Matthew
01-17-2008, 11:48 AM
One of the most turbulent years in a decade for Sacramento-area real estate ended in December with 2,440 homes changing hands in the eight-county region, the fewest sales since 1995 in some counties, according to property researcher DataQuick Information Systems.
DataQuick statistics showed that sales prices, too, continued to fall after a year that's expected to record up to 9,000 foreclosures in the region. That increases pressure on banks and loan servicers to offer steep discounts to move repossessed properties.
Sacramento County's median sales prices slipped to $280,000 during the month, down more than $100,000 and 27.6 percent off their August 2005 peaks. Those prices were the lowest since February 2004, DataQuick reported.
Placer County's $373,000 median sales price in December was 29 percent off an August 2005 high of $525,000. The county's median sales price was last at this level in January 2004. Median is that point where half the houses sold for more and half sold for less.
As the two largest sectors of the region's housing market, Sacramento County, with 1,372 closed escrows, and Placer County, with 525, showed their fewest sales for a December since 1995. The region then was in the grips of a housing downturn aggravated by recession, job losses and military base closings.
Altogether, the eight-county region of Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties tallied 33,627 closed escrows for new and existing homes during 2007. That was about 9,900 fewer sales than 2006 and the lowest since 1997, when 35,667 homes changed hands, according to DataQuick.
The continuing decline in home values prompted Sacramento-based researcher TrendGraphix to declare December the "resurrection of the $200,000 house." The firm reported that 12 percent of the 13,994 homes now for sale in El Dorado, Placer, Sacramento and Yolo counties are priced below $200,000, with the majority being homes repossessed by banks.
A year ago just 2 percent of homes for sale in the region were priced below $200,000.
DataQuick statistics showed that sales prices, too, continued to fall after a year that's expected to record up to 9,000 foreclosures in the region. That increases pressure on banks and loan servicers to offer steep discounts to move repossessed properties.
Sacramento County's median sales prices slipped to $280,000 during the month, down more than $100,000 and 27.6 percent off their August 2005 peaks. Those prices were the lowest since February 2004, DataQuick reported.
Placer County's $373,000 median sales price in December was 29 percent off an August 2005 high of $525,000. The county's median sales price was last at this level in January 2004. Median is that point where half the houses sold for more and half sold for less.
As the two largest sectors of the region's housing market, Sacramento County, with 1,372 closed escrows, and Placer County, with 525, showed their fewest sales for a December since 1995. The region then was in the grips of a housing downturn aggravated by recession, job losses and military base closings.
Altogether, the eight-county region of Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties tallied 33,627 closed escrows for new and existing homes during 2007. That was about 9,900 fewer sales than 2006 and the lowest since 1997, when 35,667 homes changed hands, according to DataQuick.
The continuing decline in home values prompted Sacramento-based researcher TrendGraphix to declare December the "resurrection of the $200,000 house." The firm reported that 12 percent of the 13,994 homes now for sale in El Dorado, Placer, Sacramento and Yolo counties are priced below $200,000, with the majority being homes repossessed by banks.
A year ago just 2 percent of homes for sale in the region were priced below $200,000.