Is the Sacramento real estate market secretly improving?

PRLog (Press Release) – Jul 19, 2011 – When I looked at the latest sales numbers from the Sacramento Association of REALTORS(r) for the month of June, 2011 http://www.sacrealtor.org/documents/about/statistics/june2011.pdf I noticed something quite interesting.  The actual number of homes for sale, those that are not under contract was 1,934.  The total number of closed escrows (sales that were completed) was an amazing 1,734.  That means almost all of our inventory of homes for sale is being sold each month!

This is the type of market condition that leads to a seller's market, where prices rise and sellers set the tone.  But we're not in a seller's market.  How do I know?  The median price moved downward to $164,900 from $167,000 in May, 2011 and down from $194,000 one year ago.

So how is it that we're selling 90% of our inventory every month and the median price is still going down?  It's because buyers are demanding better values before they'll buy.  If a home is not a "good buy," they'll simply walk away and not buy or purchase something else.

So sellers are still under pressure to price homes aggressively and fix them up to show them in their best light.  Failure to do so may result in longer than expected time on the market. The report shows that 47% of all home sales occur in the first 30 days on the market.  An additional 18% in month number two and an additional 10% in month number three.  The percentages go south from there.  This is a strong clue to home sellers to set things up so their home has a very good chance of selling in the first 30 days.  If it hasn't sold by then, some adjustment to the marketing is necessary to increase the odds of a sale.

The other factor impacting the market is the number of cash buyers who represent 28% of the marketplace.  Cash buyers demand better values, in effect saying, "I'll give you cash and a quick close.  You give me a better value." There's almost as many cash buyers in our marketplace as those that use low down payment FHA financing.

Bottom 1916338565  line?  We have a robust real estate market.  If the current demand for houses keeps up and there's no significant change in mortgage rates or the economy, we could be close to a firm real estate market bottom.

David Jurewicz, Broker 00661096
Home Rocket Real Estate(r)
(916) 682-6454  Toll FREE: (800) 601-7653
http://www.HomeRocketRealty.com

Coleen and David Jurewicz a real estate broker team 00661096 and 00826558 have over 50 combined years in the real estate business. Like an experienced airline pilot they have strategies to land your real estate transaction if there's turbulence.

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