• Home
• MLS Search
• Featured Listings
• Contact Us

Shadow Inventory Finally Starting To Hit the Market

April 27th, 2010 Categories: 1

Doctor Housing Bubble reports Moving from the Shadows – More Distress Inventory Selling and Making it to Market in Southern California. Notice of Defaults Still High. 3 Cities in the Spotlight: Cerritos, Culver City, and Paramount.

…It was estimated that HAMP would help 3 to 4 million homeowners but currently only 228,000 loans are now in “permanent modification” although many re-default within a year.  Many banks have now shifted and inventory is now moving its way to the public MLS.  This trend is now showing up with many more homes coming to market.  It may be the case that banks realize that with the federal $8,000 tax credit ending, and the California $10,000 credit starting in May, they have a short window to move inventory at higher prices because of these juicy incentives…

Authored by Forth Hoyt | Discussion: No Comments »

Foreclosure Numbers Surge – Five Year Record

April 15th, 2010 Categories: Foreclosure News, National Real Estate Trends, Sacramento Foreclosure News

Authored by Forth Hoyt | Discussion: No Comments »

The Sacramento Housing Market: Is There Another Bubble?

April 11th, 2010 Categories: Graphs and Charts, National Real Estate Trends, Sacramento Real Estate Trends

Sacramento housing market outlook; The double dip?

A lot of people have been saying lately that there may be another crash coming nationally. More Foreclosures than last year, more short sales, higher interest rates and worse economic times coming… What will the effects be on the Sacramento Real Estate Market?  What more will the Sacramento housing market need to endure still?

Many sources say that the housing recovery in hard hit states like California, Nevada, Florida and Arizona are ten years off, here’s why:

The New York Times:  Don’t Bet the Farm on the Housing Recovery

MUCH hope has been pinned on the recovery in home prices that began about a year ago. A long-lasting housing recovery might provide a balm to households, mortgage lenders and the entire United States economy. But will the recovery be sustained?

Alas, the evidence is equivocal at best.

The most obvious reason for hope is that, unlike stock prices, home prices tend to show a great deal of momentum. Correcting for seasonal effects, home prices as measured by the S.&P./Case-Shiller 10-City Home Price Index increased each month from June 1995 to April 2006, then decreased almost every month to May 2009. Since then, they have risen through January, the latest month for which data is available.

So, because home prices have been climbing of late, isn’t it plausible that they’ll keep doing so?

If only it were that simple.

Home price booms and busts do end, sometimes quite suddenly, as was the case for the boom of 1995 to 2006 and the bust of 2006 to 2009. Today, we need to worry about strong headwinds, as the government begins to withdraw its support of a still-troubled lending industry and as foreclosures are dumping millions of homes onto the market.

Consider some leading indicators. The National Association of Home Builders index of traffic of prospective home buyers measures the number of people who are just starting to think about buying. In the past, it has predicted market turning points: the index peaked in June 2005, 10 months before the 2006 peak in home prices, and bottomed in November 2008, six months before the 2009 bottom in prices.

The index’s current signals are negative. After peaking again in September 2009, it has been falling steadily, suggesting that home prices may have reached another downward turning point.

But why? Unfortunately, it is hard to pinpoint causes for a change in demand for housing. The factors clearly include government economic policy, like interest-rate changes and tax credits. But these moves don’t line up neatly with major turning points in the market.

Sociological processes may be driving these changes. Trends in news media coverage, for example, generate conversations in barbershops and hotel lobbies, which in turn alter the conventional wisdom about investing.

Consider how that process might have worked during the run-up to the 2006 turning point in home prices. In May 2005, two months before the peak in the N.A.H.B. traffic index, Consumer Reports magazine had a cover article, “Your Home: How to Protect Your Biggest Investment,” that conveyed a very bullish sentiment.

“Despite years of dire warnings from some economists that the housing boom is about to end, it hasn’t,” the magazine said. “Indeed, last year prices rose even more — about 11 percent nationally.”

The article went on to give advice: “You can no more time the real estate market than you can the stock market,” it said. “If you need a house, and can afford one, go ahead and buy.”

The article extended to the housing market the conventional wisdom that then prevailed about the stock market — namely, that it was quite efficient, without identifiable bubbles and bursts. According to this theory, there was an identifiable profit opportunity: buy and hold stocks, and by extension, housing, and watch your wealth grow.

But as 2005 continued, the conventional wisdom began to change. Some people in the United States were by then aware of the 2004-5 home price decline in Britain. Some were learning a new lexicon: “housing bubble,” “housing crash” and “subprime mortgage.” Newspapers and magazines began to include some derisive reviews of a March 2005 book by David Lereah, “Are You Missing the Real Estate Boom?” And accounts began to appear of the risky behavior of an army of real estate flippers.

In May 2005, I included in the second edition of my book, “Irrational Exuberance,” a new data series of real United States home prices that I constructed, going back to 1890. I was amazed to discover that no one had published such a long-term series before.

This data revealed that the home price boom was anomalous, by historical standards. It looked very much like a bubble, and a big one. The chart was reproduced many times in newspapers and magazines, starting with an article by David Leonhardt in The New York Times in August 2005.

In short, a public case began to be built that we really were experiencing a housing bubble. By 2006 a variety of narratives, taken together, appear to have produced a different mind-set for many people — creating a tipping point that stopped the growth in demand for homes in its tracks.

THE question now is whether a strong case has been built for a new bull market since the home-price turning point in May 2009. Though there is no way to be precise, I don’t believe it has.

Since that turning point, most public discourse on housing has not been about a new long-term view of the market. Instead, it focused initially on whether the recession was over and on the extraordinary measures the government was taking to support the housing market.

Now we’re shifting into a new phase. The recession is generally viewed as being over, and those extraordinary measures are being lifted.

On March 31, the Federal Reserve ended its program of buying more than $1 trillion of mortgage-backed securities, and the homebuyer tax credit expires on April 30.

Recent polls show that economic forecasters are largely bullish about the housing market for the next year or two. But one wonders about the basis for such a positive forecast.

Momentum may be on the forecasts’ side. But until there is evidence that the fundamental thinking about housing has shifted in an optimistic direction, we cannot trust that momentum to continue.

Authored by Forth Hoyt | Discussion: No Comments »

Mortgages Move Higher as Fed Quits Buying

April 6th, 2010 Categories: Mortgage and Loans, National Real Estate Trends

Mortgage Rates Will Continue To Trend Higher As Economy Improves, Feds Quit Buying Mortgage Backed Securities

Courtesy; Evangeline Scott, Summit Funding and MMG Weekly

“YOU DON’T KNOW WHAT YOU GOT UNTIL IT’S GONE – AND I FOUND OUT A LITTLE TOO LATE…”Reserve’s Mortgage Backed Security buying program The words from Chicago’s hit song from the 80’s sums up the market’s sentiment on the ending of the Federal , and the resulting volatility for home loan rates that has already begun.

The Fed did what they set out to do – purchasing $1.25 Trillion in Mortgage Backed Securities, and succeeding in their plan to lower home loan rates and help stabilize the housing sector. And even though they stretched out the length of the program slightly – in order to soften the impact of the end of the program – the training wheels are now off, the safety net is gone, and home loan rates have already moved higher. In fact – as the Fed will now gradually become a seller of their massive holdings of Mortgage Backed Securities – rates are very likely to continue to move higher still.

Even after home loan rates took a jump higher last week, they still remain at reasonably low levels – which makes right now a crucial time to take advantage of the opportunities that exist, including the Homebuyers Tax Credit which is down to its last month. To take advantage of the generous credit, purchase contracts must be signed by the end of April. If you or someone you know has questions about this credit – please don’t wait to get in touch with me.

Adding to last week’s volatility, the official Jobs Report was released last Friday – and according to the report, 162,000 jobs were created in March, making it the biggest one-month increase in three years. Additionally, there were upward revisions to January and February, which brought the last two months’ net job losses to near zero.

———————–
Chart: Nonfarm Payrolls (By Month)

While it was good to see some positive numbers, we’re not exactly out of the woods just yet, as there were some concerning aspects of this Jobs Report. For example, Average Hourly Earnings actually fell 0.1% in March. This could be viewed as a negative sign, indicating that there’s no pressure on companies to pay workers more to retain them. It also shows continued temporary hiring at a lower pay scale.

The official Unemployment Rate remained steady at 9.7%, but when factoring in the “underemployed”, including people who accepted part-time work because full-time work is simply not available, the rate of unemployment overall rose from 16.8% to 16.9%. This is a big number that continues to weigh on the labor market.

Also in the news last week, the US Savings rate moved down to its lowest Level since October 2008. Check out the mortgage market guide view article below for some simple ways to boost your savings.

