Nothing new in Sacramento or Roseville

I started to blog about some of the November results for our local Sacramento real estate market and quickly became bored. For anyone who reads a newspaper or listens to the news there is nothing new to report. Generally sales are up, median prices and average price per square foot are down. About the only thing of much interest is the number of default filings have dropped, but may be the result of a new state law requiring lenders to contact homeowners who are delinquent on the payments, then wait 30 days before filing a default notice.

As we move into 2009 the inventory of homes for sale has continued the slow decline from the highs we experienced in the summer of 2007 when it was reported by HousingTracker that there were over 18,000 homes for sale in what they define as the Sacramento area. Even with the increased number of foreclosures the inventory of homes has continued to decline and as of mid-December stood at 12,628 down almost 23 percent from a year ago and down 5.9 percent in the past month.

As we move into the spring selling season I would expect to see the decline in homes on the market slow or even increase. There are still way too many houses on the market for the number of buyers but the good news is we are headed in the right direction to achieve a balanced market and some price stability.

If you are interested in more specific numbers about the Sacramento, Roseville or other local communities send me an email to juliej@jalone.com and I would be happy to answer.