So I’m reading this post on the Zillow blog about the top buyer and seller markets and noticed that Sacramento ranked #4 behind San Jose, San Francisco, and Las Vegas as the top sellers’ markets in the country right now.
Zillow analyzed data on sale-to-list price ratio, number of days listings spent on Zillow and percent of homes on the market with a price cut, and ranked the 50 largest metro areas to determine whether buyers or sellers have more negotiating power in a given market. In this analysis, a sellersâ€™ market is not necessarily one where home values are rising, but is a market where sellers are more likely to sell their home for close to asking price and where listings spend less time on the market. A buyersâ€™ market is one where buyers have more bargaining power, thanks to listings lingering longer on the market and sellers being forced to cut asking prices.
Hmmm, really? So I dug a little deeper and came across this article about Sacramento housing prices and trends.
The median sales price for homes in Sacramento CA for Apr 12 to Jun 12 was $133,000. This represents an increase of 8.6%, or $10,500, compared to the prior quarter and an increase of 1.9% compared to the prior year. Sales prices have depreciated 54.9% over the last 5 years in Sacramento. The average listing price for Sacramento homes for sale on Trulia was $217,102 for the week ending Jul 04, which represents an increase of 0.6%, or $1,272, compared to the prior week and an increase of 2.1%, or $4,536, compared to the week ending Jun 13. Average price per square foot for Sacramento CA was $105, a decrease of 54.9% compared to the same period last year. Popular neighborhoods in Sacramento include East Sacramento, Pocket, Parkway, South Natomas, Natomas Park, and South Land Park.
Ah, there it is. All about how you look at it, right?
So, what do you think of this information?
2 thoughts on “Selling Sacramento”
I’m sorry- can you price this in terms of something not so easily manipulated? Like “gallons of orange juice per square foot,” or “eggs per hectare,” or even “future anticipated value by year divided by bushels of weed”?
With all the whacky changes to what an “unemployment rate,” “GDP,” or even “interest rate,” is, it’s hard compare Zillows to Trulias. I compute 1.334 Zillows per “money shot” Trulia (3.6 year average), but my standard deviation is, like, 42 per annum.
Maybe a 5.5% interest rate on a mortgage isn’t that good a rate after all?
I guess it’s just hopefully a sign of good things to come. Maybe in a few quarters people will have made back some of what they lost. Yeah, “people,” as if it doesn’t affect me.