Forecast for the Week

This week’s economic calendar may seem slow after the wave of economic news last week. But there are still some big items on tap, starting off right away Monday morning when the Pending Home Sales report gives us a look at the health of the housing industry. Tuesday brings us the Meeting Minutes from the latest Fed Meeting. Although we already know what the Fed’s policy announcement was, the markets will be looking at the discussion contained in the Meeting Minutes as an indication of what Fed members are thinking and what they may do in the future. On Thursday we’ll get another look at Initial Jobless Claims. Last week, Initial Jobless Claims were reported basically in line with expectations and down from the previous week’s number, and Continuing Jobless Claims declined as well. With those numbers and last week’s official Jobs Report in mind, the market will be watching to see if the labor market can continue to make positive strides. Finally, in addition to those reports, the Treasury Department will auction off $82 Billion in Treasuries. And since most of those will be longer maturities that compete with Mortgage Backed Securities, the auctions could add volatility to the markets depending on how they are received. Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result. As you can see in the chart below, Mortgage Bond prices plunged last week and rates increased .25%. Chart: Fannie Mae 4.5% Mortgage Bond (Friday Apr 09, 2010)

Authored by Forth Hoyt | Discussion: No Comments »

More Commercial Real Estate Loans Go Delinquent

April 5th, 2010 Categories: 1

My wife and I have been doing Commercial Broker Price Opinions, trying to break our way into the Commercial REO arena by building relationships with banks who need to figure out the market value of their collateral.  So I have naturally been looking more and More at news information concerning Commercial Defaults.

Found this article recently at Mortgage Orb and thought I would pass it along.

The percentage of commercial mortgage-backed security (CMBS) loans 30 or more days delinquent, in foreclosure or in real estate owned (REO) status jumped 89 basis points (bps) in March – the highest monthly increase since summer 2009, according to new data from Trepp LLC.

“After February’s numbers showed delinquencies beginning to moderate, there was some guarded optimism,” the firm states in TreppWire, its monthly delinquency report. “February’s increase had been the smallest bump in nine months. March data threw cold water on any notion that CMBS delinquencies might be nearing their peak.”

Removing the Stuyvesant Town foreclosure from consideration, delinquencies were still up 49 bps, Trepp says. The percentage of CMBS loans 30+ days delinquent or in foreclosure have grown from 6.49% in January to 7.61% in March.

The percentage of seriously delinquent loans (i.e., 60+, in foreclosure, REO or nonperforming balloons) stood at 6.66% at the end of the month – up 69 bps from February.

Authored by Forth Hoyt | Discussion: No Comments »

Step Right Up! $18,000 In Tax Credits! First Time Buyers Can Double Dip!

March 31st, 2010 Categories: Real Estate News

 

Claim Your $18,000!

 

Federal And State Tax Credits Combine For $18,000 Bonanza

 

For A Limited Time Only!  $18,000 Bonanza to California First Time Home Buyers

For two months, from May 1 to June 30, 2010, First Time Homebuyers in California will be able to qualify for both the federal and state income tax credits that add up to a whopping $18,000 in credits.

There is a very tight time frame in order to take advantage of both credits, to be able to get  both tax credits, a first-time homebuyer has to be in contract ( in escrow) for a principal residence before May 1, 2010, and that contract must close  between May 1, 2010 and June 30, 2010.

Here is ne real quick article I found from The Wall Sreet Journal that also explains the timelines.

Tuesday, we told you that the (financially troubled) state of California is poised to offer home buyers up to $10,000 to get off the fence and to the dotted line. The $200 million program, split between first-time buyers of existing homes and new units, should keep the Golden State’s sales moving along post spring-selling season.

But, it might not get off to a peaceful start on May 1: Get ready for a stampede early on as some buyers rush to overlap with the federal tax credit that’s dangling as much as $8,000 to buyers. (Yes, that’s up to $18,000 for buying a house.)

For the federal incentive, contracts must be inked by April 30, while closings have to happen by June 30. The California credit covers closings on existing or new homes on or after May 1, leaving a short window for double dipping. “We already anticipated increased contract activity in March and April due to the federal tax credit with scheduled closings in May and June,” writes Credit Suisse builder analyst Dan Oppenheim. “These buyers will now be eligible for both the federal and state credit and will likely consume a significant piece of the state credit given the first-come, first-serve allocation.”

He estimates the tax credit will benefit about 14,000 new-home buyers, lasting as long as five months. KB Home and Lennar could benefit the most given “their outsized exposure to California at 44% and 25% of ’09 revenues, respectively, vs. the 20% group average.”

Given that the state’s existing sales dwarf new sales – 2009 saw an average of 42,500 closings per month – that allotment should be snapped up in about a month. Stampede, indeed.

Authored by Forth Hoyt | Discussion: No Comments »

New And Improved California First-Time Homebuyers Tax Credit Signed

March 25th, 2010 Categories: First Time Buyers, Real Estate News, Sacramento Home Buyers

 

California Homebuyer Tax Credit Will Add $10,000

 

 

 

Californa’s Newest First Time Homebuyers Tax Credit is  for Resale Existing Homes and New Construction!

The CA first time homebuyers tax credit has been revamped, and will now allow a credit for first time home buyers looking for existing (resale) homes, as well as new construction. The passage of this bill is due in large part to CAR’s non-stop continual push in Sacramento over the last few weeks.

Homebuyers can claim 5 percent of the purchase price against their California taxes, up to $10,000.

