Sacramento Real Estate by Julie Jalone
Keep it Real in Sacramento - July 2007
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Sacramento Real Estate by Julie Jalone Keep it Real in Sacramento - July 2007
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New
Records Everyday Inventory of homes available for sale in the greater Sacramento area continues to grow. Looks like we will end July with over 18,400 homes on the market which is 3.5 percent more than a month
ago and a whopping 44 percent increase from where we were six months ago. During
the same time the median asking price has dropped 2.5 percent in the past month and 3.8 percent in the past six months to
$385,000. It wasn’t that long ago that it was holding steady at the $400,000
level. For a detailed look at inventory here in Sacramento, check out HousingTracker. I’d say we will top out and begin a gradual decline in available homes before we hit the 19,000 level
and maybe the median asking price will slip to $383,000. By the end of August
we will see declining inventory and maybe even some firming of asking prices.
Speaking
of inventory of available homes, I added a new listing yesterday. I am excited
about it because this home shows like a page out of the Pottery Barn catalog. It
is a beautiful home located in the Sierra Valley Oaks subdivision off of Sierra College Blvd. in Rocklin. The home, on Tanus Circle, is a 4 bedroom, 3 bath beauty in a great neighborhood with wonderful schools. Congratulations
to Michael and Kelly who took their State of California Real Estate License test on Saturday and both passed with flying colors.
Looking
for a hideaway? Check out the new listing our team just added in Colfax. This is
the perfect hideaway, a remodeled 2 bedroom, 2 bath, 1,400 square foot home on a beautiful 3.6 acre site. Great little house nestled among the big shade trees and only a couple of miles off of Highway 80. Only a few minutes up the road from Auburn
and you leave the city behind! This week continues to be busy, with a combination of sellers and buyers so although the overall market seems
to be in the lazy days of summer we have been busy. I anticipate we still have
a few more weeks of this pace then I anticipate an increase in overall activity as we start to get close to school starting. After that happens we should see some gradual decline in inventory and maybe some
firming of prices as we move into the late part of autumn.
Willard
Way Our summer days seem to be passing by a bit faster than I wanted and there have not been
many, if any, “lazy days” yet. The real estate activity reports for
June were negative, with most parts of the Sacramento area market showing fewer
sales than last year, growing inventory and continued downward pressure on asking prices.
I
have a great listing in Rocklin on Willard Way that seems to stereotypically fit into what the June real estate reports are showing.
It is a well maintained older home and is priced aggressively for the square footage of living space but doesn’t
stand out in the crowd when it comes to showings and location. This home has
a lot to offer but is not getting the showings or interest we want. Maybe it
is the buyers who are enjoying those fabled “lazy days of summer?” With
so few showings, to get some honest feedback, I have the home on the Lyon office tour this week and that will give us a better
feel for how others feel the house shows and the price it is being offered at.
Short
Sale Listing
I
added a new listing this week and it is a great home with a short sale possibility.
This home was purchased a few years ago at the top of the market, the owners then added a number of wonderful upgrades and improvements but now that they have moved from the area are, like many
owners who bought in 2005, owe more on the house than the current market can support.
The
home is a single story with over 3,200 square feet of living space. In addition
to the 4 bedrooms and 3 baths, this home has a home office and a bonus room which would be perfect for a home theatre. There is a covered patio, professionally landscaped private backyard and a pool with
solar heat. If you are in the area, come by and take a look at Miravista Drive in Rocklin. If
you want to learn more about short sales and how they work, check out my recent article on the subject, “Short Sales: Road to Riches?”
We
sold our house in just one week! For every home you hear about that sold after
just a few days on the market there are hundreds that wait months for an offer. Keeping
your home ready and waiting to sell is demanding and often eliminates any patience a seller had when they started the process. Check out what is happening in my reality real estate series, MyForSaleSign and my latest article, “Demands High – Patience Low.” Don’t forget the MyForSaleSign daily blog where we announced today that one of the properties we are following has an offer.
Summer
Days and the Peloton
What a great summer so far,
nice hot days and although we have been busy there is a casual feel to each day that you don’t seem to get any other
time of year. At our house we have gone from watching the There was a surprise with
the build up in inventory of homes for sale. Last week I said we had most likely
surpassed the record high of last August when I looked at the HousingTracker report of July 2nd. I just took a look to see the July 9th
report and we actually saw a decline of 89 homes for sale to 17,906. After you
think about last week with a holiday on Wednesday, it is not surprising that there weren’t many new houses being listed. I expect we will see that change this week.
Prices'
being pushed lower as inventory gorws It
has been several weeks since I looked at the number of homes on the market here in the Sacramento area. According to HousingTracker it was last August when inventory peaked with just over 18,000 homes on the market.
Based on their report for the week ending July 2, which shows 17,995 homes for sale in the greater Sacramento area,
we may have already exceeded last year’s record high. This
past week, with the holiday in the middle of the week and the scorching temperatures, there were not a great number of buyers
out looking at “for sale” homes. My listings and those of other agents I talked with had a very quiet week. That may change this week with people back from their holiday and the weather cooling
slightly. The
July 2nd HousingTracker report indicated the median asking price continues to decline slowly. The median asking price for the homes currently on the market stands at $394,900 and is down 1 percent
in the past month. Looking further back the median asking price is down 1.3,
2.5 and 9.8 percent for 3 months, six months and one year. Clearly the build-up
of inventory to new record levels is putting some strong downward pressure on asking prices.
If you are not getting at least one showing per week, most agents are recommending a price drop to their selling clients. The
good news for sellers is nice homes priced right continue to sell. For sellers who remain priced too high it is going to be a long summer.
Independence
Day
Independence
Day is a great holiday. Maybe because of the historical significance of this
holiday but it one of those days were you seem to be able to clearly remember where you were and what you did on so many previous
July 4th’s. With my recent whirlwind trip to Alaska for my 20th
high school reunion we don’t have any plans yet but even if we stay home and spend a quiet day together it will be great. We
mailed our monthly newsletter yesterday; I think it is a good edition. I didn’t
know that three presidents died on July 4th and two of them on the same day.
Do you know which two? If you are not a subscriber to Julie’s Newsletter, check out the online version and find out. There is also a great story about
our most American food, where it came from and how it got it came to be called a “Hot Dog.”
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