"Inventory moves into summer mode. Sales do not."
The Sacramento Business Journal and Realty Times report on Trendgraphix (MLS) data.
From real estate agent Thomas Groves at Realty Times:
Inventory moves into summer mode. Sales do not.From the Sacramento Business Journal:
"The effect of rising interest rates has had a big impact on sales volume. At the low end of the market we see a 30% to 40% reduction in units being sold as compared to the same period last year. It is normal to see inventory increase as we head into the summer months, however, we would normally also see a rise in sales to offset that. Pending sales also fell in April, which means May's sales numbers could be lower still."
TRENDGRAPHIX's latest report shows that sales decreased 18 percent during the month of April for the Tri-County region of Sacramento, Placer and El Dorado Counties. April 2006 sales were 40 percent lower than April 2005 sales. Pending sales decreased by 5 percent from March 2006 to April 2006.
Home resales in Greater Sacramento dropped by one third during the first four months of this year, further evidence of a slowing housing market...Sales of houses, condos, half-plexes and duplexes (excluding new construction) in Sacramento, Yolo, Placer and El Dorado counties from January through April totaled 7,162, down from 10,673 last year, reports Trendgraphix, the data arm of Lyon Real Estate. It's the first time since at least 2002 that sales dipped during the first four months of the year. About 11,330 homes are on the market, the most since July 1994.You can find graphs of Trendgraphix data (up to March 2006) at golyon.com.
2 comments:
Overheard some people in the office who have homes on the market. They were complaining they are getting traffic but all of the offers were "lowball." I wanted to jump up and say "Fools! those are 2006 buyers but you sellers are stuck in 2005. Take the offer." If they don't sell at market today, they'll wish they had 6 months from now.
these people will be talking about the best bankruptcy attorneys soon if they don't wise up.a coworker recently took a home off the market because the best offer he got was 500k less than he thought it was worth...says he's ok "i have 50% equity,and the rent almost covers the note"he has made a lot of money over many years in real estate...but his opinion of value is based on a "market survey" done in november.i reminded him a property is only worth what a willing buyer will pay. he said "i'm ok"
Post a Comment