“I have been up and down the state pushing this important housing bill that will get people off the fence and into homes while creating jobs and stimulating our economy,” CA Gov. Schwarzenegger said in a statement.

The new tax credit will provide $200 million in tax credits for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes, and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be able to take the allowed tax credit. Again, the credit is equal to the lesser of 5 percent of the purchase price or $10,000, and willl be applied to your taxes in equal installments over three consecutive years. Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).

You may or may not remember the last CA tax credit ran out of money and was abandoned well before it was supposed to end, so once again, it is urged that anyone thinking of purchasing a home moves forward as quickly as possible if they want to be assured of securing their $10,000.

Authored by Forth Hoyt | Discussion: No Comments »

Writing a Killer Short Sale Offer in Sacramento

March 19th, 2010 Categories: 1, Sacramento Real Estate Trends, Short Sales

 

Sacramento Short Sales have exploded!

Sacramento Short Sale sellers and their agent’s know that the final decision is being made by the bank and that there is no real reason to counter an offer when it comes in, but well priced short sales will generate multiple offers that will give the sellers and their agents the opportunity to ’sort through’ and pick the offer most likely to close.  That’s the offer you want to write; an offer that represents the best chance to be be perceived as THE  winning offer from the seller, one that will compel the seller to believe that  are willing to hang with it and wait for an answer; even if it takes several months. Your offer should be written in a way the bank will have no reason to counter it and that will be easily accepted by the bank.

One way to be taken seriously as a buyer is to agree that your deposit be cashed and the money be held in escrow for up to ninety days.

 Here is a link to offer instructions and our custom  addendum that can be found on one of our great sister sites;            realestate-sacramento.net that helps agents writing offers on our short-sales to write the best offer for their clients;

  Forth Hoythas dedicated himself to helping distressed property owners. He has spend hundreds of hours learning from the pre-foreclosure experts and has obtained several designations in this field.  In an effort to offer his clients the best possible results with their short sale transaction…

More questions?

Contact us Today At Forth Hoyt’s Sacramento Short Sale Center

At The Hoyt Group, we have implemented the the following procedures 

• Prior to taking a Seller’s Short Sale Listing, we collect the “Seller’s Financial Package” from the Seller which entails all of the information their bank has asked for. At this time the Seller also agrees to cooperate within our system and agrees to the process you will read below.
• The day the home goes in MLS we send the Seller’s Authorization Form to the bank. This document allows us to communicate with the bank directly.
• We market the property and price the home at, or slightly below, market value until we get an offer.
• The Seller is only looking for ONE contract to send to the bank. The Seller is looking for ONE qualified Buyer with an appropriate offer price that has serious intentions on closing the transaction. When we have this, the seller will fully execute ONE contract to send to the bank.
• The Seller does not accept multiple offers – our transactions function as normal as possible.
• We do not send multiple offers to the bank
• Once an offer is received, we present the offer to the Seller for their review. While the Seller’s bank is the one that approves the Short Sale, the Seller is still the owner of the home and the decision maker on all offers received. The Seller will fully execute the contract if it meets the criteria mentioned above.
• When a contract is fully executed between Buyer and Seller, the home is changed to Short Sale Contingent in the MLS, per MLS rules.
• Once the contract is fully executed, we submit the fully executed contract, a HUD-I, and all of the Seller’s financial documents to the bank to begin the 60-90 day Short Sale process (this is the average length of processing time – some are much quicker).
• The bank then does a valuation on what they feel the home is worth, reviews the offer and all corresponding documentation, and finally issues their decision.

 

1)      Include our customized version of the CAR Short Sale Addendum

2)      Include an As-is Addendum with your offer

3)      On page 1 of the contract

              1.D   Close of Escrow 45 days or sooner after 3rd party approval

                                 (see SS Addendum) where it ask for COE Date

              2.C (2)   Be sure and “check” FHA or VA if your buyers loan is

                                       a FHA or VA loan. 

             2.D   If requesting closing costs assistance please do so on

                                 these lines, in this format.  “Seller’s lender shall credit

                                 Buyer “X” dollar amount of “X” percent of sales price

                                 towards Buyer’s closing cost including but not limited to

                                 the costs of items 4.A – 4.E on page 2 of the contract.”

4)   Page 2 of the contract

                         4.A  (1) Most banks will pay for Pest Inspection, However,

                                       they will not pay for any  Section 1 repairs. 

                         4.B  (1-5) With the exception of Chase, most banks will pay for

                                           these inspections. Not Repairs.

                         4.C  (1-2) Most Banks will pay for these Government

                                           Requirements.

                         4.D  (1-2)  Please mark all closing costs as being paid for by

                                            the Buyer. (we’ll address how to ask for those

                                           appropriately on page 1 if the Buyer needs

                                           closing costs assistance)

                         4.E   (1-2)  Please mark paid by Buyer. These cost can be

                                            added into Buyers closing costs.

