Shrinking Inventory, Strong Second Quarter Sales Fuel Optimism that Sacramento Home Market is Stabilizing

A shrinking inventory of bank-owned homes and median price increases between the first and second quarters of 2009 in six of 11 communities are among the emerging signs that Sacramento County’s resale housing market may be stabilizing, according to a report by the research division of Prudential California Realty based on an analysis of MLS data.

In Sacramento County, 4,934 existing single-family detached homes were sold during the second quarter, up just under 1 percent from the 4,920 homes sold during the same period of 2008 - the fifth consecutive quarter that sales have improved compared with the previous year. With the percentage of sales of bank foreclosures down from a peak of 75 percent to about 54 percent in June, homebuyers increasingly faced multiple offers on competitively priced properties. All-cash offers accounted for 25 percent of transactions in June. That and strong interest from first-time buyers and investors caused the average number of days a home was listed before sale to remain essentially unchanged at 63 days, up slightly from 61 days in the first quarter and 55 days a year ago.

Click the image below to read this article in it’s entirety

If you would like to know more specific information about the value of your home or are thinking about buying in Sacramento County, give us a call at 916.759.1699 or email us.

You can SEARCH MLS Listings In Sacramento County at your convenience. SIGN-UP for FREE MLS Listing Notifications and you will be emailed new listings that meet your specific criteria for properties for sale in all neighborhoods. This is a great way to stay informed of the hottest listings and have an edge on the competition because you’ll see Sacramento County listings before everyone else!

If you enjoyed this post, make sure you subscribe to my RSS feed!