NOT FOUND: local stability.jpgThe Sacramento area is beginning to show signs of stability in the housing market. Homes in our area are selling very close to asking price which means prices are stabilizing. Inventory is actually lower than what we have seen in a long time with less than a two month supply on the market. Of all the homes currently on the market, 70% are distressed, meaning they are either short sales or bank owned. The number of foreclosures has actually declined over the past few weeks because banks are holding back putting properties on the market due to the government foreclosure moratoriums. There are still a large number of foreclosures that will hit the market and with unemployment
rates rising, we may still have a ways to go before we are out of the woods.

In the first quarter on this year, there were 156 homes sold in North Highlands with the average selling price of $100,865. In the second quarter, 129 homes were sold with an average price of $102,590. Homes are selling very close if not a little above list price.

Antelope had 243 homes sell in the first quarter of 2009 with an average sale price of $201,320. There were 165 homes sold in the second quarter at an average sale price of $196,197. The average number of days on the market is 46.

With the decrease in inventory, buyers are finding it harder and harder to get their offers accepted. Many banks will accept a lower cash offer over a higher offer that is financed. This is where we hear “Cash is King”. Buyers wanting to take advantage of low prices and interest rates are getting frustrated with being in multiple offer situations and having to compete with investors paying cash or buyers that are able to close escrow quickly.

The number of properties sold in our region in June is the highest number of homes sold per month this year. However, this number is lower than the number of homes sold in June of 2008. Foreclosures that attract buyers will continue to come on the market but at a slower rate. Homes that are priced at the lower end of the market were once in abundance and are now much harder to find. Buyers that are actively
looking will still be able to get good deals but will need to be more aggressive in their search and will most likely be submitting offers on multiple properties. Sellers, whether they are doing a traditional or a short sale, will most likely receive multiple offers as well as the bank owned homes.