                         4.E   (3-4)  Most banks will pay all fees associated with

                                            HOA’s.

                         4.E   (5-6)  Do not request the bank to pay for a home

                                             warranty. If the buyer would like a home

                                            inspection, mark “Buyer to Pay”.

5)  Page 3 of the contract

                         8.B   (1-5)  Unless included in the MLS listing, all personal

                                             property items are not included in the sale.

6)  Page 6 of the contract

                         25.E   Add Short Sale Addendum and Addendum A.

 

Be the first one there, write a good, clean offer!

 

More questions?

Contact us Today At Forth Hoyt’s Sacramento Short Sale Center

Authored by Forth Hoyt | Discussion: No Comments »

Sacramento Real Estate and California Sales for February

March 19th, 2010 Categories: Real Estate News, Sacramento Real Estate Trends

Sacramento County has seen a huge increase in  homes that went pending in February but actually saw a decrease in the number of closed escrows both month over month and year over year.

 

Dataquick Roperts California Market Stats:

An estimated 28,111 new and resale houses and condos were sold statewide last month. That was up 0.9 percent from 27,858 in January, and down 3.8 percent from 29,225 for February 2009. California sales for the month of February have varied from a low of 20,513 in 2008 to a peak of 48,409 in 2004, while the average is 32,325. MDA DataQuick’s statistics go back to 1988.

The median price paid for a home last month was $249,000, up 0.8 percent from $247,000 in January, and up 11.2 percent from $224,000 for February a year ago. The year-over-year increase was the fourth in a row, following 27 months of year-over-year declines. The median peaked at $484,000 in early 2007 and hit a low of $221,000 last April.

Of the existing homes sold last month, 44.3 percent were properties that had been foreclosed on during the past year. That was up from a revised 43.8 percent in January and down from 58.8 percent in February a year ago, the all-time high.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,068. That was up from $1,064 in January, and up from $976 for February a year ago. Adjusted for inflation, last month’s mortgage payment was 50.2 percent below the spring 1989 peak of the prior real estate cycle. It was 59.6 percent below the current cycle’s peak in June 2006.

MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Indicators of market distress continue to move in different directions. Foreclosure activity has declined somewhat but remains high by historical standards. Financing with multiple mortgages is low, down payment sizes are stable, cash and non-owner occupied buying is up, MDA DataQuick reported.

Copyright MDA DataQuick Information Systems. All rights reserved.

Authored by Forth Hoyt | Discussion: No Comments »

A Tale of Two Markets: Sacramento Real Estate Market Trends

March 9th, 2010 Categories: Sacramento Real Estate Trends

 

 

Sacramento real estate trends are showing a huge disparity between homes priced under $250,000 and those priced over $250,000

Check out the numbers:

under 250k    over 250k   250-350k    350-450k    450-600k   600-800k   800-1mil   over 1mil 

It is no secret that lower priced homes sell faster.  That is true in any market and is definitely true here in Sacramento.  I was doing some research on our new Trendgraphics while getting ready for a listing appointment tonight and started moving the minimum-maximum prices around on the search tool/website and was surprised to find where our median price of homes available is her in Sacramento/Placer/El Dorado Counties.

The median price of all 6159 homes on the market in these three counties is somewhere between 250 and 300k.  Now this is  the lower half of the median price of all active homes for sale in these three counties. I thought I’d error on the conservative side and picked $250,000 for my reports: the system doesn’t have capabilities to search any closer than in 50k increments.  There are 2903 under 250k and 3256 over 250k…

I looked at the homes in the lower half of median into one statistical group.  The upper price range I took apart and went much deeper to reveal some startling trends.

This first chart is all homes who’s active price is less than 250k. This group of homes have  1.3 Months  of Inventory based on Pended sales and  2.9 months of inventory based on closed sales. This includes ALL types of sales; including Bank Owned (REO,)  Short Sale, and Equity Sale.  On the same chart, those same homes have an median price of $160,000 an average active price of 167k and an average sold price of  157k.

 

Here is more information on this same group of homes: all under 250,000 Active Price in Sacramento, Placer, El Dorado Counties.

