Sacramento Real Estate is in the proof of the pudding…or should I say, the
graph! Checkout the difference between Dec. 2011 and Dec. 2012. The amount of Sacramento homes for sale last month went down 61.5% from the previous year. That’s quite a change in the dynamics of real estate. So, if you were a home buyer in December and actually bought a home, consider yourself very lucky. Inventory was at its lowest ebb.
Ready for the next shock? Let’s take a look at the market for Sacramento Short Sales and see what the inventory was last month compared to a year ago. Do you think there were fewer short sales? Let’s see if you are right
not surprising…Sacramento short sales for sale went down a whopping 74.1% from December a year ago, showing 1,228 short sale homes for sale in 2011 and a mere 318 short sale homes for sale in 2012. It’s a sign of the real estate recovery when we see fewer distressed properties. The signs are all pointing at a real estate recovery.
Bet you’re getting the picture…what do you suppose happened to the REO, bank owned foreclosed homes?
This one shouldn’t have been a surprise if you’ve been following my Real Estate Report monthly. Bank owned, REO foreclosed homes for sale have been going down month after month for 15 months. Comparing December 2011 foreclosed homes for sale went down 76.5% in December 2012 with only 161 homes for sale as compared to just a year previously. So, if you were in the real estate market for a foreclosed home, your chances were slim.
Once again, this graph depicts a real estate recovery…numbers don’t lie.
Next, let’s take a look at traditional home sales. The homes with equity for sale around Sacramento
I would rather see these real estate numbers higher for traditional homes for sale.
Comparing December of 2011 and 2012 the amount of homes for sale was down by 42.3% but the good news is that sold homes and homes receiving accepted offers were up over the previous year. Based on closed sales, there is only 1.1 month of inventory which means, it will take 1 month to sell what is left on the market.
If you were left out in the cold and still looking for a house to buy, these are the reasons why…inventory is down all across the board. As a home buyer if you are still under the impression you can offer below the asking price, think again. Supply and demand indicate you will need to pay more if you really want to buy a house. It’s not a home buyer’s real estate market…it’s a seller’s market!
Precious Sacramento Real Estate Market Reports: