Are Homes Selling in Sacramento?

Sacramento Home Sales Report

Sacramento Home Sales ReportSacramento real estate declined slightly with the number of homes on the market for sale last month from 4,877 homes for sale in April to 4,587 homes for sale in May.  As you can see by the chart to the left the number of homes sold and property receiving offers in Pending Sale are up over last month at a steady increase.

Based on these figures of single family homes in Sacramento that sold, we have about 2.9 months of inventory left to sell.

I do want to point out that over a 15 month time period, May had a remarkable number of homes in Pending Sale at 2,410.  If this keeps up on a steady basis it will be an excellent sign that we are keeping up with the inventory of homes for sale in Sacramento County.  Now, we need to work on the Sold numbers while reducing the inventory.  When combining traditional home sales, bank owned foreclosed homes and short sales homes that have sold throughout Sacramento County, the average sold price is $185,000.

Sacramento Home Sales for Bank Owned Foreclosed Homes

Now, let’s break down these numbers and see what foreclosed bank owned homes did this past month around Sacramento County.  One good sign is a decline in inventory of single family foreclosed homes down to 1,000  which is 119 less than last month with a whopping 789 foreclosed homes receiving offers and in Pending Sale.  The sold homes were down from last month to 658 which is a -2.2%  down from last month at this same time.

It’s always a good sign to see the darker green showing up more and the lighter green showing less…less inventory on the market which amounts to 1.5 months of bank owned foreclosed homes left for sale.

The average price of a bank owned foreclosed home is $142,000.

Sacramento Home Sales for Short Sale

Once again the Sacramento short sale real estate market charts reimphasizes what I continue to discuss here on Sacramento Real Estate Voice which is that banks are NOT processing the short sale fast enough.  Clearly with this real estate chart you can see the steady rise in Sacramento short sales receiving offers last month at 946 Pending Sales up from a 15 month period by 68.6%.

Where the pavement meets the road is looking at the sold numbers and we are only seeing a slight increase of 10% over last month and over a 15 month period the solds are down by -9.4%.  The banks really need to accept the Sacramento short sales in a more timely fashion.

The average sold price of a short sale home in Sacramento is $190,000.

Inventory of Sacramento short sales is down since July of last year with only 1,676 distressed single family homes for sale and dropped a negative 8% over last month.  Based on the closed short sales we have 4.5 months of short sale inventory left to sell.

Sacramento Home Sales For Traditional Homes

Yes, there are still home sellers who have equity in their homes and are selling in Sacramento as evidenced by the real estate market 15 month chart to the right.  In fact, there is a pretty big supply of traditional homes for sale saturating the real estate market with 1,915 regular traditional homes for sale , down ever so slightly from last month.

With the current amount of homes for sale right now, it will take about 3.5 months to sell the current inventory.

Sold homes were up by 7.6% over last month at 555 homes sold  and 681 homes received offers and are in Pending Sale ready to close.

Home prices are down from a year ago but up slightly from the previous month with an average sold price of $233,000.

Past Sacramento Real Estate Market Articles:

How is the Sacramento Real Estate Market Doing?
Sacramento Real Estate Market Report for the Year
Sacramento Real Estate Statistics From 2008 Until 2010
Sacramento Year End Home Sales Report with 11 Year Look at Homes Sold

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