Total number of active houses (single family residences)on the market on or before October 31st, 2007: 9967
Total number of homes (single family residences) sold in October: 746
Silver lining? Pending sales of single family homes are at 974. The last time pending sales were this high was July of this year.
Condos tell pretty much the same story as single family residences - In October there were 831 active condos in Sacramento county. A mere 42 sold, but 76 went pending in the month of October suggesting that there seems to be more activity in October than we're used to seeing.
The median price of a single family residence now is at $305,893 and that of condos is $206,000.
Short sales continue to lag behind all other categories with just a little over 1.1% sold. There are currently 1638 short sales on the market and only 18 have sold. Compare that with the 286 sold of the 2385 REOs on the market!
Days on market continue to average about 65.
Inventory has climbed to 13.7 months in Sacramento County.
Related articles: Population Projections for Sacramento; Statistics and How to Read Them; Last Month's Numbers
Saturday, November 3, 2007
Sacramento Market Statistics for October are Here!
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4 comments:
Sweet, soon I'll be able to afford a house. Keep the good news comming!
And "coming" has only one "m", too.
Chicken Little ALERT!!!!
http://tinyurl.com/2b67no
Mogul's advice to Realtors: Don't keep your day job
The soaring market of a few years ago will be followed by a correspondingly sharp decline, he said: "The longer the up cycle, the more excess there is, and the worse it is for what follows."
Few homeowners and real estate agents would find room to quibble with that. An estimated 12% of Californians will sell their homes at a loss this year, said Realtors association economist Leslie Appleton-Young, up from about 2% in 2006.
"We saw 25-year-old guys buying $3-million houses," he said of the questionable mortgage practices of recent years. "Someone who makes $100,000 a year can't afford a $2-million house, but that's what's been going on," Sands said.
"The idea that everyone is supposed to own a home is baloney," he added.
Sands counseled agents that property prices must be cut drastically to "get in front of the crisis." Otherwise, agents will "follow it down like a dope" and get even less for the properties, if they can sell them at all, he said.
Yes, quite a few of my clients who never thought they could afford a house are buying now.
And by the way, "coming" has only one "m."
Chicken Little,
Duly noted and changed.
This is just the kind of press I talk about - the kind that won't tell the whole truth. Fred Sands tells Realtors that aren't making enough to "come back in a couple of years,"(real quote) not "don't keep your day job" (quote made up by reporter and used as a headline).
And who do you think is counseling banks right now to adjust their prices? The banks are not selling the homes - the Realtors are!
If we all quit our day jobs, then where would housing be?
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