Real estate trivia & $20,000 houses in Sac County

Everyone wants to buy low in real estate, so let’s consider what “low” means in Sacramento County – and then we’ll get to some trivia. Let’s take a look at all sales from 1998 to 2013 under $20,000. These are residential sales only, which include single family detached houses, condos, halfplexes and 2 houses on 1 lot.

Sales under $20K in Sacramento County 1998 to 2013 - Graph by Sacramento Appraisal Blog

What do you see in the graph? There were definitely more sales under $20K between 1998 and 2001 compared to the past several years. There were literally zero sales under $20,000 during the heat of the real estate “boom” as you can see nothing but blank space above. Below is a graph of only DETACHED single family sales (no condos or halfplexes).

Sales SFR detached under $20K in Sacramento County 1998 to 2013 - Graph by Sacramento Appraisal Blog

Low-Price House Trivia in Sacramento County

Image purchased at 123rf dot com and used with permission - 14688774_s - smallerWhat is the lowest sale since 1998?
A condo on “G Parkway” sold for $4,200 on 04/01/1999. Sales in the “Franklin Villa” condo complex were very low around this time because the complex had some challenges. If you didn’t know “G Parkway” was renamed “Shining Star” several years ago in an attempt to rebrand the area.

What is the current lowest-priced listing?
There is a McKeon condo on Greenholme priced at $20,000 (short sale). There are only three listings under $30,000 in MLS, and all three are condos.

What is the lowest detached house listing on MLS?
There is a 600 sq ft house in Isleton listed at $39,000. Otherwise there is one house listed for $39,900 on 13th Avenue in the 95820 zip code (MLS says “gutted”). Listings under $20,000 are very scarce in today’s market. Rare sales under $20,000 in recent history tend to be severely damaged houses that usually come with hefty liens on the property.

How many detached SFR listings are under $50,000?
8 (this does not include pendings)

How many detached SFR sales sold under $50K in the past 90 days?
34

What is the lowest single family detached sale so far in 2013? 
One house sold in January for $32,500. It was located on MLK Jr Blvd in the 95817 zip code. There have been 7 single family detached sales under $40,000  so far in 2013 (6 in the 95817 zip code and 1 in the 95815 zip code).

What does a $5,000 house look like? Here is a video I shot of a $5,000 house that my friends at Housing Group Fund purchased a couple of years ago. This will give you a good idea what type of properties are out there for “cheap” (meaning they usually come with liens and are expensive to fix). Watch the video above or click here.

Any thoughts on the bottom of the market? I’d love to hear your take.

If you have any questions or Sacramento home appraisal or property tax appeal needs, let’s connect by phone 916-595-3735, email, Twitter, subscribe to posts by email (or RSS) or “like” my page on Facebook

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