Date	2/09	3/09	4/09	5/09	6/09	7/09	8/09	9/09	10/09	11/09	12/09	1/10	2/10
For Sale	4894	4596	3821	3384	3049	2352	2167	2125	2302	2330	2571	2797	2903
New Listing	1804	2285	1816	1795	2050	2127	1933	2013	2097	1747	1873	2100	2056
Sold	1387	1553	1564	1496	1602	1634	1418	1478	1562	1270	1459	1086	1004
Pended	1761	2112	2201	1941	1973	2127	2010	1714	1584	1357	1307	1678	2247
Months of Inventory based on Closed Sales	3.5	3.0	2.4	2.3	1.9	1.4	1.5	1.4	1.5	1.8	1.8	2.6	2.9
Months of Inventory based on Pended Sales	2.8	2.2	1.7	1.7	1.5	1.1	1.1	1.2	1.5	1.7	2.0	1.7	1.3
Absorption Rate based on Closed Sales	28.3	33.8	40.9	44.2	52.5	69.5	65.4	69.6	67.9	54.5	56.7	38.8	34.6
Absorption Rate based on Pended Sales	36.0	46.0	57.6	57.4	64.7	90.4	92.8	80.7	68.8	58.2	50.8	60.0	77.4
Avg. Active Price	154	157	160	160	161	162	165	166	167	168	165	165	167
Avg. Sld Price	141	143	141	148	154	151	155	155	157	159	157	154	157
Avg. Sq. Ft. Price	101	100	100	101	106	107	107	107	109	111	110	108	109
Sold/List Diff. %	99	99	99	99	100	101	101	101	101	101	100	100	100
Sold/Orig LP Diff. %	91	90	91	92	95	96	97	97	98	98	97	97	97
Days on Market	51	56	55	56	51	52	46	47	48	46	52	52	57
Avg CDOM	77	79	79	78	71	70	64	64	62	62	68	70	69
Median Price	142	145	140	152	159	156	160	159	160	161	160	155	160

Contrast This

This  portion of the real estate market (under 250k)  in the Sacramento Metro Area is much different from those homes that are in the higher side of the median active sale price.

Please understand, this is really no big surprise; we all know the higher priced homes take longer to sell. My big AHA!! was how many of these there are…

 

As you can see below, these homes have an inventory of 6.1 months, and their median price is only 321k!

Date	2/09	3/09	4/09	5/09	6/09	7/09	8/09	9/09	10/09	11/09	12/09	1/10	2/10
For Sale	4961	4827	4689	4604	4406	4128	4045	3928	3726	3474	3175	3148	3256
New Listing	1398	1524	1512	1481	1457	1603	1406	1409	1307	1023	962	1361	1383
Sold	627	753	774	829	884	947	830	816	895	737	819	557	538
Pended	785	1054	1091	1031	1070	1101	1013	948	887	712	654	859	1141
Months of Inventory based on Closed Sales	7.9	6.4	6.1	5.6	5.0	4.4	4.9	4.8	4.2	4.7	3.9	5.7	6.1
Months of Inventory based on Pended Sales	6.3	4.6	4.3	4.5	4.1	3.7	4.0	4.1	4.2	4.9	4.9	3.7	2.9
Absorption Rate based on Closed Sales	12.6	15.6	16.5	18.0	20.1	22.9	20.5	20.8	24.0	21.2	25.8	17.7	16.5
Absorption Rate based on Pended Sales	15.8	21.8	23.3	22.4	24.3	26.7	25.0	24.1	23.8	20.5	20.6	27.3	35.0
Avg. Active Price	543	551	561	568	581	592	594	586	579	567	553	544	539
Avg. Sld Price	373	369	380	388	388	383	369	375	373	389	383	388	365
Avg. Sq. Ft. Price	150	149	150	154	156	154	150	152	149	152	149	149	145
Sold/List Diff. %	98	97	97	97	98	98	98	98	98	98	97	97	97
Sold/Orig LP Diff. %	91	91	91	92	92	92	93	93	93	92	92	91	93
Days on Market	67	71	71	65	65	64	58	63	64	65	71	78	69
Avg CDOM	90	97	102	89	94	88	81	84	82	86	93	99	93
Median Price	335	329	332	330	341	336	330	328	330	340	335	330	321

I took this portion of the market apart even more and did $100,000  and $250,000″traunches” for  a closer look of the inventory and days on the market of our upper median priced homes and into the Luxury Home prices here in the Sacramento area. More Surpises…

250-350k

Thes Homes are flying off the shelf

350-450k

 

Sac Placer ED County Homes Active Price 350-450k

 

Inventory really starting to slow down in this price range- over six months of inventory makes this the first pricerange that is truly a buyer’s maket!

