Sacramento Real Estate Market Report for February 2011

Sacramento real estate market report is ready. We will take a look at bank owned foreclosed homes, short sale homes, traditional sales as well as a combination of all homes for sale in Sacramento from December 2009 through February 2011 below.

All Sacramento Homes

Sacramento Real Estate graph to the right showing by the end of February there were 5,193 homes for sale, 2,359 homes received offers and 1,155 homes actually sold.  Based on the sold market statistics this means there is 4.5 months of inventory left on the market from February to sell in March. 
Now, that figure does not account for any new homes for sale in March which we all know is unrealistic.
 
To further breakdown these Sacramento homes for sale, homes in pending sale and homes sold, let’s take a look at the Sacramento Short Sale real estate market, now.

Sacramento Short Sales

Sacramento Short Sales are definitely a BIG part of Sacramento real estate.  As you can see by the chart to the left, there were 2,124 Short Sale homes for sale with only 251 Short Sale homes sold and 1, 099 Short Sale homes in Pending Sale waiting for the bank to accept the Sacramento home buyers offers.

This chart just further shows how the banks need to get their act together and help move the short sale inventory faster.  With such a discrepancy between solds and pendings it is a true indication that the short sale process is antiquated in terms of time. With so many short sale  homes still on the Sacramento real estate market based on the small number of the short sale homes sold, it will take 8.5 months to sell the remaining inventory of short sale homes for sale. 

This rate has increased tremendously  from last year at this same time when it was only 5.1 months of Short Sale inventory. The good thing is that as you can see by the swing in the chart, home buyers are actively making offers on Sacramento Short Sale homes for sale and the home sellers are accepting their offers, now if we could only get the banks to think of this as a priority, too!

Sacramento Short Sale Sold Prices

This Sacramento real estate market analysis chart to the right  shows Sacramento Short Sale home prices  for average sold price and as you can see by the red line the average sold price of a Sacramento short sale home is up and this change originally occurred in June of last year. Since June it’s been a pretty stable price range.

The average days on the market for Sacramento Short Sales has increased from last year in February of 144 days to this year in February at 170 days.

Sacramento REO Bank Owned Homes

Ok, let’s take a look at the Foreclosed bank owned homes for sale and check out the graph to the left.  Do you see the how the graph of foreclosed homes looks back in December 2009 where the bank owned homes for sale shows very little disparity in the amount of sold homes and the pending sale red line is inclusive of the sold homes?  This is what we should all be looking for in the real estate market for more of a stabilization factor.

For those that think there are no foreclosed, bank owned homes for sale this should answer your question. Yes, there were 1,233 Sacramento foreclosed bank owned homes for sale in February with 572 bank owned  homes sold and another 737 foreclosed homes in pending sale waiting to close.  Based on the sold bank owned homes there is only 2.2 months of inventory of Sacramento bank owned homes for sale.

Sacramento Traditional Home Sales

I bet you were wondering if there were any traditional Sacramento home sales.  Yes, there are still Sacramento homeowners who have equity and have their homes for sale on the Sacramento real estate market.  The chart to the right shows there were 1,843 Sacramento homes for sale with 527 homes receiving offers from Sacramento home buyers and 335 homes sold last month.

Based on the sold, it will take 5.5 months to sell the remaining inventory on the Sacramento real estate market

Sacramento Traditional Home Sale Prices

I found this Sacramento real estate market chart to be very interesting.  This chart shows in green where the Sacramento home seller thought they could get more for their home than what the Sacramento real estate market was willing to pay.
The red line is the actual sold price of  what the traditional Sacramento home sold for.  Looks like Sacramento home sellers received a wake-up call on what Sacramento home prices are currently worth.

Be sure to come back to Sacramento Real Estate Voice for a deeper look into the Sacramento real estate market where this Sacramento Realtor® will share more graphs and statistics for the Sacramento neighborhoods.
 

Other Sacramento Real Estate Market Reports:
Sacramento Real Estate Statistic Market Charts
Sacramento Real Estate Market Report for the Year
Sacramento Real Estate Market Statistics for Short Sales
Sacramento Home Statistics Report 2010