We are almost at the 3rd quarter of 2011 and I would say that the Sacramento real estate industry has fully recovered from being in slump few years back. Let’s take a closer look on the latest stats and happenings around Sacramento real estate industry, below are important stats that concern homes for sale in the entire region for 2011.
Here is your Quick Snapshot and statistics of the industry in Sacramento for the first two quarters of 2011;
Price Trends - The median single family home price as of August 21 2011 for SACRAMENTO is $142,987. Market Conditions - With a Market Action Index as of August 21 2011 at 19.65, SACRAMENTO is currently a buyer's market.
Sales and Demand Trends - The average property in SACRAMENTO as of August 21 2011 has been on the market for about 137 days.9% over last month) were recorded with more than 4,484 homes listed (up 1.4% from last month.)
Price Per Square Foot - The median price per square foot for homes in SACRAMENTO as of August 21 2011 is about $95. Sacramento Homes for Sale - There are about 3,519 properties on the market in SACRAMENTO as of August 21 2011.
According to another statistics, as of May 2011, a total of 1,524 closed escrows (down 12.9% over last month) were recorded with more than 4,484 homes listed (up 1.4% from last month.) Meanwhile, a total of 2,531 new home listings came onto the market which is up 3.5% from the month before.
Median home price was $169,900 which is up 2.3% from last month and down 8.2% from last year with an averaging of 50 days on the market. REO: 672 REO sales totaling 44.1% of the total sales which is down 20.2% from last month.
SHORT SALE: 344 Short Sales totaling 22.6% which is down 11.3% over the month before. Total Inventory is up from 2.5 months (April) to 2.9 months worth of homes on the market which is up 16% from last month. A local realtor said that, “Our Days On Market (DOM) drop from 74 last month to 50 this month.
When homes are priced right they will sell faster. Bank Foreclosures are coming on to the marketing in a strong force. Short Sales and Bank REOs are still the norm and will continue to me the norm as we move forward. As we watch this market shift and move we are hopeful to move through the Bank Owned homes so to stabilize and rebuild our market.”
Looking for homes for sale aren’t that hard to do, just get and hire your most preferred realtor and everything will fall into its places. Just make sure that you hire the most competent one and not those fly by nights and incompetent real estate agents. You have to check their competency by looking into their credentials. If you have a chance, go and ask friends who may know them as well about the background of your target realtor.
In the end, if you there are things you still don’t understand in the real estate contract, let us say in buying or even selling properties, you may still consider asking help from your hired realtor. They know well what to do in every situation happening in your real estate deal, so don’t be shy to ask them about everything you wanna need to know. They are much willing to explain to you what you don’t understand in the contract, and when you feel that you have already understood everything, then sign the contract right away.
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