Making Sense of the Market (Placer County/Sacramento Region)

September 2009 Market Update for Placer County

Hi Neighbors,

Another discussion of the current market in Placer County.

There are currently 2060 homes on the market in Placer County as listed on MLS (Single Family Detached Homes). This number has stayed pretty constant throughout the summer. 713 or 35% have been on the market over 90 days.

7% of the total inventory (148 homes of the 2060) are REO (Bank Owned) homes , 32 or 16% of the REO have been on the market for over 90 days. 46% of the homes (944) are short sales and 1039 are organic non-distressed sales.

342 homes have been sold in the past 30 days (August). 112 of these were REO homes or 33% of the total homes sold for the month.. Looking at the under $200,000 market 18 of 36 homes were REO (50%). 52 of the 342 were Short Sales (15%). 178 of the 342 homes were Organic sales that were non-distressed sales (52%).

Bottom Line

So, while REO homes only make up 7% of the market, they account for 33% of the sales overall and 50% of the sales for the $200,000 and under homes. This is why you see many REO properties sell in a few weeks or a month after the initial listing. Short Sales account for 46% of the market but only made up 15% of the sales. Organic non-distressed sales make up 50% of the market and 52% of the sales.

Distressed sales are currently making up 48% of the sales and are still setting the prices overall. Virtually any home being sold now is being impacted by REO and Short Sales.

Jeff
Neighborly Realty