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The number of homes sold in Sacramento county has dropped 23% in January when compared to Decembers number of homes sold. It is time to jump out the window and declare doom and gloom for the Sacramento real estate market. Hold on dont jump yet because the number of sales pending went up by 50% in January compared to December pending sales. It usually takes an escrow 30 days to close so we should see a nice sized jump in closed sales in February. The supply of homes virtually stayed the same for January compared to December. That is always good news when the supply of homes does not go up dramatically. There are 5367 homes for sale in the Sacramento CA area. We hit a peak of 5721 homes for sale back in September 2010. The average price of a home sold for 192k. That amount is 4% lower than the average price of a home sold in December 2010. The average price of a home sold for 200k in December. The average days on the market was 91 days in January 2011. The average number of days on the market back in January 2010 was 69 days. That is a 31% increase in the average days on the market for the past year.
It is taking longer to sell a home but hopefully that will drop when the strong selling season starts this spring