Spring "Rally" Falters, First Sacramento YOY Price Decline Reported
Local real estate agents give their take on the Sacramento housing market. John over at the Sacramento Real Estate blog has some early April MLS numbers:
Average Sacramento County home prices fell again in April, erasing the gains made in February and March and falling slightly below January’s level. The average sold price for residential property (including single family, condos, halfplexes, etc), fell to $392,252 in April based on Metrolist MLS data. Because the overall trend since August has been downward, appreciation since last April has been very low at only 2.23% per year. We predict that by next month the year-to-year price change will be negative and remain so until August at least.Keep it Real's Julie notices all the open house signs:
As to median prices, we’ve hit our first year to year decline in recent memory. The median sold price in Sacramento County was $356,000 this April, versus $358,950 last April.
The sun is out, buyers have returned and it was a great weekend for open houses! Anyone out driving around on this past Sunday had to notice scads of open house signs on almost every corner. I wish I would have had my camera when came across one Rocklin corner with eight different signs. I did an open house and had lots of visitors, with many saying they have been waiting for a nice weekend to start looking.And finally, Jimmy is predicting price increases this summer for the Sacramento housing market:
As we move into May I think we are going to start seeing sellers, especially new home builders, start taking away the buyers ability to negotiate as much as they have been these last few months. We all know that spring ranks among the worst time to make a deeply discounted offer. It's a popular time for families to make there move, taking advantage of pleasant weather, longer daylight hours and children being out of school.
So if you're thinking about buying a home in the Sacramento area, now is the time to do it! There's still a little time before we get into the summer months where I predict homes prices to increase across the board in Sacramento around 3%-5%......
9 comments:
how do you take away a buyers ability to negotiate? kidnap their children? this re agent jimmy is flat stupid,anyone wanting to sell now had best drop their price to 5%-10% below the most recent comp and RUN to the bank with the check...usually a dead cat bounces a little bit,but it doesn't look like it is happening at all in sacto.maybe jimmy coluld fill it with hot air and throw it harder next time.
I'm sorry, but it makes me more than a little bit sick that so few can honestly afford housing and yet some are so rich they can purchase condos in Davis for there kids. The middle class has vanished.
you right 285k for kids campus idiots
hey guys, we are just 27 homes away from an all time high housing inventory volume in the 4 county region.
Tracking Sacramento Metro
Happy-
I've been watching the same on C$%^*@n Dr for several months, wondering the same. Plus, there's 1-2 major re-model/spec jobs further down on Min$#a. Each went for ~400K in the last 2 months and needs 100k to 200K of work (one's going to two stories). I do not get it...we're 8-12 feet underwater in a matter of hours under some levee break scenarios and I'm going to pay $500K? Not.
Lander-
Having trouble using Firefox; "visual verification" not showing up. Had to resort to IE (could be user error for all I know).
well, as of 8 pm today, we have crossed the prior record high in inventory.
Can somebody answer the question I've been asking myself for the last couple years? I've been watched Sacramento real estate thinking I might want to move back to Sac someday and realize the dream of home ownership. I want to know why anybody would buy a house in Rio Linda/Oak Park/Del Paso Heights/North Highlands/Most of S. Sac for 350k up? Have there been buses running 24/7 shipping violent criminals and meth lab operators out of town in the 6 years I've been gone? In 99' you bought a house in those hoods cuz they cost 80-100k. Plenty of money left over for a shotgun and alarm system. Last time I was in Rio linda there were dirt roads and tons of stray dogs, also, I seem to recall Rio linda floods every year. Is it mass mental retardation? I mean, what's the mortgage on 350k, like 2,100 a month before insurance/cars/kids? The few friends I have who have moved to Sac from the bay area have had a difficult time finding a job and then were offered very very little $$. One example, a paralegal who was making 60k in Oakland was offered 28k at 3 places before taking a job for 37k. After buying a car (out of need in Sac) her cost of living was the same as in Berkeley! needless to say, she can't even afford a shack in North Highlands. What's going on in Sacramento?
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