?Sacramento Real Estate Report Overall
Sacramento Real Estate Market report for March 2012 shows as you can see by the chart to the left, there were 2,822 homes in pending sale (having received an accepted offer by the home sellers). I believe further study will show most of these off the chart Pending Sale offers were again short sales, since they still take quite awhile to get approved by the banks. As you can see inventory continues in a downward spiral leaving few homes as compared to previous months on the market for home buyers to choose from, at 2,124 homes for sale. At the end of March there was only 1.3 months of inventory on the real estate market. Sacramento homes sold rose over last month by 28.4% over a 15 month period and up 14.2% over last month.
Bank Owned Real Estate Market Report
At the end of March, bank owned REO, foreclosed homes were down by 64.7% over a 15 month period and down 8.2% over the preceding month?s inventory. Based on the home sales there is only 1 month of inventory for sale on the real estate market.
Looks like foreclosed homes received offers sky rocketted showing 664 homes in Pending Sale, right off the charts with 472 homes in the sold category.
Sacramento Short Sale Report
Looks at the 1,190 short sale homes off the chart again month over month which in March is 136.6% up over a 15 month for Pending Sales. ?Again just proof, the banks are taking much too long to approve short sales when we see figures such as this.
Lucky short sale home buyers who moved into the sold position were up 4% from last month at a whopping 465 homes. ?Inventory is down with only 592 homes for sale, down by 30.8% over last month leaving only 1.3 months of inventory on the real estate market for sale.
Traditional Home Sales Report
There were 678 homes sold and 973 homes where the home seller accepted a buyers offer and the home went into pending sale.
As a REALTOR? in Sacramento, I can honestly say there are parades of home buyers through the homes for sale since there are fewer homes for sale and buyers are finding themselves in multiple offer situations. ?The tide in real estate is turning!
Since it is cheaper to buy a house than rent, the National Association of REALTORs measured housing affordability to the price of home to income and as you can see by the chart below, numbers are surging!
If you would like to know how the real estate market is doing in your specific neighborhood, give me a call and I?ll be happy to give you those figures.
Remember, real estate market reports are local and it?s important for you to know what is happening in your particular neighborhood.
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