Source: SacRealtor.org

Single family home and condo sales increase, median price inches downward
Following a record-breaking January,
February continued a trend of high
sales, reaching 1,575 closed escrows.
This data, compiled by the Sacramento
Association of REALTORS®, is collected
from the MetroList® multiple listing service
and covers Sacramento County and
the City of West Sacramento.
The 1,575 sales in February is a 2.1%
increase over the 1,542 sales in January.
Compared year-over-year, the current
data marks an 81% increase over the 870
home sales of February 2008. Distressed
and bank-owned properties continue to
make up a majority of the Sacramento
market, with 1,171 REO properties sold
in February – more than 74% of all
sales.
The median sales price of a Sacramento
home decreased slightly month-tomonth
from $169,000 to $167,000, a
2.1% drop, and the lowest price since
April 2001, when the median sales
price was also $167,000. New listings in
February decreased 8.1% from 1,988 to
1,811. The Total Listing Inventory also
decreased, recording a 4.1% drop from
5,935 in January to 5,692 this month.
Compared year-to-year, the current figure
is 38.6% below the 8,731 listings
recorded in February 2008. The high
rate of sales and low listing inventory
results in a favorable Housing Market
Supply figure, 3.6 months. This figure
represents the amount of time – in
months – it would take to deplete the
total listing inventory given the current
rate of sales. However, data suggests
that many more vacant properties have
yet to be listed.
Sacramento continues to see a large
number of REO properties – many of
them selling below $100,000.