Pleasanton, Calif., Wednesday, July 26, 2006 – Median prices for all housing types in Sacramento County rose one percent from the same quarter last year, with notable median price changes observed in Elk Grove (+10%), Rancho Cordova (+8%) and North Highlands (-9%), according to a report released today by Prudential California Realty. Inventory continued to accumulate from the first quarter as total active listings for the second quarter increased to 48 percent, year-over-year. There was a year-over-year decline in unit sales of 40 percent. Due in part to a greater selection of listings available and the recent trend for new home builders in the area to offer purchasing incentives, buyers are leveraging the competitive market in their favor. Sellers, slowly adapting to the change in the market, have continued to keep asking prices at a premium but have begun accepting reduced offers. Second Quarter 2006 Housing Market Survey – Sacramento County Sacramento County Total Units Sold Q2/06 Total Units Sold Q2/05 % change Avg DOM** Q2/06 Avg DOM Q2/05 change 05/06 (days) Median** Price Q2/06 Median Price Q2/05 % change Total Active Listings† Q2/06 Total Active Listings Q2/05 % change Single-Family Detached Homes 3,266 5,433 -40 50 24 +26 $377,621 $372,966 +1 16,079 10,862 +48 Single-Family Attached Homes 299 460 -35 57 28 +29 $230,451 $230,043 +0.18 1,548 943 +64 "Overall the market remains healthy with buyers and sellers able to take more time to make prudent buying decisions," said Tina Wilks, broker/owner and manager of the Sacramento Midtown Prudential California Realty office. "Sellers are more willing to entertain offers below asking price. Consumers had adjusted to heated market conditions but they are now learning to adjust to a more normalized market." Second Quarter 2006 Housing Market Survey – Cities in Sacramento County Single-Family Detached Homes City Units Sold Q2/06 Units Sold Q2/05 % change Avg DOM Q2/06 Avg DOM Q2/05 change 06/05 (days) Median Price Q2/06 Median Price Q2/05 % change Active Listings Q2/06 Active Listings Q2/05 % change Carmichael 125 197 -37 41 23 +18 $415,000 $420,000 -1 571 441 +29 Citrus Heights 178 357 -50 50 23 +27 $338,750 $353,000 -4 899 650 +38 Elk Grove 557 958 -42 50 24 +26 $445,000 $430,000 +3 2,950 1,823 +62 Fair Oaks 89 182 -51 58 29 +29 $435,000 $450,000 -3 466 417 +12 Folsom 214 344 -38 49 21 +28 $509,975 $522,475 -2 1,000 623 +61 North Highlands 108 143 -24 48 23 +25 $275,000 $280,000 -2 416 278 +50 Rancho Cordova 118 157 -25 53 22 +31 $344,500 $329,000 +5 513 257 +100 Sacramento 1,877 3,095 -39 51 25 +26 $349,000 $340,000 +3 9,264 6,373 +45 *DOM = Days on market
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**The median home price for the entire county is the weighted mean of median home prices of cities within Sacramento County.
†Active listings is the sum of listings that were available for sale for at least one day within the quarter. This can include listings from previous quarters.
Data sourced from multiple listing services.
All percentages rounded to nearest whole number.
Founded in 1887 as Mason-McDuffie Real Estate and transitioning to the Prudential name in 1997, Prudential California Realty and its sister affiliations in Nevada and Texas are a leading innovator of real estate technology solutions to its agents and clients. Now the eighth largest national real estate brokerage, Prudential California Realty provides comprehensive real estate solutions when buying, selling and owning a home with more than 29,000 transactions and $14 billion in annual sales for 2005. The company offers consumers full MLS access to home listings through its website www.PruRealty.com. Part of the tri-state affiliation owned by David Cobo and Ed Krafchow that includes Prudential California Realty, Prudential Nevada Realty, Prudential Texas Properties and Prudential Texas Realty, the organization cumulatively has more than 5,000 agents and 139 offices. Prudential CA/NV/TX is an independently owned and operated member of the Prudential Real Estate Affiliates.
FOR MORE INFORMATION, please contact:
Mansfield Communications
Eliza Walsh eliza@mcipr.com / (415) 283-3232 or Lilly Jan lilly@mcipr.com / (415) 283-3216