Sacramento CA Homes For Sale Market Comparison Report (December 2009 Vs December 2008)
We analyze several housing market indicators in order to present an in-depth breakdown of Sacramento CA Homes for Sale Market comparing December 2008 to December 2009.
Summary of Key Points
The Sacramento Homes for Sale market remained unchanged for the most part though the number of units sold took a moderate hit.
Median Sales Price (+11.76%), Median Days on Market (1.49%), and Number of Units Sold (-24.60%)
Big Picture: Out of 5 cities analyzed in the Sacramento area, Sacramento was the only city that posted an increase in median sales price
Sacramento CA Homes for Sale
The city of Sacramento experienced an 11.76% increase in median sales price from last year going up from $159,937 (Dec. 08) to $178,749 (Dec. 09). This increase of about $18,000 is very modest and does not really mean anything in terms of the market as a whole. Median days on market for a house in the city of Sacramento for December 08 was 47 days compared to 47 days in December 09 (so no change at all). Number of units sold have taken a major beating going down from 1236 units in Dec 08 to 932 units in Dec 09. An increase in median sales price of $18,000 is essentially insignificant and the median days on market remained unchanged, so what caused the 24.60% drop in unit sales? The SP/LP ratio for Sacramento remained pretty constant as well – 99% Dec 08 and 100% Dec 09. Nothing discussed above explains the decline thus we must conclude that an analysis of economic factors like income, employment would be able to best describe situation.
Neighboring cities West Sacramento and Elk Grove did not fare well either. West Sacramento CA homes for sale posted a 14.48% decline in median sale price, median days on market went up 4.63% and number of units sold fell by 13.92%. Elk Grove ca homes for sale did not look good either with a 4.27% decline in median sale price, 26.45% increase in median days on market and a 7.7% decline in number of units sold.