Real Estate Market – Is Sacramento County Still Distressed?
The Sacramento County is a nice place to live in and it is located just in the middle of California. It is a great place, affording views of both the mountains and the ocean. The cost of living here is pretty low. With regards to the education available here, it can be said that the cost is relatively low, and the level of education of Sacramento City College is good. But, if you would like to buy a place in Sacramento, be aware of the situation of the real estate market here.
The Sacramento real estate market
In the last six months in the Sacramento County, the sales price on an average has increased by 5.9%, up from a 4.8% increase in the month of April. In fact, the average sales price has been able to maintain its stability for quite some time now, growing by small amounts and then coming down again, remaining in the range of $185K to $190K from January 2009 to the present.
The lowest price was $179K, in January of this year, but it’s been all up from there. Some economists are of the view that it is important for us to be cautious because prices may still be on the decline until 2013.
On the other hand, within the Sacramento County and also in West Sacramento, sales of distressed homes are still strong, comprising almost 58% of the single family home sales for the month of May. This information has been provided by the Sacramento Association of Realtors.
For the month of June, reports show there are around 3,918 properties for sale in this market. In addition, properties in Sacramento have been on the market for sale for an average of 129 days. Furthermore, there are 2,085 resale homes and new ones, most of which are listed in different online websites. This includes 21 open houses, and in addition some 6,682 homes which are in pre-foreclosure condition, or ready to get auctioned, or the bank owns the property.
Guest post by George Alford