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Bright Spots in Sacramento Real Estate Market
Bank Of America Investment DataQuick, the research firm that follows and reports the real estate numbers, indicated all four counties, Sacramento, Placer, El Dorado and Yolo, all saw increases in the median price for sold homes during February.
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Investment Opportunity The sales volume was also up slightly from January to 1,743 homes sold in the area. Although this number is up from January it remains 26% lower than February 2005.
Real estate can be a wise investment but beyond purchasing a home of your own, what is the best way to invest in real estate without getting your hands dirty and spending your spare time chasing tenants for rent A REIT or Real Estate Investment Trust may be the perfect investment vehicle. REITs own, and often operate, real estate but are publicly traded like stock. Profit is paid as dividend to stock owners.
Banc Of America Investment Inventory of homes on the market continued to grow. At the end of January there were 9,267 homes on the market. The number available in February increased to 9,870. A year ago there were only 3,554 homes to choose from. The average number of days on the market for homes sold in February was 58 days compared to last year when it took an average of 37 days to sell.
Despite the wealth of real estate blogs, few blogs focus solely on the foreclosure market from the investor’s perspective. Some foreclosure focus is found in real estate investment blogs instead. If you have a favorite blogger who writes about real estate investment, search through that person’s blog to discover if he or she has focused on foreclosures within recent months. Also, be sure to check out the blogs that are included in the foreclosure Web sites noted above.
Banking Investment In some of the local areas, where I have been working recently, the median price increases from last year were almost all positive. El Dorado Hills median price in February increased to $606,500, up 9.3% from last year but down from January. In Rocklin, zip codes 95677 and 95765 we saw price appreciation of 34.4% and 7.9% respectively from last year and both areas were up from last month in terms of price and volume. The three zip codes in Roseville. 95661, 95678, and 95747 all had increases in the median price fro last year and from January. Sales volume was down double digits from 2005 and flat compared to January numbers. Granite Bay, zip code 95748, reported 11 sales, down from last year and January. The median price paid in February for a Granite Bay home was $730,000, down 3.2% from a year ago but up $20,000 from last month. For more detail, take a look at the chart by Zip Code produced monthly by the Sacramento Bee.
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Investment Solution Strategic The January numbers were "to early to tell" how the 2006 real estate market in Sacramento would shape up and now we have February reports which are a bit more positive than we have seen for the past few months but still don't paint a very clear picture of what is going to happen this year. If it were just the numbers, I would say some of the local pundits are correct in predicting a "return to normal" after the last five years of double digit increases and bidding wars on anything with a for sale sign in the front yard. Based on my personal business and talking with collogues the past few weeks, the steam we started to feel building in mid January and early February has been dampened by the last three weeks of winter weather. The rain and cold seems to be keeping buyers inside or at least not driving from the bay area. Right now, I am not feeling as bold as I was last month when I made three positive predictions. Even though I was right about modest growth in the median price and increased sales volume, I was wrong in predicting a slight decrease in the inventory of homes for sale. With the prediction for more rain, I don't think we are going to see February as the start of a new positive trend for the year. I will predict, when the rain ends and warmer weather gets here, there should be a nice surge in activity as the buyers start getting out and looking again.
Click any state below to search Map of the United States With the volatile stock market, many investors are turning to the real estate market as a successful investment alternative. Purchasing a distressed property, which you can often find for 30 to 50 percent below market value, is a great way to build wealth in real estate. Even if you've never thought about purchasing foreclosures before, or have been capitalizing on them for years, Foreclosure.com offers everything you need to profit from real estate investing.
Investment Banking Services Julie Jalone is an experienced professional Realtor serving buyers and sellers of residential real estate in the Greater Sacramento area including Placer, El Dorado, Yolo and Yuba counties. Some of the communities served by Julie include Sacramento, Roseville, Rocklin, Lincoln and Granite Bay. To learn more about Julie, take a look at her website, jalone.com, where you will find additional articles, monthly market analysis and her daily blog, "Keep it Real in Sacramento."
Bank Investment Julie Jalone is a experienced professional Realtor serving the needs of buyers and sellers of residential real estate in the Greater Sacramento, California area. For more information, additional articles, market news and her BLOG see her web site at www.jalone.com.
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