Sales volume picks up as lowest inventory in Sacramento Real Estate History continues to drive Market
The median home sales price stayed basically flat as it went from 169k to $168,750. The $200,000 - $249,999 price range still accounts for the majority of the 1,816 total sales this month (14.9% or 270 units), while homes under $100,000 totaled 293 (16.1%) units. Closed escrows from conventional financing (673 units or 34.4% of all sales) increased 6.1%, cash buyers decreased 1.5% (617 units) and FHA financing decreased slightly by 2.9% (515 or 26.3%). The median amount of Days On the Market decreased to 27.
Sales increased for the month to 1,816 units sold, up 11.2% from the 1,633 closed escrows in April. Year-to-year closed escrows were up 10.1% from the 1,650 units sold May 2011. Making up the closed escrows this month were 504 REOs (27.8%), 546 short sales (30.1%) and 766 conventional sales (42.2%). Compared with last month, REO sales are down 7.6%, short sales are down 1.3% and conventional sales up 7.1%.
The inventory is down to 0.8 months, setting a new historic low for the Sacramento Real Estate market. The low supply of homes continues to drive the market. When a home comes on the market that is priced well, shows good and marketed well, it is selling with multiple offers, typically above the list price. The buyer demand continues to remain high as cash buyers compete with home owners wanting to grab the incredible interest rates available.
clear skies,
Doug Reynolds
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