July of this year is when are median sales price for Sacramento County began going up. In September our median price went down by about $7,000 compared to last year. All in all, it’s still a great time to buy. Here is some information that you might find of interest.

• Median sales price decreased from $190,000 to $183,000 from September 2008 to September 2009
• Of the 1631 sales in September, 45.5% were foreclosures (REOs), 19.3% short sales, and 35.3% traditional sales. We are starting to see conventional sales on the rise. This fact is most likely due to the fact that sellers are recognizing that properties that are priced right are flying off the market. Sometimes in as little as a day or two. For sellers this is great as it gives them the opportunity to buy when properties are on sale!
• The average home spent 48 days on the market (from time it was listed to the time escrow was opened)
• Leslie Appleton-Young, CAR Chief Economist, stated “We expect the median price to decrease slightly through the remainder of 2009 and into next year, then rise before leveling off next summer.”

Unfortunately, no one has a crystal ball. Not even us Realtors who are in the market every day. What I can tell you is that prices are lower than they have been in a long time, interest rates are very low, first time buyers are getting some great tax credits, and homes are selling. First time buyers may also get lucky if the $8,000 tax credit is extended. It would help tremendously with getting more properties off the market and moving us closer to sustainability.