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
February 19, 2008
CONTACT: Michael Lyon
CEO
(916) 978-4266
FAX (916) 481-7592
Pending Sales Double
Banks and distressed sellers are finally seeing buyer movement,” said Michael Lyon, CEO of Lyon Real Estate. “The bulk of sales are under $400,000 and 60% of those transactions for both closed and pended sales are REO (bank owned). Closed escrows under $400,000 are up 30% and pendings are up 100% from December 2007.
Professional investors are very active with first-time home buyers, competing for the best properties. The change came as REO prices dropped below an average of $150 per square foot.
Above $400,000 sales are 50% slower than they were one year ago, with inventory levels just under one year”
TRENDGRAPHIX’s latest report shows that sales decreased 12 percent during the month of January for the Tri-County region of Sacramento, Placer and El Dorado Counties. January 2008 sales were 4 percent lower than January 2007 sales. Pending sales increased by 49 percent from December 2007 to January 2008.
January 2008 inventory of 12,656 homes for sale is 23 percent higher than January 2007 inventory. This is a 17 percent decrease for the regional inventory record high of 15,302 set in August 2007.
COUNTY HIGHS AND LOWS
Sacramento County sales decreased by 8 percent from December 2007 to January 2008. Inventory decreased 4 percent during the month of January. Pending sales increased by 49 percent in the month of January. 25 percent of the homes sold for under $200,000; 62 percent of the homes sold for between $200,000 and $400,000; and 13 percent of the homes sold for over $400,000. The average price per square foot decreased by 8 percent during the month of January to $162.
Placer County sales decreased by 16 percent and inventory decreased by 6 percent from December to January. Pending sales increased by 64 percent from December to January. 3 percent of the homes sold for under $200,000; 59 percent of the homes sold for between $200,000 and $400,000; and 38 percent of the homes sold for over $400,000. The average price per square foot decreased by 3 percent during the month of January at $188.
El Dorado County showed a 29 percent decrease in sales from December to January, and a 3 percent decrease in inventory. Pending sales have increased 29 percent during the month of January. 1 percent of the homes sold for under $200,000; 42 percent of the homes sold for between $200,000 and $400,000; and 57 percent of the homes sold for over $400,000. The average price per square foot decreased by 1 percent during the month of January at $202.
Yolo County showed a 17 percent decrease in sales for January and a 3 percent decrease in inventory. Pending sales increased 58 percent during the month of January. 10 percent of the homes sold for under $200,000; 61 percent of the homes sold for between $200,000 and $400,000; and 29 percent of the homes sold for over $400,000. The average price per square foot decreased by 5 percent during the month of January at $192.
Nevada County sales have decreased by 41 percent during the month of January, and inventory decreased 4 percent. Pending sales increased by 26 percent. 0 percent of the homes sold for under $200,000; 51 percent of the homes sold for between $200,000 and $400,000; and 49 percent of the homes sold for over $400,000. The average price per square foot increased by 7 percent during the month of January at $263.
San Joaquin County sales have decreased by 7 percent during the month of January, and inventory decreased 1 percent. Pending sales are up 52 percent. 23 percent of the homes sold for under $200,000; 57 percent of the homes sold for between $200,000 and $400,000; and 20 percent of the homes sold for over $400,000. The average price per square foot decreased 4 percent to $157 in January.
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