 

Date	2/09	3/09	4/09	5/09	6/09	7/09	8/09	9/09	10/09	11/09	12/09	1/10	2/10
For Sale	1073	1061	1023	1021	1003	961	943	893	805	738	675	681	680
New Listing	347	364	369	371	367	390	337	334	294	232	225	355	306
Sold	162	190	199	214	225	199	210	191	233	186	195	133	113
Pended	196	253	284	253	254	259	234	246	224	162	165	209	260
Months of Inventory based on Closed Sales	6.6	5.6	5.1	4.8	4.5	4.8	4.5	4.7	3.5	4.0	3.5	5.1	6.0
Months of Inventory based on Pended Sales	5.5	4.2	3.6	4.0	3.9	3.7	4.0	3.6	3.6	4.6	4.1	3.3	2.6
Absorption Rate based on Closed Sales	15.1	17.9	19.5	21.0	22.4	20.7	22.3	21.4	28.9	25.2	28.9	19.5	16.6
Absorption Rate based on Pended Sales	18.3	23.8	27.8	24.8	25.3	27.0	24.8	27.5	27.8	22.0	24.4	30.7	38.2
Avg. Active Price	394	395	395	396	397	398	397	396	395	396	394	396	396
Avg. Sld Price	392	392	388	391	391	390	390	388	390	392	389	391	389
Avg. Sq. Ft. Price	154	149	151	154	158	159	147	151	149	149	145	154	147
Sold/List Diff. %	98	97	97	98	98	98	98	98	98	98	98	98	97
Sold/Orig LP Diff. %	90	92	92	92	93	93	95	94	93	95	93	94	95
Days on Market	76	70	73	67	66	62	50	71	69	53	69	84	67
Avg CDOM	98	93	99	88	94	87	62	89	90	74	83	105	111
Median Price	393	390	385	388	390	388	385	385	387	390	387	389	388

450-600K

It’s getting slower! And more painful! One of the most glaring satistics, and ond that would give some insight into the frustration these sellersare going through: in this pricerange, These homes are on the market for an aerage of 139 days and have a 9% sold price/original list price ratio- in this price range that’s $40,000 to $55,000 Lower than their original List price! And they waited over 4 and a half months to sell!

 

 

Date	2/09	3/09	4/09	5/09	6/09	7/09	8/09	9/09	10/09	11/09	12/09	1/10	2/10
For Sale	843	812	832	818	785	756	719	709	648	582	524	500	561
New Listing	220	216	260	227	220	231	207	212	198	138	117	208	212
Sold	87	80	86	93	129	152	94	100	103	100	114	60	57
Pended	99	127	142	143	147	146	131	113	118	105	74	106	135
Months of Inventory based on Closed Sales	9.7	10.2	9.7	8.8	6.1	5.0	7.6	7.1	6.3	5.8	4.6	8.3	9.8
Months of Inventory based on Pended Sales	8.5	6.4	5.9	5.7	5.3	5.2	5.5	6.3	5.5	5.5	7.1	4.7	4.2
Absorption Rate based on Closed Sales	10.3	9.9	10.3	11.4	16.4	20.1	13.1	14.1	15.9	17.2	21.8	12.0	10.2
Absorption Rate based on Pended Sales	11.7	15.6	17.1	17.5	18.7	19.3	18.2	15.9	18.2	18.0	14.1	21.2	24.1
Avg. Active Price	522	523	525	524	524	523	525	522	521	523	522	523	524
Avg. Sld Price	509	512	503	506	505	509	505	505	515	519	500	516	495
Avg. Sq. Ft. Price	158	164	161	168	171	165	167	172	159	163	170	157	151
Sold/List Diff. %	96	96	98	96	97	97	97	97	98	97	97	97	97
Sold/Orig LP Diff. %	88	90	91	90	91	92	91	92	95	89	90	93	91
Days on Market	78	73	84	77	84	75	81	67	61	87	86	69	98
Avg CDOM	96	92	108	104	114	92	124	101	84	109	116	85	139
Median Price	500	515	499	500	497	510	498	500	510	518	500	516	485

 

600-800k

Slowing even more… but definately still selling!

 The Averae days on Mkt are all over the board, but these monsters are still selling great! these homes actually enjoy a hightr % (94%) retio of original active list price to sale price.

 

Date	2/09	3/09	4/09	5/09	6/09	7/09	8/09	9/09	10/09	11/09	12/09	1/10	2/10
For Sale	524	531	543	537	512	488	477	457	390	351	300	289	290
New Listing	106	117	141	120	120	124	95	88	63	69	46	77	87
Sold	16	36	44	46	44	57	29	41	43	36	35	34	20
Pended	38	54	52	60	64	60	39	47	51	34	21	34	54
Months of Inventory based on Closed Sales	32.8	14.8	12.3	11.7	11.6	8.6	16.4	11.1	9.1	9.8	8.6	8.5	14.5
Months of Inventory based on Pended Sales	13.8	9.8	10.4	9.0	8.0	8.1	12.2	9.7	7.6	10.3	14.3	8.5	5.4
Absorption Rate based on Closed Sales	3.1	6.8	8.1	8.6	8.6	11.7	6.1	9.0	11.0	10.3	11.7	11.8	6.9
Absorption Rate based on Pended Sales	7.3	10.2	9.6	11.2	12.5	12.3	8.2	10.3	13.1	9.7	7.0	11.8	18.6
Avg. Active Price	699	701	701	700	701	700	701	700	698	698	699	698	703
Avg. Sld Price	671	672	689	678	673	674	689	678	660	663	688	680	665
Avg. Sq. Ft. Price	196	193	191	192	194	193	198	176	186	186	182	178	173
Sold/List Diff. %	98	96	97	96	96	96	97	97	94	95	95	94	98
Sold/Orig LP Diff. %	87	88	85	89	92	89	85	92	88	85	89	88	94
Days on Market	76	92	100	96	84	70	119	75	81	126	87	133	61
Avg CDOM	88	131	163	140	131	121	199	126	111	152	109	186	102
Median Price	671	665	675	655	653	665	680	670	650	650	685	668	650

