Interesting Post

Great post from the sacramentoappraisalblog.com explaining the difference between PUD’s and Condos.

If you want to be a real estate expert and provide accurate information to clients, it is crucial to be able to be able to tell the difference between a PUD and condominium.

 

Should You Offer Full Listing Price?

The California real estate market is heating up.  Home prices are on the rise, multiple offers are common place, and there are many areas in the State that are seeing sold prices way over listing price.  In February I wrote an offer for a client on a fixer upper in Woodland, it ended up selling for 243% over listing price.  That’s an extreme example but, with low inventories buyers are frantically bidding up to “win” a home.

So, what is the reality of the current market?  What percent of homes sold at listing price or greater? Let’s dive into the data to find out.

Sacramento

In Sacramento the percent of homes sold at listing price or greater has held relatively steady from January through April.   In January 68% of homes sold at listing price or greater.  That number increased slightly to 71% in February and increased again in March to 73%.  In April there was a slight decrease to 72%.

SP and LP analysis Sacramento

West Sacramento

Unlike Sacramento’s steady rate, West Sacramento saw a rapid increase in the percent of homes sold at listing price or greater in the first three months of the year. In January 65% of homes sold at listing price of greater.  In February that number increased more than 10 percentage points to 76%.  The trend continued into March peaking at 85%.  In April there was a sharp decrease to 75% of homes sold at listing price or greater.

SP and LP analysisWS

Davis

The Davis market held steady for the first three months of the year with the percent of homes sold at listing price or greater hovering around 40%. However, in April that number jumped to 63% from 42% in March.

SP and LP analysis_DAVIS

Woodland

The Woodland market followed a similar pattern to that of West Sacramento and Sacramento.  The year started out with 39% of homes sold at listing price of greater.  In February the number increased dramatically to 61%.  March numbers were similar to February’s only slightly lower. The downward trend continued into April with only 52% of sales at listing price or greater.

SP and LP analysis_WD

I hope you find this information useful. Whatever your real estate needs are, I can help.  Please contact me to learn more about my real estate services. Thanks for visiting my blog.

All data is from the Metrolist MLS and is accurate up to 4/30/2013.

Davis and Woodland April 2013 Sold Data

So, what happened with the residential real estate market in Davis and Woodland during the month of April? Let’s dig into the data and find out.

Davis – All Areas

Davis had a total of 52 sold units in April 2013, a 58% increase from March. The average list price increased by 16% from $457,350 in March to $530,707 in April. The average sold price also increased from March to April by 18% from $451,040 to $531,677. The average number of days on market decreased by 43% from 54 days in March to 31 days in April. The average home size of sold units increased by 13% from 1,665 square feet in March to 1,881 square feet in April. Finally, the average sold price per square foot increased by 5% from $270 per square foot in March to $285 per square foot in April.

Apr 13 Stats D_W

Woodland – All Areas

Woodland had a total of 57 sold units in April 2013, a 3% decrease from March. The average list price increased by 13% from $211,377 in March to $239,601 in April. The average sold price also increased from March to April by 15% from $210,037 to $241,607. The average number of days on market decreased by 34% from 45 days in March to 29 days in April. The average home size of sold units increased by 19% from 1,475 square feet in March to 1,762 square feet in April. Finally, the average sold price per square foot increased by 10% from $127 per square foot in March to $140 per square foot in April.

Apr 13 Stats D_W 2

I hope you find this market snapshot helpful and informative. Whatever your real estate needs are, I can help.  Please contact me to learn more about my real estate services. Thanks for visiting my blog.

All data for the month of April is from the Metrolist MLS collected on 4/31/2013 and is accurate up to that date.

Downtown/ Midtown Sacramento Market Snapshot

I lived in Midtown Sacramento for 4 years while working on my masters degree at Sac State. I loved it!  You can walk and cycle everywhere and the night life is great.  So, what is happening in the Midtown and Downtown real estate market? Lets find out.  All data is from Metrolist MLS and Trendgraphix, from January 2012 and March 2013

During the previous 15 months the number of homes sold increased by 66.7%. The number of pended transactions, an indicator of market strength, increased as well by 61.5% over the same period.

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The average square foot price increased from $209 a square foot in January 2012 to $277 a square foot in March 2013, an increase of 32.6%.

TGChartImage (1)

The average continuous days on market in March was 65 days a 55% increase from the previous month.

TGChartImage (2)

The average sold price increased by 11.7% between January 2012 and March 2013.

TGChartImage (3)

The months of inventory decreased by 52.5% over the 15 month period to 1.9 months. A housing supply less than six months is an indication of a sellers market. February 2012 is the last time the market was in balance.

TGChartImage (4)

Finally, we get to the absorption rate. In March the absorption rate was 54.1% which means roughly half the market is being sold. For comparison, the absorption rate for the entire Sacramento market was 99.5% in March. But, of course the Midtown/ Downtown market is unique.

TGChartImage (5)

I hope you find this market snapshot helpful and informative. Whatever your real estate needs are, I can help.  Please contact me to learn more about my real estate services. Thanks for visiting my blog.

Pool Maintenance Costs

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If you are searching for a home and find one that has a pool, you need to ask yourself two questions. First, do I want a pool? Second, and more importantly, what are the costs associated with maintaining a pool?  Backyard swimming pools can be great fun in the summer time to stay cool and to entertain around.  However, pools are not for everyone and can be costly to maintain. Both regular buyers and investors need to consider the costs of maintaining a pool before buying a home with a pool.

If you are a regular buyer you have two options when it comes to pool maintenance.  You can either maintain the pool yourself or you can hire a pool cleaning company. If you are an investor and intend to rent the home to tenants your only safe option is to hire a pool cleaning company.

Maintenance Costs

Based on a quick survey of Q & A forums, maintenance cost vary greatly depending on if you do it yourself or hire a professional pool cleaner; where you live; the size of the pool and type of water.

To clean and maintain the pool yourself  it will cost you time and money. Expect to spend 20 to 30 minutes per week for pool maintenance. Pool chemicals such as chlorine and muriatic acid, used to keep the water clean and in balance will cost $20 to $30 per month.  Additionally an automatic pool cleaner that sweeps and vacuums the pool is a good idea to have;  These can cost from $100 to $1000 and may need periodic maintenance throughout the year.

On the other hand, you can hire a  professional pool cleaning service to maintaining the pool.  A professional pool cleaner will save you time and the hassle of dealing with the chemicals, but at a cost.  Pool cleaning services may offer different levels of maintenance, depending on the company.  For full service cleaning expect to pay between $100 and $150 per month.  A chemical only service may cost between $45 and $60 per month.

Electricity use and filter maintenance are other costs to consider. You can expect to pay $90 to $120 per month in electricity to run the pump and heater. Additionally, The pool pump filter should be cleaned every six months which, can cost between $50 and $100 for an average filter.

Before buying a home with a pool, I recommend visiting your local pool supply store or contacting a local professional pool cleaning company to get an estimate.

Rather if you are in search of a home with a pool or not, or if you own a home and want to sell, I can help you with all your real estate needs. Contact me to learn more about my real estate services.

Woodland Open House Saturday 4/20

Today I am holding open 827 Fordham Dr. in Woodland from 1-4.  Drop by and check it out.

This one story home has a comfortable floor plan that features three bedrooms, two baths, an indoor laundry room and vaulted ceilings. You will also find a tile roof, two car garage with cabinets and a low maintenance backyard. No rear neighbors and quick close access to the holding pond are some great features.