November 2009 Real Estate Statistics

December 21st, 2009 categories: Sacramento RE Stats

Sacramento Real Estate trends are changing. As a home buyer you need to keep up with the trend if you plan on your offer being accepted. Last year at this same time there was 4.3 months worth of inventory as compared to 2.4 months in November of 2009. This is a trend we are likely to see continue.

This was evidenced by having 7,575 single family homes for sale in Nov. 2008 versus 3,268 homes for sale in Nov. 2009.

The following chart shows the average sold price over the past year in Sacramento. With the red line showing a slight increase over the past year. Remember, these are averages…meaning some homes sold for much more and some for much less.

Are you ready to see what happened from Nov. 2006 through Nov. 2007?  Take a look at the inventory we had in Sacramento at the end of  November 2007 at 12.1 months versus what we had last month in Nov. 2009 at 2.4 months.

Quite a bit of difference, wouldn’t you say? This is why we have homes in multiple offers as well as why home prices are on the rise.  Inventory is down.   It’s the old supply demand theory and home buyers are eager to gain the home buyer tax credit which places quite a bit of stress on the home buying process.  Home buyers drive the real estate market and home buyers determine what the market will handle.

However, when inventory is low bidding wars begin which drives sales prices up. As you can see by looking at the chart below the average single family home in Nov. 2007 far exceeded the average price in today’s market and if notice, there is not much difference between the asking price and the sold price back in 2007 as compared to the disparage in today’s market.  Homes sold in 2007 for 90% of the original listing price whereas today in 2009 the sold price is 97% of the list price.

If  you would like to know how your specific neighborhood has compared during this transition in Real Estate, let me know and I’ll be happy to run the numbers for you.

This entry was posted on Monday, December 21st, 2009 at 5:39 am and is filed under Sacramento RE Stats. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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