Tuesday, May 06, 2008

April Four County Sales Stats

Sales for the 4-county surrounding area faired pretty well for April. We are showing 2,147 sales, which is the highest number of sales since June of 2006. Just for fun, I also compared the sales numbers for April 2006 to April 2008. Here's what I found:

April 2006
Avg $/SF - $257
Med $/SF - $249

April 2008
Avg $/SF - $159
Med $/SF - $150

16 comments :

Anonymous said...

Did you mean:

April 2006
Avg $/SF - $257
Med $/SF - $249

April 2008
Avg $/SF - $159
Med $/SF - $150

AgentBubble said...

LOL...Cut & paste can be a dangerous thing!

Finn from TF said...

No biggy.

If you want to scare people a little, put up the % drops for those who don't bother to calculate. 40% off for the median per squarefeet..

BTW, what were the $/SF numbers at peak?

AgentBubble said...

At peak:
Avg $263.85
Med $257.40

Patient Renter said...

Clearly the median drops are big, but it doesn't give us a good idea of what's happening in particular areas or price ranges. I think now we're in need of some more targeted data - such as what the drops are by sq. ft range, zip, price range, etc.

Anonymous said...

wow..

do you have the Avg $/sf and med $/sf for April 2007? just wondering how that compares...

Buying Time said...

Its amazing what happens when people can afford homes using traditional mortgage products, they purchase them. This is certainly a good start.

I would actually be worried if prices had dropped 40% and there was still no demand.

As PR points out, some zips have not seen these price drops and continue to lag in sales. More expensive zips like EDH are only seeing activity at the lower end. For instance, last week, 700k+ only 10% of homes were pending, between 500k-700k 20% of homes were pending, below 500k 30% of homes were pending.

Sippn said...

The higher price ranges are always slower than lower price, even in hot markets... so 1 of 5 between $500-700K is not bad. "above $700K" includes $3 mil-7 million too, and don't expect those to fly off the market.

The financing above $500K is still really crappy, unless of course, you have been ordained AND have 30% down.

anon1137 said...

Nice!

My own analysis of the Sac downtown/midtown/ESac market shows that median prices are 15% down from peak for both total price and $/ft2, as of March 2008.

By the way, does anyone know where I can find archived Dataquick monthly reports (by zip code) for the Sac area for 2002 and earlier? Sacbee has a few 2002s on their site but the links are broken. SAR only seems to have MLS stats. DQ doesn't seem to have them.

Sippn said...

Housing Tracker showing REO inventory down 22% in past 6 weeks.

Hey, aren't we supposed to be feeding the monster? Where's that shadow inventory? Wait, I see the black helicopters now.

AgentBubble said...

For what it's worth, 6 weeks ago there were 3,310 REO listings in the 4 county area. As of right now, there are 2,998.

There are 4,781 short sales right now, compared to 4,351 6 weeks ago.

Anonymous said...

NAR drumming up sales...dispicable. They are hitting the media in full force. They will become the most hated entity and people will distrust the profession. In the world of technology...be prepared to become extinct.

Anonymous said...

Fake bids are out there people. Remember, there are not many qualified buyers out there. If you get a message of multiple offers, just present a lower offer. Don't worry, the price will keep falling. There were dumb buyers at the peak of the dot com boom...there are dumb buyers out there believing of multiple bids and the Nazi NAR.

During this buying season, sheeps like you will bid overpriced piece of crap. Save yourself and others. RENT. Why the rush to buy? it's not like there won't be anymore foreclosures. The banks can't even keep up with the foreclosures..they are tied up now.

STOP ROSEVILLE CRIME said...

You gotta expect a little bounce when the weather is nice. People still don't know when to stop spending money and be patient. There were homes I've been looking at for 5 years that I thought would never hit certain prices and in the last 6 weeks, they fell through my bottom threshold. I know they are going lower. Be patient folks. Once rates creep up again we'll see even more people bailing on their homes.

Darth Toll said...

Max said there would be a spring bounce and so there is one. He also said that the bounce would be relatively short lived and that September would see a resumption of the cratering, so I have no reason to believe otherwise as Max has been right about everything else.

Activity has no business being at June '06 levels at this point in the bust. I have one thing to say to the various pollyanish rubes and brainwashed NAR knife-catchers: Sold to You!

Anonymous said...

The will see their equity vanish in 3 months. I've been seeing the media dish out NAR nonsense and people are drinking the cool-aid. It's amazing. Then again, it's a good thing because these people will learn to be patient in the future.

I'm not sure if the current buyers will become future foreclosure victims- I guess there is the possibility of them losing their jobs since the economy is falling apart.

Buyers have to be more patient. The economy is heading south and nothing is stable. Prices will fall even futher and many will lose, especially those bidding way too high.

+1 for the banks. -1 for buyers.