Wednesday, March 25, 2009
Great opportunities
I was out in Roseville yesterday showing property in the $100k range. There are some tremendous opportunities in our current market for investors and first time home buyers. It is a very interesting time for the California real estate market.
Monthly Trendgraphix Real Estate Report
Some interesting statistical data about our market..
TRENDGRAPHIX MONTHLY REAL ESTATE REPORT
BROUGHT TO YOU BY
Lyon Real Estate
3640 American River Drive, Suite 100, Sacramento, CA 95864
F O R I M M E D I A T E R E L E A S E
March 9, 2009
CONTACT: Michael Lyon
CEO
(916) 978-4266
FAX (916) 481-7592
Banked Owned Inventory Declines 20%
“Bank-Owned (REO) Inventory has declined 40% and ‘Solds’ have increased 84% since February 2008,” said Michael Lyon, CEO of Lyon Real Estate. “There has been a 20% drop in REO inventory in just the last 30 days in our region. With state moratoriums and enticements of federal aid, the general feeling is that a lot of REO inventory has been delayed entering the market. Meanwhile, the non-REO market above $500k has seen a 6% increase in inventory and a 37% drop in sales, when comparing February over January 2009. It’s likely that financing constraints are now affecting upper-end market sales and inventory.”
TRENDGRAPHIX’s latest report shows that sales decreased 5 percent during the month of February for the Tri-County region of Sacramento, Placer and El Dorado Counties. February 2009 sales were 44 percent higher than February 2008 sales. Pending sales increased by 4 percent from January to February 2009.
February 2009 inventory of 8,136 homes for sale is 35 percent lower than February 2008 inventory. This is a 47 percent decrease for the regional inventory record high of 15,302 set in August 2007.
COUNTY HIGHS AND LOWS
Sacramento County sales decreased 4 percent from January to February 2009. Inventory decreased 5 percent during the month of February. Pending sales increased by 3 percent in the month of February. 61 percent of the homes sold for under $200,000; 33 percent of the homes sold for between $200,000 and $400,000; and 6 percent of the homes sold for over $400,000. The average price per square foot decreased by 1 percent during the month of February to $115.
Placer County sales decreased by 14 percent and inventory increased by 2 percent during the month of February 2009. Pending sales increased by 7 percent from January to February. 10 percent of the homes sold for under $200,000; 65 percent of the homes sold for between $200,000 and $400,000; and 25 percent of the homes sold for over $400,000. The average price per square foot increased 1 percent during the month of February at $149.
El Dorado County showed a 13 percent increase in sales from January to February, and the inventory decreased by 1 percent from January to February. Pending sales have increased 4 percent during the month of February. 18 percent of the homes sold for under $200,000; 49 percent of the homes sold for between $200,000 and $400,000; and 33 percent of the homes sold for over $400,000. The average price per square foot increased by 2 percent during the month of February to $165.
Yolo County showed a 12 percent decrease in sales for February and the inventory decreased by 10 percent. Pending sales increased 18 percent during the month of February. 46 percent of the homes sold for under $200,000; 47 percent of the homes sold for between $200,000 and $400,000; and 7 percent of the homes sold for over $400,000. The average price per square foot decreased by 12 percent during the month of February to $128.
Nevada County sales have decreased by 9 percent during the month of February, and inventory increased 6 percent. Pending sales decreased by 10 percent. 7 percent of the homes sold for under $200,000; 48 percent of the homes sold for between $200,000 and $400,000; and 45 percent of the homes sold for over $400,000. The average price per square foot decreased by 4 percent during the month of February at $188.
San Joaquin County sales have decreased by 18 percent during the month of February, and inventory decreased 8 percent from January to February. Pending sales are up 3 percent. 48 percent of the homes sold for under $200,000; 43 percent of the homes sold for between $200,000 and $400,000; and 9 percent of the homes sold for over $400,000. The average price per square foot decreased 1 percent to $96 in February.
