Sacramento Short Sale end of the year report clearly shows an uptake in the number of Sacramento homes that have received an offer and waiting for the Short Sale bank to respond and accept the home buyers offer.
Follow the red line on the graph to see the homes in Pending Sale.
The Short Sale banks would do themselves good to vamp up their process which after all these years still remains inadequate and much too long of an ordeal.
In my humble opinion as a Sacramento Realtor, short sale banks are shooting themselves in the foot with the length of time it takes them to approve a Short Sale. There really is no good reason for this, other than incompetency.
The graph to the right shows what the Short Sale home was listed for and the red portion indicates what the Short Sale home actually sold for.
As you can see, either the home for sale received multiple offers in which case the price increased or the short sale banks during negotiations with the buyers demanded more.
During the first part of the year in January 2010 inventory of Sacramento Short Sales was at 4.6 months worth of inventory.
As you can see by the inventory graph for Sacramento Short Sales, the year ended with inventory going down but still at a 6.5 month supply.
What does this mean? It means it would take 6.5 months to sell all the Sacramento Short Sale homes for sale which is certainly up from October 2009 when we had only 3.2 months worth of inventory.
On the other hand when taking a look at bank owned foreclosed homes I found that there is only 2. 2 months of inventory by the end of 2010 which was a rise from just 8 weeks worth of inventory from 2009. And for those looking for homes for sale throughout the Sacramento area that are not Short Sales or Bank owned foreclosed homes, at the end of December 2010 there was only a 3.9 month supply of traditional homes for sale.
Other Sacramento Real Estate Market Reports:
Sacramento Real Estate Market Statistics for Short Sales
Sacramento Home Statistics Report 2010
Sacramento Real Estate Statistics for August 2010
Sacramento Year End Home Sales Report with 11 Year Look at Homes Sold
This entry was posted on Wednesday, January 12th, 2011 at 5:30 am and is filed under Sacramento RE Stats. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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