Erin’s Sacramento Short Sale Experiment, Part VI

Yes, it is for my sixth installment of Erin’s Sacramento Short Sale Experiment! I am sure ya’ll are just on the edge of your seats to find out just what has transpired in the world of short sales in our Sacramento metro area since the last time? I am anxious to see if 2010 continues to bring a high volume of active short sale listings, and more importantly, more closed short sales. For those of you not following along at home, or perhaps if you are reading this for the first time, my short sale experiment is tracking a few different Sacramento zip codes to see what how the short sale activity increases or decreases over time as compared with traditional resale listings (where there is a seller with equity in a “normal transaction”) and to bank-owned resale transactions. My hypothesis at the start of this experiment: the number of short sales will grow over time, as will their dominance in our greater Sacramento marketplace (overall percentage of listings). I have continued to list more short sale properties, and thus far I think my hypothesis has been proven to be true. Let’s see how this new data compares to the “control data” for the experiment and also to last installment

95624 is the section of Elk Grove closest to Hwy 99. As of right this second according to MLS, there are a total of 342 active listings there. 246/342 listings are short sales. The median price in that zip code in February 2010 was $235,000 according to Trendgraphix (a decrease over last installment). The result vs. the control data? Control data was 68.6% of all active listings in 95624 were short sales, vs. 75.1% last installment, vs. 71.9% this month. INCREASE over the control data, and a decrease over last installment. Number of 2009 closed short sales – 245. YTD closed in 2010 – 56.

95610 is a section of Citrus Heights. As of right this second according to MLS, there are a total of 175 active listings there. 112/175 listings are short sales. The median price in that zip code in February 2010 was $171,000 according to Trendgraphix (a significant decrease over last installment). The result vs. the control data? Control data was 60.3% of all active listings in 95610 were short sales, vs. 68.2% last installment, vs. 64.0% this month. INCREASE over the control data, and a decrease over last installment. Number of 2009 closed short sales – 85. YTD closed in 2010 – 16.

95826 is a section of Rosemont and College Greens. As of right this second according to MLS, there are a total of 136 active listings there. 70/136 listings are short sales. The median price in that zip code in February 2009 was also $170,000 according to Trendgraphix (a decrease from last installment). The result vs. the control data? Control data was 62.2% of all active listings in 95826 were short sales, vs. 59.5% last installment, vs. 51.5% this month = BIG DECREASE over the control data. Number of 2009 closed short sales – 65. YTD closed in 2010 – 20.

95864 is a section of Sierra Oaks, Arden Park, and Arden Manor. As of right this second according to MLS, there are a total of 165 active listings there. 49/165 listings are short sales. The median price in that zip code in February 2010 was $214,000 according to Trendgraphix (a big decrease over last installment). The result vs. the control data? Control data was 17.0% of all active listings in 95864 were short sales, vs. 29.3% last installment, vs. 29.7% this month. INCREASE over the control data and last month. Number of 2009 closed short sales – 18. YTD closed in 2010 – 5.

95818 is a section of Midtown, Land Park, and Curtis Park. As of right this second according to MLS, there are a total of 77 active listings there. 13/77 listings are short sales. The median price in that zip code in February 2010 was $330,000 according to Trendgraphix (big decrease over last installment). The result vs. the control data? Control data was 16.0% of all active listings in 95818 were short sales, vs. 25.9% last installment, vs. 16.9% this month. INCREASE over the control data, and a slight increase over the last installment. Number of 2009 closed short sales – 15. YTD closed in 2010 – 4.

95819 is a section of East Sacramento. As of right this second according to MLS, there are a total of 71 active listings there. 15/71 listings are short sales. The median price in that zip code in February 2010 was $339,000 according to Trendgraphix (a increase over last installment). The result vs. the control data? Control data was 19.7% of all active listings in 95819 were short sales, vs. 21.1% last month, vs. 21.1 this month. INCREASE over the control data, but a no change over last installment. Number of 2009 closed short sales – 11. YTD closed in 2010 – 0.

So in summary – of the six Sacramento area zip codes I am tracking for my experiment, 5 of them experienced a decrease in the number of active short sale listings from last installment, while 5 experienced an increase over the control data…interesting. Unfortunately, I do not think that this incremental decrease from last installment will continue as a ongoing trend. My phone definitely keeps ringing and I continue to receive emails – I am fielding lots of inquiries from homeowners looking for more information and insight from my short sale experience…buyers too are really curious about the short sale process since they are encountering so many short sale listings in our marketplace. Also (you will be aware of this if you follow me on Twitter or Facebook), I closed many of my own short sale listings since the last installment of Erin’s Sacramento Short Sale Experiment….and I have been the top listing agent in my office for two months in a row (January & February). Until next time!

Erin’s Sacramento Short Sale Experiment, Part I
Erin’s Sacramento Short Sale Experiment, Part II
Erin’s Sacramento Short Sale Experiment, Part III
Erin’s Sacramento Short Sale Experiment, Part IV
Erin’s Sacramento Short Sale Experiment, Part V