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Sacramento Area Sales are up 250% Over Last Year

By Elizabeth Weintraub Sacramento Broker

Real Estate Agent with Elizabeth Anne Weintraub, Broker DRE #00697006

October 15, 2008 02:30 AM

REOs and short sales are driving the market in our tri-county region of Sacramento. “Inventory is down 30% from last year, sales are up 250% from last year, and pending sales are up 270% from last year,” said Michael Lyon, CEO of Lyon Real Estate. In fact, our September inventory (the number of homes for sale) has dropped 31% over the same time last year.

Here are the September stats for Sacramento County, which has had pending sales rise 7% over August and inventory drop another 3%:

Homes sold under $200,000: 52%

Homes sold between $200,000 and $400,000: 41%

Homes sold over $400,000: 7%

The average per-square-foot cost in Sacramento is now $131.

This is a great time to be a home buyer or investor in Sacramento!

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Marie Meyer

Keller Williams Realty - Central Valley, NY

Orange County New York Realtor

Hi Elizabeth ... Very interesting. I have not looked yet at a market analysis, but I found a definite increase in homes sold in September over August. And in your area, like my area, it's the lower priced homes that sell. Thanks ... I'll have to take a look at my stats.

Oct 15, 2008 04:43 AM

Fran Gatti

RE/MAX Integrity - Medford, OR

Managing Principal Broker - RE/MAX Integrity

Elizabeth,

It's good to see there are markets still booming, even if it's REO sales.

Oct 15, 2008 04:59 AM

Fred Chamberlin

Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA

Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Elizabeth that is great news. We should be shouting from the rooftops....as a matter of fact, I think I will.

Oct 15, 2008 10:11 AM

Colleen Fischesser Northwest Property Shop

NextHome Experience - Chelan, WA

A Tradition of Trust in the Pacific NW since 1990!

Wow! Those are amazing numbers. What do you attribute the boom to Elizabeth? Prices finally coming down to an affordable level? Or that they have become "bargain basement deals not to be passed up?"

Oct 15, 2008 11:25 AM

Tammy Lankford,

Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA

Broker GA Lake Sinclair/Eatonton/Milledgeville

That's great news. I hope it spreads east. We have lots more homes on the market than this same time last year.

Oct 15, 2008 12:49 PM

Elizabeth Weintraub Sacramento Broker

Elizabeth Anne Weintraub, Broker - Sacramento, CA

Put 40 years of experience to work for you

Hi Marie: I think the lower-priced homes are selling because they are affordable for first-time home buyers.

Hi Fran: I've never met an REO I didn't like. Oh, wait, there was that house with no front door.

Hi Fred: Go ahead and shout, Fred. What are you going to shout? I'm mad as hell and I'm not gonna take it anymore?

Hi Colleen: Yup, they are bargain basement deals that everybody is fighting over.

Hi Tammy: I'm sending good thoughts your direction. And warmer weather, too.

Oct 15, 2008 01:08 PM

Myrl Jeffcoat

Sacramento, CA

Greater Sacramento Realtor - Retired

Elizabeth - At the end of a day when the stock market has tanked, your news on Sacramento sales activity is WELCOME indeed :-)

Oct 15, 2008 02:38 PM

Hi Myrl: That's me, cheerio-news. :)

Oct 15, 2008 03:03 PM

Gary Woltal

Keller Williams Realty - Flower Mound, TX

Assoc. Broker Realtor SFR Dallas Ft. Worth

Elizabeth, that year over year number is staggering!! Congratulations on such an achievement for your area.

Oct 15, 2008 03:33 PM

Jeanean Gendron

The Address Realty - Redding, CA

Specializing in Selling Unique Properties

Elizabeth, so good to hear this news. I have kept up with Sacs numbers and I've been sharing that we might be seeing the bottom there. Very encouraging. Great news indeed!

Oct 16, 2008 03:35 AM

Well, I didn't do it alone, Gary, ha, ha, ha. It took a concerted effort from many agents and the attractive pricing offered by REOs.

Hi Jeanean: I hope it trickles up to Redding, too!

Oct 16, 2008 04:09 AM

Debi Ernst

St. Charles County, Missouri - Prudential Alliance Realtors - O'Fallon, MO

GRI, e-PRO, Broker/Sales Associate

Elizabeth - That is some great news! It's good to hear something positive going on... :)

Oct 16, 2008 07:23 AM

Hi Debi: Even the stock market rebounded briefly yesterday.

Oct 17, 2008 04:03 AM

Sacramento Area Sales are up 250% Over Last Year

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