
See you in the rain...
Mary - Interestingly, there have been these increases in sales numbers going on the last several months. I would love to see prices stabilize or recover too.
Steve - There is certainly sales activity going on. I wish you success this season as well.
Judi - I see the fear factor dwindling slightly too. And it is an incredible window of opportunity. It's like none we've seen in decades.
Myrl,
That's a pretty interesting dynamic, when unit sales go up, and prices go down. Raw numbers don't lie though. The answer to why is there somewhere.
Rich
Hi Myrl, Sales increases are very good and not that much concern for the drop in the median prices as yet. Guessing still too many distressed property sales are bringing the median sales price down a bit.
Those stats are very similar to what's happening here in St George. Sales are up, but prices are slightly down from last year this time.
Myrl, it sounds like the increased sales are directly attributed to the current lower prices and interest rates. Great information on the Sacramento real estate market.
Richard - I had been wondering quietly to myself, if we were experiencing a double dip that had been warned about. On the morning news today, one business report confirmed what I had been fearing, that indeed we have had several months of declining prices indicating we were having a double dip in resale housing. What concerns me most, is last week I looked at the tax records for one particular street, which has a total of about 30 homes. Currently, there are 2 repo houses, One just closed escrow, and another is in pending status. There is one short-sale that has fallen in and out of escrow off and on for the past year or longer. BUT, also indicated on the tax rolls for this same street, are 2 pre-foreclosures, one property that is still occupied by the owner, that went to auction on March 31st. And another property that is delinquent 60 days, and probably will become a foreclosure. I'M CONCERNED ABOUT SHADOW INVENTORY.
William - I have two concerns. (1) That prices are still declining. AND (2) Shadow Inventory. A lot depends on WHEN folks will go back to work again. I wish I could see more indication that would be sooner, rather than later.
Erika - They seem to mirror many areas of the country. It is encouraging to hear from those that seem to be having at least some mild recovery. We need to hear those stories more.
Juli - There is so much opportunity for those that are able to buy homes now. We are seeing prices that haven't been seen in 20 years here in the Greater Sacramento region, coupled with the lowest interest rates in generations.
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