From: Jessica Boyd [Jessica.Boyd@prurealty.com]
Sent: Wednesday, May 12, 2010 3:03 PM
To: wdavis@sacbee.com; Wasserman, Jim - Sacramento
Subject: Sacramento-Area Home Sales Sharply Lower As Tighter Inventory, Short Sales Slow the Pace

Attachments: oledata.mso; News release_Sacramento_Q1 2010.doc

 

NEWS                              

FOR IMMEDIATE RELEASE                                        

Contact:

Cathy Harrington

Prudential California Realty

925/924-4751

 
Sacramento-Area Home Sales Sharply Lower
As Tighter Inventory, Short Sales Slow the Pace

 

           

Sacramento, CA – May 12, 2010 -- Fewer homes on the market and an increase in the number of more time-consuming short sales resulted in slower sales of existing single-family detached homes during the first quarter of 2010, according to a report by the research division of Prudential California Realty based on an analysis of MLS data.

Countywide, 3,854 detached homes changed hands in the first quarter, down 18 percent from 4,692 in an extremely robust fourth quarter and 20 percent below the pace of sales a year ago, when 4,806 homes were sold.  Meanwhile, the median price of a home sold in Sacramento County during the first quarter was $183,485, down 13 percent from the fourth quarter but 7 percent higher than a year ago, when it was $170,774.      

The City of Sacramento once again accounted for well over half of the county’s home sales with 2,023 units sold, down by 500 units from the fourth quarter, when many homebuyers were scrambling to close transactions before the expiration of federal income tax incentives for purchasing a home.  The median sales price for Sacramento fell slightly for the quarter to $145,000 but was 12 percent higher than a year ago. 

Other active home sales markets included Fair Oaks, where sales were up 33 percent from the same quarter a year ago, and Folsom and Carmichael, both of which registered a 24 percent increase year over year.  Two markets – North Highlands and Rancho Cordova – maintained the previous quarter’s pace of sales, although sales were down in both communities on an annualized basis.

The median price of homes sold during the first quarter declined from the previous quarter in all but three of the communities included in the report:  Antelope, which experienced a small uptick in the median sales price; and Elk Grove and North Highlands, where prices remained at fourth quarter levels.  Seven communities registered year-over-year median sales price declines, including Wilton, where the median price fell by 23 percent.  Five communities had annualized increases in the median sales price.  In addition to Sacramento’s increase, North Highlands was up 20 percent, followed by Carmichael (+10%), Citrus Heights (+5%) and Citrus Heights (+3%).

Average days on the market, which measures the time from listing to sale, declined from 60 days a year ago to 54 days in the first quarter of this year.  The indicator may continue to decline as banks and the federal government attempt to streamline short sales, which often take longer to negotiate.

“Looking ahead to the prime home buying season, expect increased competition and multiple offers on many properties and an increase in short sale offerings, said Erin O’Connor, Sales Manager, Prudential California Realty, Elk Grove office.  Homebuyers who intend to occupy a home they purchase will be attracted by the HUD/FHA 203k loan that offers a low down payment bundled with a home renovation allowance. 

 

First Quarter 2010 Housing Market Survey – Sacramento County

Sacramento

County

Homes

Sold

Q1/10

Homes

Sold

Q1/09

%

Change

Avg.

DOM*

Q1/10

Avg.

DOM

Q1/09

Change

10/09

(Days)

Median

Price

Q1/10

Median

Price

Q1/09

%

Change

Single-Family Detached

Homes

3,854

 

 

4,806

 

 

-20

 

 

55

 

 

 

 

60

 

 

-5

 

 

$183,485

 

$170,774

 

7

 

 

First Quarter 2010 Housing Market Survey – Cities in Sacramento County

Single-Family Detached Homes 

City

Homes

Sold

Q1/10

Homes

Sold

Q1/09

%

Change

Avg.

DOM*

Q1/10

Avg.

DOM

Q1/09

Change

10/09

(Days)

Median

Price

Q1/10

Median

Price

Q1/09

%

Change

Antelope

154

 

185

 

-17

 

57

 

50

 

7

 

 $195,000

 

 

$204,500

 

-5

 

Carmichael

115

 

93

 

24

 

73

 

76

 

-3

 

 $240,000

 

 $219,000

 

10

 

Citrus Heights

208

 

216

 

-4

 

45

 

50

 

-5

 

 $178,750

 

 $170,000

 

5

 

Elk Grove

577

 

700

 

-18

 

45

 

54

 

-9

 

 $235,000

 

 $240,000

 

-2

 

Fair Oaks

80

 

60

 

33

 

77

 

75

 

2

 

 $234,875

 

 $239,000

 

-2

 

Folsom

166

 

134

 

24

 

61

 

69

 

-8

 

 $350,000

 

 $377,875

 

-7

 

North Highlands

124

 

154

 

-19

 

42

 

58

 

-16

 

 $110,000

 

 $91,500

 

20

 

Orangevale

78

 

86

 

-9

 

50

 

65

 

-15

 

 $209,500

 

 $215,000

 

-3

 

Rancho Cordova

172

 

176

 

-2

 

52

 

57

 

-5

 

$218,950

 

 $248,200

 

-12

 

Sacramento

2,023

 

2,818

 

-28

 

44

 

60

 

-16

 

 $145,000

 

 $129,900

 

12

 

West  Sacramento

140

 

148

 

-5

 

49

 

49

 

0

 

$234,000

 

$228,250

 

3

 

Wilton

17

 

36

 

-53

 

64

 

55

 

9

 

 $360,000

 

 $465,000

 

-23

 

 

*  Days on market is the number of days a property was listed on the market until it went under

 contract at its final listing price. This may not reflect previous listings.

**The median home price for the entire county is the mean of median home prices of 

 cities within Sacramento County.

Data are sourced from multiple listing services and are deemed reliable but not guaranteed.

All percentages rounded to nearest whole number.

 

About Prudential California Realty:

Founded in 1887 as Mason-McDuffie Real Estate and transitioning to the Prudential name in 1997, Prudential California is a leading innovator of real estate technology solutions to its agents and clients. Prudential California Realty provides comprehensive real estate solutions when buying, selling and owning a home with more than 7,600 transactions and $2.8 billion in annual sales for 2009. The company offers consumers full MLS access to home listings through its website www.PruRealty.com. Owned by David Cobo and Ed Krafchow, the organization cumulatively has more than 1,800 agents and 36 offices. Prudential CA/NV is an independently owned and operated member of the Prudential Real Estate Affiliates.

 

 

 

 

 

 

 

 

 

 

 

 

 

Thank you,

 

Jessica Boyd

Advertising/Marketing Coordinator

Prudential California Realty

Prudential Nevada Realty

jessica.boyd@prurealty.com

Bus: 925-924-4617

Fax: 925-924-1853

5724 W. Las Positas Blvd., Suite 100

Pleasanton, CA 94588

* I’m not in the office on Mondays and Fridays.

For immediate assistance with your Marketing needs, please contact Cathy Harrington at cathy.harrington@prurealty.com

For your advertising needs on Mondays and Fridays, please contact the publication directly.