Are you in or out? It could make a huge difference in property value (and property taxes) whether you live in a certain neighborhood or not. Read More
The Archives
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Neighborhood Boundaries, Real Estate & Tahoe Park in Sacramento
Wednesday, June 9th, 2010A look at REOs & Short Sales: Is the Sacramento real estate market getting healthier?
Wednesday, May 26th, 2010How is the Sacramento real estate market doing? Is it getting better or worse? Are there more bank-owned sales right now than in recent years? Read More
Graph of Sales in 95828 Zip Code of Sacramento
Friday, March 26th, 2010I thought this might interest anyone living or considering purchasing in the 95828 zip code of Sacramento. What do you see? What stands out to you about this trend graph? All sales are based on information provided in Sacramento MLS (single family detached sales only).
Looking Back on a Sacramento Fourplex
Wednesday, March 17th, 2010
Looking at the sales history of a property can be very telling. In fact, you can often get clues into the happenings of the real estate market. Here is an interesting sales history for a Sacramento fourplex I came across in the course of a current assignment I’m working on. This is not at all atypical because the market for residential-income properties really boomed in Sacramento (and then it fell hard too).
7/25/2000 – $110,000 sale
7/16/2002 – $278,000 sale
8/18/2004 – $435,000 sale
2/10/2005 – $459,000 sale
9/08/2008 – $377,500 sale (maybe a short sale – did not list in MLS)
5/01/2009 – $104,250 (transfer to bank – foreclosure)
7/13/2009 – $140,000 sale
What do you see? Does anything stand out to you? Let me know if you have any questions about the local real estate market or your neighborhoood. With the decline of property values in the Sacramento Region, it makes it very important to keep make sure that the Assessor reconciles their assessed value to a consistent level of true market value (it’s not always the same – at all).
The Assessor’s Value vs. True Market Value
Monday, November 16th, 2009This is a graph I put together earlier today for a home owner as part of the total package for appealing his property taxes. Read More
The Crashing of the Fourplex Market in Sacramento
Monday, November 16th, 2009I wrote previously about the “Bursting of the Duplex Market in Sacramento“, so I figured I’d also provide a graph of the fourplex market so we can see visually what has Read More
The Up and Down Dynamic of Foreclosures and Short Sales in Sacramento County
Sunday, November 15th, 2009We hear so many voices in today’s real estate market talk about the foreclosure rate decreasing in the Sacramento Region. Is that true? Are there less REO (bank-owned) sales today than there were two or three years ago? Let’s look at some hard numbers below for Sacramento County.
The information above is based on all residential sales listed in Sacramento Metrolist over the past two years. Overall, it’s true that there were less bank-owned sales in Sacramento County during the last 12 months in comparison to the year before that. The foreclosure rate decreased by 5% overall, but the interesting thing is that short sales increased by 7% during this same time period. What do you make of that? Have short sales simply replaced what would have been a similar rate of foreclosure for this year? As a home owner or real estate agent, have you found banks to be more receptive to working with you to do a short sale? Comments welcome.
www.SacramentoTaxAppeals.com The Up and Down Dynamic of Foreclosures and Short Sales in Sacramento County
Gold River Market Trends: Past 3 Years of Sales
Thursday, November 12th, 2009What’s been happening in the Gold River real estate market over the past several years? Gold River is a census designated place located just east of Rancho Cordova, south of the American River, and north of Highway 50. This HOA community has 25 separate villages and a combination of detached and attached housing – all single family residential. Gold River has the lowest unemployment rate in Sacramento County right now at 2.1% as of September 2009, but that does not mean that home values have been unaffacted.
What do you notice about the graph above? It looks like the upper end of the market above $550,000 has pretty much disappeared during 2009. It’s also evident that in the midst of a downward trend over the past several years that there have been few sales under $300,000. What else do you see? If you are a local Realtor or home owner in Gold River, what insight do you have into your market, and why is Gold River desirable to buyers in the marketplace?
Gold River Real Estate Market Data:
- 251 sales over the past 3 years
- 62 sales over the past 12 months
- 13 sales over the past 90 days
- 11% of all sales over the past 12 months were REO (bank-owned)
- 3% of all sales over the past 12 months were Short Sales
- 29 current active listings
- 13 current active short sale listings
- 6 current pendings
The lower Western portion of the Gold River area is comprised of a subdivision called “Gold River Station”. Since Gold River Station is not a part of the Gold River HOA, it was prudent to look at data separately from Gold River. Sometimes outsiders to the area get confused about Gold River Station and therefore lump it in with Gold River, but it’s not a part of the Gold River neighborhood.
It’s not hard to see that there is a big value difference between Gold River and Gold River Station. Whereas there are few sales under $300,000 in Gold River, it appears that most recent sales in Gold River Station sold under $300,000. What else do you notice when comparing the graphs?
Feel free to contact me at 916-595-3735 or info@SacramentoTaxAppeals.com if you have any questions about the local real estate market or any appraisal needs.
www.SacramentoTaxAppeals.com Gold River Market Trends: Past 3 Years of Sales
The Bursting of the Duplex Market in Sacramento
Tuesday, November 10th, 2009Do you remember several years ago in the Sacramento area when duplexes were selling for $400,000-$500,000+ like it was nothing? Well, the housing bubble burst and the residential-income market came crashing down along with everything else.
The graph below displays all sales in Sacramento County for duplex properties. I know, Sacramento County is an enormous territory, but sometimes viewing large ares helps to see an overall trend.
What do you notice when looking at all duplex sales in Sacramento county? It seems the bulk of sales are well under $300,000, and that the median sales price level easily lost $200,000 or more over the past three years. Ouch. There certainly are an enormous portion of sales between $100,000 to $200,000 too, aren’t there?
Let’s take a closer look at a specific area in Sacramento by viewing sales in North Sacramento in the 95815 and 95838 zip codes. No, that’s not a ski slope, but a trend graph of all duplex sales.
It’s interesting to see what looks like two markets at hand above: One market below $100,000 and another market hovering between $150,000-$175,000. Market segmentation (bifurcation) is common depending on condition, location, size, or even the nature of the sale – short sale vs foreclosure vs typical arms-length transaction.
One more. What’s happened in the city of Rancho Cordova’s duplex market over the past thirty six months? No surprises. It looks similar to the graphs above.
When it comes to duplexes in Rancho Cordova and surrounding areas of Sacramento, the majority of recent sales are reo properties (bank-owned). For example, in a recent duplex appraisal I just completed in a Sacramento neighborhood, 84% of all duplex sales over the past 12 months within this neighborhood were REO sales and 10% of all sales were Short Sales. It’s not an easy market when 94% of all sales carry some level of distress.
Contact me at 916-595-3735 or info@SacramentoTaxAppeals.com if you have any questions.
www.SacramentoAppraisalBlog.com The Bursting of the Duplex Market in Sacramento