TRENDGRAPHIX MONTHLY REAL ESTATE REPORT
BROUGHT TO YOU BY
Lyon Real Estate
3640 American River Drive, Suite 100, Sacramento, CA 95864
F O R I M M E D I A T E R E L E A S E
March 9, 2009
CONTACT: Michael Lyon
CEO
(916) 978-4266
FAX (916) 481-7592
Banked Owned Inventory Declines 20%
“Bank-Owned (REO) Inventory has declined 40% and ‘Solds’ have increased 84% since February 2008,” said Michael Lyon, CEO of Lyon Real Estate. “There has been a 20% drop in REO inventory in just the last 30 days in our region. With state moratoriums and enticements of federal aid, the general feeling is that a lot of REO inventory has been delayed entering the market. Meanwhile, the non-REO market above $500k has seen a 6% increase in inventory and a 37% drop in sales, when comparing February over January 2009. It’s likely that financing constraints are now affecting upper-end market sales and inventory.”
TRENDGRAPHIX’s latest report shows that sales decreased 5 percent during the month of February for the Tri-County region of Sacramento, Placer and El Dorado Counties. February 2009 sales were 44 percent higher than February 2008 sales. Pending sales increased by 4 percent from January to February 2009.
February 2009 inventory of 8,136 homes for sale is 35 percent lower than February 2008 inventory. This is a 47 percent decrease for the regional inventory record high of 15,302 set in August 2007.
COUNTY HIGHS AND LOWS
Sacramento County sales decreased 4 percent from January to February 2009. Inventory decreased 5 percent during the month of February. Pending sales increased by 3 percent in the month of February. 61 percent of the homes sold for under $200,000; 33 percent of the homes sold for between $200,000 and $400,000; and 6 percent of the homes sold for over $400,000. The average price per square foot decreased by 1 percent during the month of February to $115.
Placer County sales decreased by 14 percent and inventory increased by 2 percent during the month of February 2009. Pending sales increased by 7 percent from January to February. 10 percent of the homes sold for under $200,000; 65 percent of the homes sold for between $200,000 and $400,000; and 25 percent of the homes sold for over $400,000. The average price per square foot increased 1 percent during the month of February at $149.
El Dorado County showed a 13 percent increase in sales from January to February, and the inventory decreased by 1 percent from January to February. Pending sales have increased 4 percent during the month of February. 18 percent of the homes sold for under $200,000; 49 percent of the homes sold for between $200,000 and $400,000; and 33 percent of the homes sold for over $400,000. The average price per square foot increased by 2 percent during the month of February to $165.
Yolo County showed a 12 percent decrease in sales for February and the inventory decreased by 10 percent. Pending sales increased 18 percent during the month of February. 46 percent of the homes sold for under $200,000; 47 percent of the homes sold for between $200,000 and $400,000; and 7 percent of the homes sold for over $400,000. The average price per square foot decreased by 12 percent during the month of February to $128.
Nevada County sales have decreased by 9 percent during the month of February, and inventory increased 6 percent. Pending sales decreased by 10 percent. 7 percent of the homes sold for under $200,000; 48 percent of the homes sold for between $200,000 and $400,000; and 45 percent of the homes sold for over $400,000. The average price per square foot decreased by 4 percent during the month of February at $188.
San Joaquin County sales have decreased by 18 percent during the month of February, and inventory decreased 8 percent from January to February. Pending sales are up 3 percent. 48 percent of the homes sold for under $200,000; 43 percent of the homes sold for between $200,000 and $400,000; and 9 percent of the homes sold for over $400,000. The average price per square foot decreased 1 percent to $96 in February.
Tuesday, March 10, 2009
Economic Forecast for California Real Estate
We attended our March main meeting at the Sacramento Association of Realtors last week. The guest speaker was Leslie Appleton - Young, the chief economist for the California Association of Realtors. It was a very sobering report but did provide some hope for a light at the end of the tunnel. We have gone through approximately 80% of our current foreclosure inventory. That is good news. There are more on the way however. According to the reports Sacramento was one of the first areas to be hit and will be one of the first to recover- Yeah. I have attached a link to her power point presentation below. Even with all the negative news this is still a tremendous time for first time homebuyers to purchase an affordable property or for investors who are looking for rentals. Interest rates are great.
http://www.sacrealtor.org/documents/events/03-03-09sacto.ppt
http://www.sacrealtor.org/documents/events/03-03-09sacto.ppt
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