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A blog about the economy and the Sacramento-area real estate market.

January 12, 2009
2008: Sacramento sales up 81 percent, prices down 36 percent

Here come more year-end numbers - and a look back at 2008 home sales in Sacramento. It was a blowout year compared to 2007 - mostly due to sales of foreclosed homes.

The Sacramento Association of Realtors has this December and 2008 summary and a closer look at the neighborhoods in this ZIP Code report.

Some highlights for single-family home sales in SAR territory (Sacramento County and West Sacramento)

  • 19,286 closed escrows in 2008, an 81.6 percent rise from 10,620 in 2007.
  • A 35.8 percent drop in median prices (where half cost more and half less). The 2008 median of $215,000 compares to $335,000 in 2007.
  • December 2008 sales were up from those in November, which is somewhat unusual. Real estate agents closed 1,932 escrows in December, compared to 1,716 in November - and  805 in Dec. 2007. That's a 140 percent year-over-year gain for December.
  • Bank repos accounted for 1,402 of those 1,932 escrows closed. That's almost 73 percent.

I am watching for a similar report soon from the Placer County Association of Realtors.


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