Sacramento real estate poised to recover
Following the recession of the late 2000s, many metro markets across the United States struggled - this was especially true for metros such as Sacramento. Potential homebuyers were too scared to purchase one of the homes for sale in Sacramento. However, as the years have progressed, the strength of the local economy in this metro and others has improved. Now, buyers are once again ready to start applying for residential financing and looking to purchase new homes.
According to real estate market research firm DataQuick, an estimated 41,280 new and resale houses and condos were sold across the state of California in August 2012 - making this summer month the strongest August experienced since 2006. The median price for a home in California was $281,000 in August 2012 - up 12.9 percent from $249,000 the same time last year.
"This is further evidence that we're seeing a true recovery in the housing market," said real estate expert Dr. Stan Humphries. "Not since mid-2010 - in the midst of the homebuyer tax credits - have we seen this group so bullish on housing. It's refreshing to see this optimism at a time when the market seems to be making an organic recovery, in the absence of an artificial stimulant like the tax credits."
Down in Sacramento, these positive gains were felt in the local housing market as well. Negative housing markers such as the number of foreclosures in the metro decreased by 5.7 percent in the second quarter of 2012 in comparison to the previous three months. The source claims that 3,202 homes were foreclosed upon during the second quarter - a drop from 3,397 during the first quarter.
ALTOS Research claims that the median price for a single-family home in Sacramento was $156,527 as of September 14, 2012. The cost of a property broken down per square foot during that same time period was $115.
Housing markets across California are steadily improving, especially in areas like Sacramento, which features an enticing local market. The MLS listings in Sacramento feature quality properties, and many houses will wait for an average of 125 days before a buyer completes the home closing process, which could mean decreased competition for potential homebuyers.