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April 20th, 2010
The first quarter of 2010 has come and gone and I for one am happy to see it go. This first quarter was dismal for our local real estate market. In March, the Sacramento Bee branded the start of 2010 as “real estate’s long slow winter.” But Spring is finally here and we are beginning to see its rejuvinating effects everywhere. The long frost from the real estate winter is begining to melt. Here is the first quarter by the numbers:
This graph shows homes for sale, sold and pending in Sacramento, Placer, Yolo and El Dorado Counties from October 2009 to March 2010. It tells us a few things:
–Winter was slow! Home sales in January and February were down.
–Inventory is up! This is great for buyers who can take advantage of the large inventory.
–The Spring is here! Pending home sales are way up (yes, homes are selling!) as are sold homes.
All signs are pointing to an ending of the cold real estate winter. Bring on the Spring!
The graph to the right shows the average price at which homes were listed and the price at which they actually sold. Again, it is a combined average for Sacramento, Placer, Yolo and El Dorado Counties.
While the listing price for homes is decreasing, the average price at which they are being sold is staying stable. It seems people are starting to realize pricing your home to sell reduces the time it sits on the market. Even as the inventory is increasing, prices are staying stable. This is a good sign for sellers!
Let’s agree to leave the harsh winter in the past and embrace the warmth of the coming Spring. It still may be a good year for real estate after all 🙂