Industry News
Mortgage Industry News
Inventory and Sales are Down
10/12/2009
Declines in inventory and sales are normal for fall; what is not normal is the increase in pending sales in all price brackets. “Pending sales are up 9%; largely driven by bargain pricing and low interest rates”, said Michael Lyon – CEO Lyon Real Estate. “Conversely, closed sales are lagging three to six months behind due to the increase in the number of short-sale transactions and the time they take to close. If we see more REOs come on the market, closed sales should pick-up.”
TRENDGRAPHIX’s latest report shows that closed sales decreased 4 percent during the month of September for the Tri-County region of Sacramento, Placer and El Dorado Counties. September 2009 sales were 24 percent lower than September 2008 sales. Pending sales increased by 9 percent from August to September 2009.
September 2009 inventory of 5,761 homes for sale is 52 percent lower than September 2008 inventory. This is a 62 percent decrease for the regional inventory record high of 15,302 set in August 2007.
COUNTY HIGHS AND LOWS
Sacramento County sales decreased 8 percent from August to September 2009. Inventory decreased 1 percent during the month of September. Pending sales increased by 8 percent in the month of September. 56 percent of the homes sold for under $200,000; 37 percent of the homes sold for between $200,000 and $400,000; and 7 percent of the homes sold for over $400,000. The average price per square foot increased by 2 percent during the month of September to $123.
Placer County sales increased by 5 percent and inventory decreased by 2 percent during the month of September 2009. Pending sales increased by 10 percent from August to September. 10 percent of the homes sold for under $200,000; 71 percent of the homes sold for between $200,000 and $400,000; and 19 percent of the homes sold for over $400,000. The average price per square foot increased 1 percent during the month of September at $151.
El Dorado County showed a 9 percent increase in sales from August to September, and the inventory decreased by 8 percent from August to September. Pending sales have increased 15 percent during the month of September. 23 percent of the homes sold for under $200,000; 51 percent of the homes sold for between $200,000 and $400,000; and 26 percent of the homes sold for over $400,000. The average price per square foot decreased 5 percent during the month of September to $147.
Yolo County sales decreased by 8 percent for September 2009 and the inventory increased by 3 percent. Pending sales decreased 1 percent during the month of September. 34 percent of the homes sold for under $200,000; 50 percent of the homes sold for between $200,000 and $400,000; and 16 percent of the homes sold for over $400,000. The average price per square foot decreased by 3 percent during the month of September to $150.
Nevada County sales have remained the same at 32 homes during the month of September, and inventory decreased 7 percent. Pending sales decreased by 8 percent. 3 percent of the homes sold for under $200,000; 44 percent of the homes sold for between $200,000 and $400,000; and 53 percent of the homes sold for over $400,000. The average price per square foot decreased by 4 percent during the month of September to $185.
San Joaquin County sales have remained the same at 906 homes during the month of September, and inventory increased 4 percent from August to September. Pending sales also remained the same at 1,265. 44 percent of the homes sold for under $200,000; 45 percent of the homes sold for between $200,000 and $400,000; and 11 percent of the homes sold for over $400,000. The average price per square foot increased 3 percent during the month of September at $96.
