The weather may be the only hot thing we have going in the Greater Sacramento area, especially when compared to the local residential real estate market. The June numbers are in and we continue to see slow sales, price depreciation and growing inventory.
DataQuick which publishes California Home Sale Price Medians by City and includes resale single family residences and condos as well as new homes reports that El Dorado, Place and Sacramento counties had year over year declines in median price.
In Sacramento the median price on 2,140 sales was 370,000, down 1.3 percent from June 2005. This is the first time since the late 1990’s that the median price has not increased. In El Dorado County the decline was smaller at .10 percent on 263 homes sold with a median price of $482,000. Placer County had the steepest decline in median price. The drop of $35,000 translates to a decrease of 7.2 percent on a June 2006 median price of $450,000.
Yolo County showed an increase in the median price paid for a home. With 242 residences sold the median price increased 3.7 percent to 448,000.
It is important to note that the above numbers do include new home sales and have impact on the overall numbers. When looking at strictly resale’s the Sacramento numbers are not nearly as bad. MLS shows in Sacramento there were 1,216 resale’s resulting in a median price of $369,000 which is an increase of 3.9 percent from June 2005.
Looking more closely at some of the communities I have been working in recently we continue to see the slowing market. These numbers do not include any new home sales and come from the Sacramento Bee chart on June real estate activity.
El Dorado Hills, 95762 showed declines in the number of sales, down 21.3 percent to 63 sales in June 2006. The median price also was off by 5.7 percent to $617,750.
Lincoln, 95648 continues to have a higher number of sales than any other part of Placer County. There were 72 sales in the Lincoln zip code with is actually up from a year ago. The median price is reported at $409,000 which is down 6.1 percent from last year.
Granite Bay had less sales this June but the median price has increased 16 percent to $832,000 on 35 sales.
Rocklin 95677 with 41 sales, up 7.9 percent, had no change from last year’s median price of $425,000. In the neighboring Rocklin zip code of 95747 sales were down 35.7 percent from last year to 47 homes sold. The median price was up 3.5 percent to $470,000.
In Roseville’s three zip codes we saw sales declines across the board. Zip code 95661 had 38 sold homes a 7.3 percent decline from last June. In 95678 the decline was 37 percent to 51 homes sold. Finally in 95747 there was a decline of 35.7 percent in sales to 63 homes sold. The median price in 95661 was down 7.3 percent to $445,000 while in 95678 the decline in median price was 3.3 percent to $399,000. In Roseville zip code 95747 there was year over year growth of 3.5 percent in the median price to $470,000.
The HousingTracker web site that follows inventory and median asking price continues to show growth in inventory and declines in the asking price. As of July 21 the site reported, for its definition of Sacramento, 11,852 homes available with a median asking price of $385,000. This is a one month growth of 8.8 percent in homes available and a decline in the median price of 1.3 percent.
Overall the market is performing about as well as you could expect considering we are still working through a glut of inventory some of which is the sell off of investor property. There are some wonderful homes on the market priced to sell and there are active buyers.
Julie Jalone is an experienced professional Realtor serving buyers and sellers of residential real estate in the Greater Sacramento area including Placer, El Dorado, Yolo and Yuba counties. Some of the communities served by Julie include Sacramento, Roseville, Rocklin, Lincoln and Granite Bay. To learn more about Julie, take a look at her website, jalone.com, where you will find additional articles, monthly market analysis and her daily blog, “Keep it Real in Sacramento.”