Sunday, April 26, 2009

Sacramento Regional Real Estate Trends for April 25, 2009

Now that asking prices in Sacramento County are firmly on the upswing, it looks like the lower-priced inventory (read "bank-owned") is rapidly leaving the market. In fact, sub $200k inventory in Sac County dropped from 3824 on March 28, to 3398 on April 25. That's over 70% of the total inventory decrease during that time. Not shocking since the median sale price was $167k in March, and sales are up y-o-y.

With the foreclosure moratoriums lifted at the end of March, and another one looming on July 1, the banks are clearly in the process of front-loading as many foreclosures into the pipeline as they can right now. It's going to be quite a while before the market truly improves.












10 comments :

Anonymous said...

Max - inventory crashed through the bottom of the graph! Time to resize it my friend...

Max said...

It's auto-scaling. We're still above 11K. :)

Anonymous said...

Max, thanks for the charlie rose mp3. It's the only chance I have to catch up.
Best,
hiker90

Anonymous said...

Max,

I know everyone says that inventory is down but what about everything that's vacant and waiting to be taken by the bank or all the rentals that aren't getting filled? In my neighborhood, that's 1 in 5 empty. I just don't see how this ends soon.

patient renter said...

No, it doesn't end soon.

Max - How's the house search going?

Max said...

No, it doesn't end soon.By "end", what do you mean? I need to do a "where are we now" post...

Max - How's the house search going?Slow. We have some offers in on some short sales, but the banks are taking their sweet time. Hey, nobody said it would be easy. :)

patient renter said...

I guess "end" is different to everyone.

If you're an investor, it comes to an end when we're back to the good old days of big double digit appreciation. If you're an owner it comes to an end when your equity stops evaporating. If you're a buyer, it comes to an end when rent/buy works for you. If you're an American it comes to an end sometime after the pitchforks finally come out :)

Max said...

I guess "end" is different to everyone. That's what she said. ;)

My "end" will come when natural market forces dominate, and we're done with moratoriums, bailouts, and special tax breaks.

Which will never happen.

Anonymous said...

End for me is when the prices quit declining. I dont care if they stay flat for 10 years as long as they dont decline any further.

In that regard, the "end" may be near...

sam said...

ok