Sacramento August Real Estate Stats

Sacramento Single Family Home Sale Market News 

The residential resale home statistics for the month of August  for Sacramento County and City of West Sacramento were recently released by our local Multiple Listing Service.  The news appears to be good! For the second month in a row conventional sales ( 38.5% of the total ) are a higher percentage of the closed sales than bank owned sales,( 37.5% ) Short Sales make up the rest of the sales at 24%.  And the number of closed sales for August was up  8.4% over the previous month, July 2011.  Pending Sales, new escrows , were also up at 15.3% higher than the previous month.  Good news for now. 

In our region we still have a serious situation with bank sales and short sales (negotiated settlement of debt with the bank) being 61.5% of the total closed sales.  Our region is probably close to the top in the United States for distressed property sales.  This is not good news.  It will take several years of a positive economic climate before we start seeing major improvement in this area. Statistics show that many homeowners in Sacramento County owe more on their home than it is worth.  In years past when we were in a normal market distressed sales were typically around 5% of closed sales. We have a long way to go. 

Sacramento is a great region and our single family real estate market will improve with time.  Now appears to be a very good time to purchase a home with interest rates near an all time low and prices close to what they were in the years 2000 and 2001.