Sacramento Market Stats for February 2009

I'm a little late on reporting this information-however there are a couple of interesting trends.

Inventory is still decreasing in Sacramento.  Trendgraphix is indicating there is only 3.5 months based on closed sales.  There has also been a 41.4% decrease in total inventory for sale in Sacramento county from February 2008.  Homes are being absobed more quickly but there is also an actual decline of properties coming onto the market.  The moratorium of new foreclosures placed by some of the big players has really started to affect the number of new properties hitting the market.  When banks/investors etc. start foreclosing on homes again, it will be very interesting to see if inventory starts to jump again or if the banks release these homes in a controlled manner. 

It is important to remember that the majority of homes being sold in the current market are to first time homebuyers and not investors.  Prices have fallen to levels in many areas that people who were priced out of the market before can now afford to buy their first home.  With lower inventory levels the foreclosed homes are still getting multiple offers and it takes time and patience and often looking at a lot of homes to find the right one.  The distressed homes foreclosures and short sales still make up the majority of the market - it is not that homes with Mr. & Mrs. Seller can not sell - but they have to price themselves at the same level or very close to the distressed properties in order to attract the attention of buyers. 

There are still well over 5,000 homes for sale in Sacramento - visit my website to find your next Sacramento Home

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