RealEstate Investing:Sacramento March 2009 Real Estate Report

Article Summary:

Article Content:

There were 5,763 single family houses for sale in Sacramento County through March 31, 2009.  The average price was 7.903 for 1,826 square feet.

2,052 offers were made on single family houses and accepted through March 31, 2009.

For the month of March 2009, 1, 647 single family homes sold throughout Sacramento County with the average sold price being 8,114 with an average of 1,656 square feet  which took 54 days on average to sell.

Last year for March 2008 there were 1, 089 single family homes that sold.   However, the average sold price of a home in 2008 was 3,398 with 1760 square feet.

As you can see by comparison, prices have continued to spiral down from last year bringing many more home buyers into the market this year to take advantage of the foreclosed and short sale homes for sale.

Inventory has shrunk to 3.6 months over a six month period with very few foreclosure homes on the market.

The official Sacramento County DQ news report that takes in all of the home sales including condo, duplex, apartments etc indicated in February that there were 1,839 real estate sales with 0,000 being the median sold price for February 2009 and 0,000 being the median sold price in February 2008.   This is a -38.46% change from last year. DataQuick hasn’t managed to calculate their March figures at this point.

Year-to-date, Sacramento County there have been 4,804 single family homes sold for an average price of 8,586 with an average of 1,641 square feet and took 53 days on the market to sell.

Many are calling for the bottom of the real estate market and have predicted that we are at or very near the bottom.   I feel that we have more foreclosures to get through but will see if the predictions are right.  I think it’s merely temporary that there is a shortage of foreclosures right now.

Reports are indicating 58.4% of the real estate sales in California were properties sold in foreclosure while a year ago it was 33.3%.

Either way, if you are a Sacramento home buyer or investor, you had best get on the stick the low in real estate is drawing near and so is inventory.

As always, the real estate market report shows only residential single family residences. For a breakdown of each city and community real estate stats, just click on Sacramento  neighborhood market statistics and chose the month and year report that you are interested in.

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