Thursday, December 14, 2006

Slowest November in 9 Years

From the Sacramento Bee:

More than 3,000 Sacramento-area buyers received keys to their new homes last month, but analysts still called it the slowest November for Sacramento and Placer counties in nine years, as the region's sluggish 2006 real estate season nears its end.

November sales figures reported Thursday by La Jolla-based DataQuick Information Systems raised the 2006 total of new and existing homes and condominiums closing escrow to 38,208 in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties. That's 16,129 fewer sales from January through November than last year, a factor that has purged area payrolls this year of countless real estate agents, loan specialists and residential construction workers.

November's median sales prices also continued a long slump that has frustrated sellers through much of 2006. Sacramento County, the largest slice of the region's real estate market, saw the median price of an existing, single-family detached home decline to $345,000 - the lowest since March 2005, according to DataQuick.

10 comments:

Max said...

saw the median price of an existing, single-family detached home decline to $345,000 - the lowest since March 2005

I'm still showing the median asking price at $360K for all houses in Sac County. The sellers are still in denial.

Gwynster said...
This comment has been removed by the author.
Gwynster said...

http://sacramento.craigslist.org/apa/248030945.html
For just 300 more per month I could be renting a 5 br McMansion easy commuting distance from UCD. My current place is 950 sqft 2/1 no garage, built in 1970 by Streng.

I'm seeing deals like this everywhere. $2200 for a 6 br 3.5 ba 3 car garage in a gated community not far from Ikea. That is a frat house waiting to happen.
http://sacramento.craigslist.org/apa/248484505.html

And then you get someone who wants 1800 for a 3 br in the same neighborhood. I bet spring is going to get interesting. Will rents fall faster then home prices since a rental price would be a lot more liquid then a sale price?

Speaking of interesting, what if we had christmas and nobody came?
I stopped in at Ikea and the place wa s a ghost town- maybe 35 cars in the parking lot. I asked the greeter if it had been like this all week. She looked really sad and said yes.

Max said...

I've had the same experience at Lowes and Home Depot the last couple of weeks. Lots of cashiers; no crowds.

$1 store was packed.

sippn said...

So you folks think renting near Ikea is a plus? Oh yea, they have a "restuarant"

Max I think a 3-4% difference between asking and selling price is reasonable.

Gwynster said...

no I don't think living near Ikea is plus,however it's looking a lot better then living in davis at the moment. N
o matter how you slice it, $60 per sqft for a rental should tell us how much sale prices have to fall.

Anonymous said...

I count nine homes for rent in Lincoln Crossing on craigslist. Rents from $1,425 to $2,300. I hope they stay vacant for years.

It reminds me of that movie Vacation with Chevy Chase when he drives off the road and the two mechanics give him hard time and tell him must have crap for brains to crash his car like he did.

I think the flippers who bought in Lincoln Crossing must be brain dead or something. I like to get some names and give them a call and ask them what in the hell were you thinking.

The best thing that can happen to Lincoln Crossing is if they built it on a graveyard like in Poltergist and then whole neighborhood blows up with a bunch of dead bodies coming out of the ground.

Maybe they built it on an Indian burial ground and thats why nobody lives there.

Nope, just a bunch idiots with dollar signs in their eyes and now are going down the tubes. Screw them, just a bunch of idiots.

Housing price decline of 50% on track for 2009. Were in the groove now its all down hill from here. Anybody who buys now is a fool.

patient renter said...

Any tips on finding a good price on a rental house? I'm looking to move into one in March when my current lease is up... most likely in Folsom.

Gwynster said...

Patient,

I started to reply with tips on renting then found I had too much to say >; )

So I did a big post on my blog to address the 7 issues to think about.

BTW - the housing wanted ad has given me such a dearth of schenfreude material! I may to start a blog devoted to crazy would-be landlords in this area.

Anonymous said...

Article in today's Chronicle:

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/12/17/SACTO.TMP

The article discusses how the developers are screwing their current homeowners.