"All Real Estate is Local"

April 2007 sales remain slow, but prices holding firm for existing homes

The housing figures for Yolo County are skewed by two things. First, developers are cutting their prices on new homes in order to get rid of inventory, so the median price of new homes sold in April dropped 12.5%. This is balanced by an actual increase in the median price of existing homes sold, which went up 4.2% in April, over prices a year ago. When combined this works out to a drop in the median price of just 1.7% year-over-year in Yolo County for all homes sold.

Second, three areas provide the lions share of sales in Yolo County; Davis, West Sacramento and Woodland. West Sacramento experienced fast growth in the first half of the decade, including significant speculation by investors in rental property. This area is seeing a pull-back in pricing. Woodland also saw growth with developments like Wild Wings and Spring Lake, and has seen prices retreat in the last year. Davis is less effectd by the price swings, as the slower growth and the higher median home price has resulted in a more stable market. While prices for homes over $800,000 have come down, the demand for starter homes has remained strong and prices have held firm.

Sacramento County has not faired well, with home sales slowing and prices of new and existing homes falling dramatically year-over-year. In Sacramento COunty, the number of new homes sold is down 32.6% and the average price of a new home is down 22.3%. For existing homes the numer of homes sold has dropped 28.7% and the average price has dropped 2.1%. 
 

The good news is that we seem to have hit  a price bottom in February, March and April 2007, as the median price in Yolo County has remained almost flat for those three months. April and May has seen the buyers come out in the Davis and Woodland markets as my business has increased in regards to the number of buyers contacting me to look at homes for sale. As these sales close in May and June, they will be reflected in future statistics.

Below are some current statistics which reflect the health of the housing market in Yolo County and Sacramento County. Information includes the number of homes sold year-over-year and the median price of homes sold year-over-year.

The statisitcs below tell you how prices have come down in some areas, but in May and June the numbers should improve as it looks like things are picking back up in Davis and Yolo County.

Existing  Homes

Yolo County

April 2006 - 136  Homes Sold,  Median Price =  $429,000

April 2007 - 112  Homes Sold, Median Price =  $447,000

Number of Homes Sold is down 17.6%

Median Price of Homes Sold is UP 4.2%

Sacramento County

April 2006 - 1,661 Homes Sold, Median Price = $352,000

April 2007 - 1,185 Homes Sold, Median Price = $345,000

Number of Homes Sold is down 28.7%

Median Price of Homes Sold is down 2.1%

All Homes

Yolo County

April 2006 - 199  Homes Sold,  Median Price =  $429,000

April 2007 - 176  Homes Sold, Median Price =  $421,500

Number of Homes Sold is down 11.6%

Median Price of Homes Sold is down 1.7%

Sacramento County

April 2006 - 2,208 Homes Sold, Median Price = $375,000

April 2007 - 1,553 Homes Sold, Median Price = $340,000

Number of Homes Sold is down 29.7%

Median Price of Homes Sold is down 7.0%
 

Statistical Source - Sacramento Bee, May 17th, 2007

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