Slower Sales for Capital Region
The number of listings in the Capital region by the end of January doubled from a year earlier according to TrendGraphic, a Sacramento data company. The total number of homes for sale reached 9,267 up another 8 percent from December’s record high numbers.
The same area reported the number of home sales declined by 30 percent from December levels. Home prices are still ahead of last year’s average but the rate of increase is slowing considerably.
The slow down isn’t just affecting the Capital Region. Statewide, home sales hit a four-year low in January, making the fourth consecutive monthly decline.
Home sales in El Dorado County were down 42 percent from a year earlier while Sacramento County reported declines of 28 percent and Placer reported a 27 percent decline from a year earlier. One of the few counties to report an increase in monthly sales was Yuba County with a 16 percent increase this year over last.
The higher the price range the lower the number of sales and the longer it takes to sell a home. Homes on the market and priced above $500,000 in Sacramento County are taking 90 days and longer to sell often requiring major price reductions from their initial offering price. El Dorado and Placer counties are experiencing slower sales and longer time on the market when a home is priced above $600,000.
The big QUESTION is how long will this sales slide continue and if it does continue when will we start to see home prices slide below last years’ level? The average price of a home can not continue to increase with declining sales can they?
The same area reported the number of home sales declined by 30 percent from December levels. Home prices are still ahead of last year’s average but the rate of increase is slowing considerably.
The slow down isn’t just affecting the Capital Region. Statewide, home sales hit a four-year low in January, making the fourth consecutive monthly decline.
Home sales in El Dorado County were down 42 percent from a year earlier while Sacramento County reported declines of 28 percent and Placer reported a 27 percent decline from a year earlier. One of the few counties to report an increase in monthly sales was Yuba County with a 16 percent increase this year over last.
The higher the price range the lower the number of sales and the longer it takes to sell a home. Homes on the market and priced above $500,000 in Sacramento County are taking 90 days and longer to sell often requiring major price reductions from their initial offering price. El Dorado and Placer counties are experiencing slower sales and longer time on the market when a home is priced above $600,000.
The big QUESTION is how long will this sales slide continue and if it does continue when will we start to see home prices slide below last years’ level? The average price of a home can not continue to increase with declining sales can they?
posted by Ken Calhoon at 8:42 AM
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