This is part of the Big Surprise!!  There are still lots of pople with money out there! and thet are buying Big Houses!!

These are 800k to 1 mil.

Why are these homes dead in the water? they are only 300koverth median price of teh last goup, yet they have 53 months if inventory!!

Date	2/09	3/09	4/09	5/09	6/09	7/09	8/09	9/09	10/09	11/09	12/09	1/10	2/10
For Sale	505	514	505	527	537	515	503	475	451	392	334	326	318
New Listing	88	115	79	96	89	85	62	60	62	35	26	57	56
Sold	7	10	11	16	16	15	12	13	8	16	12	11	6
Pended	9	26	26	18	26	21	17	20	18	18	11	13	24
Months of Inventory based on Closed Sales	72.1	51.4	45.9	32.9	33.6	34.3	41.9	36.5	56.4	24.5	27.8	29.6	53.0
Months of Inventory based on Pended Sales	56.1	19.8	19.4	29.3	20.7	24.5	29.6	23.8	25.1	21.8	30.4	25.1	13.3
Absorption Rate based on Closed Sales	1.4	1.9	2.2	3.0	3.0	2.9	2.4	2.7	1.8	4.1	3.6	3.4	1.9
Absorption Rate based on Pended Sales	1.8	5.1	5.1	3.4	4.8	4.1	3.4	4.2	4.0	4.6	3.3	4.0	7.5
Avg. Active Price	1580	1574	1586	1554	1566	1593	1602	1613	1606	1639	1638	1606	1638
Avg. Sld Price	1297	1098	1157	1321	1181	1067	1153	1181	1174	1149	1439	1229	1237
Avg. Sq. Ft. Price	272	235	254	270	230	218	261	233	224	256	239	234	229
Sold/List Diff. %	91	95	92	91	94	91	92	91	99	94	89	83	80
Sold/Orig LP Diff. %	80	84	81	88	87	80	80	83	85	86	81	64	68
Days on Market	80	92	77	62	65	127	129	87	98	81	128	197	233
Avg CDOM	221	149	177	96	78	182	287	176	115	135	330	221	260
Median Price	1150	1025	1027	1350	1100	1050	1045	1140	1095	1078	1138	1050	1120

Authored by Forth Hoyt | Discussion: No Comments »

« Previous Entries

Next Entries »

• Search Homes. Browse Listings for Your Dream Home.
• Featured Properties. Listing of Featured Properties.
• Homes Value. Find the Value of Your Home.

Sacramento Short Sale Center

Really Simple Syndication

• Pages

  • About
  • Contact Us
  • Meet The Team
  • MLS search
  • Support for Noel Myatt

Categories

• 1
• 27
• All about me
• Country Living
• Default News
• First Time Buyers
• Foreclosure Rescue Scams
• Graphs and Charts
• Loan Modification
• Mortgage and Loans
• My Stories
• National Real Estate Trends
• Pre Foreclosures
• Ranch and Rodeo
• Real Estate News
• Real Estate Trends
• Sacramento Foreclosures
• Sacramento Fun
• Sacramento History
• Sacramento Home Buyers
• Sacramento Landmarks
• Sacramento Politics
• Sacramento RE Stats
• Sacramento Real Estate
• Sacramento Real Estate Trends
• Sacramento Sellers
• Short Sales
• Shortsales
• Sacramento Economy
• Sacramento Foreclosure News
• Foreclosure News

Archives

• August 2010
• July 2010
• June 2010
• May 2010
• April 2010
• March 2010
• February 2010
• January 2010
• December 2009
• November 2009
• October 2009
• September 2009
• August 2009
• July 2009
• June 2009
• May 2009
• April 2009
• March 2009
• January 2009
• December 2008
• November 2008
• October 2008
• September 2008
• August 2008
• June 2008
• May 2008
• April 2008
• January 2008
• December 2007
• November 2007
• October 2007
• September 2007
• July 2007
• June 2007

View technorati.com