RealEstate Investing:Sacramento August Home Sales Down

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Just before the Labor Day holiday I quickly put together the August Real Estate Market Stats for Sacramento County which you can take a look at by clicking on Neighborhood County Market Statistics and checking out your favorite neighborhood home sales.

You will find neighborhoods like Carmichael, Elk Grove, Fair Oaks, Folsom, Downtown Midtown, Arden Arcade, Land Park, Natomas and Wilton just to name a few.  Don’t forget you can compare the home sales by month and by year.

For the entire Sacramento County there were 5,011 single family homes for sale in the month of August 2009 for an average asking price of 1,720 for 1848 square feet.  That’s 2.45 per square feet.

1,245 single family houses SOLD in Sacramento County for the month of August 2009 with an average of 1700 square feet  for 4,130 in 48 days.  The average price per square feet was 0.08

The numbers are down from last month by 727 homes.  This may be a result of the incredible amount of time it appears to be taking the banks with Short Sales to ratify and accept home buyer offers.  Since bank owned homes are merely trickling in and Short Sales dominate the real estate market this slower and lower market may be with us for awhile.

The following is just a small sample of a few neighborhoods where the homeowner is in default with their home mortgage.

Elk Grove CA currently has 1,347 homes in PreForeclosure

Folsom CA has 259 homes in PreForeclosure

Natomas has 808 homes in PreForeclosure

El Dorado Hills  CA has 241 homes in PreForeclosure

Roseville CA has 633 homes in PreForeclosure

Some of these homes will have banks working on loan modifications, others will be listed as Short Sales with the remaining being Foreclosed and becoming Bank Owned homes for sale.