Real Estate News

Sacramento home sales fell 29% in January

Sacramento

Historically, January is a dismal time for home sales, and last month’s totals lived up to those expectations.

Irvine-based CoreLogic DataQuick said Wednesday that January sales of all Sacramento County homes – new, resale and condos – totaled 1,257, down 29 percent from 1,770 in December and a 5.1 percent decline from 1,325 in January 2014.

It was a sharp departure from the firm’s December sales report, which saw a 20 percent increase over November. However, December’s sales were boosted in part by some quirks in the calendar.

November had five two-day weekends, plus Veterans Day and Thanksgiving holidays, reducing the number of days to officially record home sales to 17, instead of 19. Also, investors and others trying to finalize sales for tax purposes in December, a month with more business days, likely helped push the county’s sales up in December.

Even so, CoreLogic DataQuick analyst Andrew LePage noted that the average December-to-January drop in Sacramento County home sales – dating back 25 years – is 25.6 percent. “So, I can’t get too excited about 29 percent. Frankly, January and February just don’t tell us a lot.”

The January drop was similar in the Bay Area. CoreLogic DataQuick said 4,439 new or resale homes and condos sold last month in the nine-county Bay Area, a whopping 40.5 percent drop from December and a 5.5 percent decline from January 2014.

The median sales price among all homes in Sacramento County last month was $246,000, up nearly 5 percent from $235,000 in January 2014 but 3.5 percent below $255,000 in December 2014.

CoreLogic DataQuick’s numbers dovetailed with those released Wednesday by the Sacramento Association of Realtors, which said single-family home sales in Sacramento County and West Sacramento decreased 29.4 percent from December to January – from 1,313 to 927.

SAR said equity sales led the market last month, accounting for 83.4 percent of all sales. The average number of days on the market for homes sold in January was 41.

SAR said the December-to-January median sales price decreased 3.7 percent, from $268,000 to $258,000. The January median price is 6.6 percent more than the $242,000 median reported in January a year ago.

Call The Bee’s Mark Glover, (916) 321-1184.

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