Local Statistics for Sacramento Real Estate
Posted: July 1, 2011 Filed under: Uncategorized | Tags: bank owned sales, Foreclosure Sales, median home price, real estate market, richard4homes.com, Sacramento Residential Real Estate, short sales, statistics Leave a comment »Local Stats Are More Relevent
There are many statistics presented to the general public about the single- family home market on a national, state and county level but not much is printed about local zip codes and neighborhoods. In my opinion, the true real estate market is local, there are significant differences by region, even comparing one neighborhood to another. In this article I will present the statistics for Sacramento County. In future articles I will present and discuss information on various neighborhoods throughout Sacramento to illustrate the differences and how important it is to look at local trends and facts.
The figures presented here are for Sacramento County including the City of West Sacramento.
Closed sales for the month of May increased from April by 8.3%,#1650 in May vs. #1524 units sold in April
In the month of May, Bank-owned homes were 41.5% of the market (#685),Short Sales were 23.4% (#386) and Conventional Sales were 35.1% (#579). In a future article I will show how these percentages of closed sales vary from month to month
The May median home price for Sacramento County is $167,000, declining by 1.2% from the April median of $169,000. For perspective, the median home price in May of 2010 was $190,000. The median in January, 2002 was $178,800. These figures give some perspective on major price adjustments we experienced over the past 10 years.
To conclude this article on the May statistics, I find the following information very interesting:
Of the 1650 closed sales for single-family homes, 96.3% or approximate 1593 homes had a selling price below $400,000. This means that only 3.7%, or 57 homes sold over $400,000.
On Saturday I will write about the experience my wife and I had in securing bids to have our own home re-roofed. We learned A LOT!
A closing comment: There is an article in Wednesday’s New York Times that a recent poll taken by the Times and CBS shows that 90% of the respondents stated that home ownership is an important part of the American Dream, they want it to stay that way and will work toward that end.
Richard Kitowski
