At the end of January 2011, sale trends for homes in Sacramento, California, showed a 15 month decline in final sales plus an increasing inventory of unsold homes in the same period. The below chart shows these facts, it is from reliable MLS data. Consider the trend, if you are buying or selling into this market.
Closed monthly sales for January 2011 was the lowest number in the last 15 months, however, January 2011 pended sales increased, a hopeful sign that a stronger market may emerge.
Price data over the past 15 months shows a decline in both average asking price and average selling price. The gap between the selling and the asking price has diminished, as sellers have slashed their asking price.
Average selling prices declined from $216,000 in June 2010 to $192,000 in January 2011. Average asking prices fell from $283,000 in June 2010 to $220,000 in January 2011.
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