Ocbober Surprises For Local Housing Market?
#1
Posted 19 November 2010 - 10:03 AM
As you can see on the graph, the number of pending sales continues to rise, with 310 on the market in October. This is the highest number of the year. The good news is that 106 were 'pending' sale, which confirms that people are still taking advantage of low prices and low interest rates.
The average price per square foot dropped to 159, the lowest of the year, while average price of houses sold was steady at $343,000.
Months of inventory was the highest of the year, at 6.1.
Does this mean it's getting worse? Time will tell. Note that traditionally, inventory drops in November as the less motivated sellers generally take their properties off the market for the holidays.
If inventory continues to rise, however, we may see more downward pressure on prices heading into the new year.
Steve Heard
Folsom Real Estate Specialist
EXP Realty
BRE#01368503
Owner - MyFolsom.com
916 718 9577
#2
Posted 19 November 2010 - 11:24 AM
Sold trending downward for the last few months.
Pending up. How many of these pending actually go through? That's saying it getting hard to get the loans approved.
And any way to tell how many of the for sale have been for sale over and over each month?
Overall Folsom is a pretty strong area, what does this chart look like for Sac?
#3
Posted 19 November 2010 - 12:13 PM
I'm on my way to sign a contract right now. A 10 year old home in Natomas, 4 bed 3 bath 2300 sq ft, $239,000.For sale up every month for a year.
Sold trending downward for the last few months.
Pending up. How many of these pending actually go through? That's saying it getting hard to get the loans approved.
And any way to tell how many of the for sale have been for sale over and over each month?
Overall Folsom is a pretty strong area, what does this chart look like for Sac?
You're right. Folsom is much stronger than most of the surrounding areas. I'll get back with answers for you later.
Steve Heard
Folsom Real Estate Specialist
EXP Realty
BRE#01368503
Owner - MyFolsom.com
916 718 9577
#4
Posted 19 November 2010 - 12:17 PM
I'm on my way to sign a contract right now. A 10 year old home in Natomas, 4 bed 3 bath 2300 sq ft, $239,000.
You're right. Folsom is much stronger than most of the surrounding areas. I'll get back with answers for you later.
If you get any like that in February, let us know. That is exactly what we want!
ETA: DOH! I thought you said "Natoma Station". Wishful thinking, I guess. We do not want to move to Natomas. Please do not let me know of houses in Natomas. hahahahah
We could not be doing this without you.
Much love and gratitude.
#5
Posted 19 November 2010 - 05:44 PM
Pending up. How many of these pending actually go through? That's saying it getting hard to get the loans approved.
How many 'pending' end up sold? That's not one of the figures available through this system, but I'd have to guess it to be high, in the 80 to 90% range. Most sellers aren't going to take their properties off the market without a bona fide pre-approval. Many sellers are requiring buyers to pre-qualify through a lender they trust before accepting an offer. This prevents fallouts due to financing.
As far as difficulties in getting approved, if one has decent credit (I think they're looking at minimum 620 these days), 3.5% to put down, and their debt-to-income ratio is reasonable, they can usually qualify. With prices and rates where they are, even moderate to low income can qualify.
And any way to tell how many of the for sale have been for sale over and over each month?
I think you're asking about how many days on market? It does vary wildly. A home priced correctly will get offers right away. Priced poorly, not so much. Short-sales can take many months to close, if at all (see my latest blog entry).
Collectively, average days on market for Folsom is just about 100 days.
Overall Folsom is a pretty strong area, what does this chart look like for Sac?
Davburr helped me convert the graph for display on the forum. I'll have him show me how to do it so I can post the graphs more regularly, but for now, I can tell you that for the Sacramento city areas, figure Folsom x 10. There were 3029 on the market, 1082 pending and 699 sold in October. Their average price per square foot is $117, and the average price for homes sold was $178,000. Average price per square foot for Rancho Cordova was $119.
Steve Heard
Folsom Real Estate Specialist
EXP Realty
BRE#01368503
Owner - MyFolsom.com
916 718 9577
#6
Posted 19 November 2010 - 06:07 PM
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