Saturday, August 18, 2012

Sacramento Regional Real Estate Trends for August 18, 2012

So it looks like the inventory collapse is real. All three of my sources are showing equivalent, sudden declines. Some market color I've gathered in the last couple of weeks: both the brokers and agents I've spoken to feel prices are trying to rebound, but that appraisers are reluctant to assess much above the recent lows so soon. This means that both the banks (REO) and regular sellers are holding back waiting for more favorable comparables before listing for sale.

Seeing as this selling season is almost over, a lot of sellers are waiting until Spring 2013 before testing the waters again. Of course, to the degree that any market price support is due to sub 4% interest rates remains to be seen as well. I am holding to my hypothesis that the low occurred between 2010 and 2011 in Sacramento, and we've begun a slow, bumpy rise in prices that will last for at least two years. Since housing in Sac (and all of California) has been in a recurring bubble cycle for decades, maybe we'll return to the madness by 2020, just in time for those Millennials to become credit-worthy. :)

Summary Of Changes for Sacramento County

 
Week of 2012-08-18
Since 2012-08-11
Since 2011-08-20
Direction
#
%
Direction
#
%
Inventory
2044
Up
16
0.8%
Down
-5009
-71%
Median Asking Price
$207250
Up
$2350
1.1%
Up
$47350
29.6%
Average Asking Price
$270817
Up
$716
0.3%
Up
$73974
37.6%
Average Asking Price Per SQFT
$146
Steady
$0
0%
Up
$30
25.9%
SIT Inventory
542
Down
-11
-2%
Down
-2642
-83%
FIT Inventory
72
Down
-14
-16.3%
Down
-351
-83%
New Listings
566
Up
28
5.2%
Down
-264
-31.8%
Price Drops
144
Down
-1
-0.7%
Down
-318
-68.8%
Price Increases
7
Down
-5
-41.7%
Down
-36
-83.7%

Four County Inventory Levels

Inventory on 2012-08-18: 3875

Asking Price Levels

Price Inventory Levels

Asking Price Distribution

Troubled Inventory Levels

Flipper Market Share

Sellers In Trouble Market Share