The previous yr, 2006, marked the bottom quantity of annual gross sales since 1999 with lower than 47,000 new and present homes and condominiums offered within the 4 county Sacramento space in keeping with DataQuick. As reported in a Sacramento Bee story, ’06 housing stats inform a scary story, the stock of obtainable houses has dropped from August 2006 highs however nonetheless ended up with nearly 11,000 houses in the marketplace within the 4 county space Sacramento Top 10.
The slowdown or market adjustment within the Sacramento real estate market through the yr additionally introduced decrease costs and an finish to the pink scorching market that we skilled through the three earlier years. Median gross sales costs have been down 7 p.c in Sacramento County, 16.9 p.c in Placer County and there was a 14.1 p.c decline in Yolo County. Based on the Bee article among the value decline may be attributed to new home builders slashing costs to clear stock.
Based on Michael Lyon the president of Trendgraphix, the statistics arm of Lyon Real Estate, 2006 was an awesome yr for patrons and, on the similar time, a reality-check for sellers. General, costs dropped a minimal of 10% final yr and days in the marketplace for houses which have offered now averages above 70 days, As a part of the newest Trendgraphix press launch he went on to say, Sellers on common should low cost 4% under the final offered to make a sale.
Trendgraphix reported gross sales quantity was down 2 p.c in December for Sacramento, Placer and El Dorado counties and 25 p.c decrease than December 2005. As well as the number of pending gross sales decreased 6 p.c in December in comparison with November. December stock is reported to be 10,317 for the three counties, up 28 p.c from final yr however nonetheless down from the July 2006 excessive of 14,547. Trendgraphix reviews the common value per sq. foot of houses offered within the three counties was $225, a 9 p.c drop from final December.
In Sacramento County December gross sales decreased 4 p.c from November and stock decreased by 13 p.c. Pending gross sales decreased by 4 p.c from 942 pending gross sales in November to 907 pending gross sales in December. The common value paid per sq. foot in Sacramento decreased by 1 p.c through the month of December to $224.
Placer County decreases in December from November have been 5 p.c in gross sales and 14 p.c in stock. Pending gross sales additionally dropped 5 p.c. The common value paid per sq. foot in Placer County decreased by 3 p.c through the month to $223.
In El Dorado County gross sales have been off 21 p.c, stock declined by 14 p.c and pending gross sales have been down 17 p.c. The common value per sq. foot remained the identical through the month of December to $231.
General the Sacramento real estate market in 2006 will probably be remembered. Some will name it the crash of 06 or the yr the bubble burst and others will bear in mind it because the yr of the slowdown or market adjustment. What you name it and the way you are feeling about it actually depends upon the way it impacted you.
