My broker just returned from the Realty Alliance conference, which are the top 100 independent real estate brokers in the nation. Sacramento was the "talk of the town", he said!
We are apparently giving the nation hope that we are turning the corner in this market, with our booming sales. We were one of the first to be hit during this "Repo Madness" which is sweeping out nation, with a record drop in prices, but it looks like we are the first to be coming out of it.
Our county-wide inventory is down 58% since a year ago (8968 to 5251 currently). Our price per square foot is down 29% (161/ft to $115/ft currently), and appears to be leveling off. We are down to 3.4 months of inventory, from a high of 11.2 months back in Jan of '08.
Sales for the past 4 months are furious, with 39% of our listed homes entering escrow in February '09, compared to 14% last February. This is truly phenomenal.
What does the future hold?... who knows. But for now, interest rates are at an all time low and the buyers are coming out of the woodworks enticed by the sale prices we have. It's fast, furious... heck, we're on fire!
It's a great time to be a buyer!
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Professional real estate blog. Thanks for sharing this information with us.
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