Industry News
Mortgage Industry News
Transitional Market Creates Opportunities
06/18/2009
Even though sales have slowed going into June due to interest rate increases; the median price, average price and price per foot went up in May due to inventory levels below three months. If you are priced to sell, homes are selling in 60 days. There are more buyers than sellers right now for inventory at the right price. Until the shadow REO inventory is put in the market, we expect short sales to account for an even larger percentage of sales in the near future.
Sales decreased 5 percent during the month of May for the Tri-County region of Sacramento, Placer and El Dorado Counties. May 2009 sales were 7 percent lower than May 2008 sales. Pending sales decreased by 3 percent from April to May 2009.
May 2009 inventory of 6,396 homes for sale is 45 percent lower than May 2008 inventory. This is a 58 percent decrease for the regional inventory record high of 15,302 set in August 2007.
COUNTY HIGHS AND LOWS
Sacramento County sales decreased 6 percent from April to May 2009. Inventory decreased 10 percent during the month of May. Pending sales decreased by 5 percent in the month of May. 57 percent of the homes sold for under $200,000; 37 percent of the homes sold for between $200,000 and $400,000; and 6 percent of the homes sold for over $400,000. The average price per square foot increased by 3 percent during the month of May to $118.
Placer County sales decreased by 4 percent and inventory decreased by 3 percent during the month of May 2009. Pending sales increased by 4 percent from April to May. 11 percent of the homes sold for under $200,000; 64 percent of the homes sold for between $200,000 and $400,000; and 25 percent of the homes sold for over $400,000. The average price per square foot increased 3 percent during the month of May at $153.
El Dorado County showed an 11 percent increase in sales from April to May, and the inventory increased by 4 percent from April to May. Pending sales have increased 1 percent during the month of May. 20 percent of the homes sold for under $200,000; 43 percent of the homes sold for between $200,000 and $400,000; and 37 percent of the homes sold for over $400,000. The average price per square foot increased by 5 percent during the month of May to $156.
Yolo County sales remained the same for May 2009 and the inventory decreased by 11 percent. Pending sales decreased 10 percent during the month of May. 31 percent of the homes sold for under $200,000; 43 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 increased by 8 percent during the month of May to $166.
Nevada County sales have increased by 12 percent during the month of May, and inventory increased 3 percent. Pending sales decreased by 17 percent. 2 percent of the homes sold for under $200,000; 40 percent of the homes sold for between $200,000 and $400,000; and 58 percent of the homes sold for over $400,000. The average price per square foot increased by 9 percent during the month of May at $198.
San Joaquin County sales have decreased by 17 percent during the month of May, and inventory decreased 10 percent from April to May. Pending sales are down 7 percent. 47 percent of the homes sold for under $200,000; 43 percent of the homes sold for between $200,000 and $400,000; and 10 percent of the homes sold for over $400,000. The average price per square foot increased by 2 percent during the month of May at $93.
