Sacramento Real Estate Market August 2012
SacTV.com "Video of the Day" review by
Alex Cosper on August 8, 2012
The state of Sacramento's real estate market in August 2012 is a flat market driven by a combination of low inventory and high demand.
Banks are not in a hurry to put foreclosures on the market as the low supply keeps demand up. According to RealtyTrac
in 1 out of every 207 homes in Sacramento County was in foreclosure in June compared with the statewide figure, which was 1 in every 288 homes.
The national foreclosure figure was 1 in every 666 homes (seriously, that's the number they listed on 8/8/12).
Calling Sacramento a "price sensitive seller's market," local realtor Doug Reynolds says fixed up houses can be
sold in Sacramento if the price is right since there are buyers, but only at specific price thresholds. A certain
price can generate multiple offers but if the house is over-priced it might not get any offers.
Reynolds gives statistics on housing prices and number of sales along with inventory levels. Since data is reported
a few months after the fact, the data reflects June activity, in which the median housing price in Sacramento County
increased from 168,750 the previous month to 172,029, according to Reynolds, who has a real estate office on K Street Downtown.
Actual sales dropped from 1,816 in May to 1,733 in June, doe partly to low inventory. Back in January Doug made a prediction
in a video that sales and prices would be flat all year, ending around 175,000 in media price and that inventory would remain low all year.
In that video he descirbed sales as one third foreclosures, one third short sales and one third equity sales, saying
this was the new norm for Sacramento. So far, Doug has stayed in the ball park of his real estate predictions.
Sacramento's housing market bottomed out in the first quarter of 2012, according to a Sacramento Bee article on July 24.
In that same article Bee writer Hudson Sangree reported that Zillow.com expected Sacramento's home prices will rise by a
level of twice the national average in the next year. Back in April 2012 Zillow had said there was no sign of a bottom
to Sacramento's housing market.
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