About 2 months ago, I started tracking overall stats for my weekly market pulse check. During that time, inventory has more than doubled, but sales have not increased to keep pace. From my small sample size, it looks like home sales in March were higher than April, and we know how bad March was!
Average price per square foot of listings is dropping a dollar every 2-3 weeks. So at this rate I will feel comfortable buying in approximately 2 years (at around $185 a square foot). Although in all honesty, I expect the downward pricing trend to accelerate in the upcoming summer months.
On thing is for sure, for our price range, the quality/size of the house has really improved. Initially only serious fixer uppers showed up in our criteria. Now some very attractive and well kept homes are within our range (albeit near the top). However I am still seeing well priced and cared for properties, in good locations, sell within 1-2 weeks.
My numbers come directly from http://www.metrolistmls.com/ and only cover the cities of Folsom and El Dorado.
Subscribe to:
Post Comments (Atom)
Posts
3 comments:
Yep, April sales are definitely down compared to March. I just ran stats from MLS for the 4 county area and came up with the following:
Mar 07 - 1809 sales
Apr 07 - 1498 sales
17% drop in sales from a month ago.
Just for comparison, here are the figures from the same months for 2005 and 2006:
Mar 05 - 3314 sales
Apr 05 - 3245 sales (2% drop)
Mar 06 - 2366 sales
Apr 06 - 1987 sales (16% drop)
Also worth noting is that June has been the biggest sales month for the last 2 years I've been tracking data...
I'm still seeing a few things sell in Davis where Wooldland is dead and West Sacramento has a ton of forecloseures and short sales.
All that said, not a damn single decent property for someone with 70K salary. I'm taking my GFE and letting it expire while we shop for a new rental. It's all still too expensive. The only light at the end of the tunnel is that rents are still trending down.
We are right there with you on the rental Gwynster.....as our 6 month lease expired this week. However with two small kids in tow I am not as mobile as I used to be. The $$ savings from a cheaper rental would be great, but the time and hassle factor are very daunting.
Post a Comment