Thank you everyone for participating in the Sacramento Appraisal Blog’s first blog contest. The grand prize was a $125.00 Residential Natural Hazard & Tax Disclosure Report compliments of www.GeoAssurance.com. I appreciate all who entered by commenting on THIS blog post (or tweeting the post). Please see the 40 second video below to see who won. Thanks again everyone and thank you to GeoAssurance for being a great sport about supporting this contest and providing the prize!!!
I put together a series of city-wide graphs to show the past three years of home sales within Folsom, El Dorado Hills, Rancho Cordova & Citrus Heights. It’s always interesting to me to take a look at a market-wide graphs to try and make sense of what property values have done over a specified time period. When looking at data like this, I ask questions like: What is the lower end of the market doing? Have there been any changes in the upper end? What does the overall trend look like? Declining? Stabilizing after a decline? Increasing? What types of circumstances may have triggered a change in the overall price levels during various times over the past three years? New laws or regulations? Unemployment? Loan rates adjusting? Economic factors? Zoning?
All graphs below are based on information from Sacramento Metrolist between 08/28/2006 to 08/27/2009. The points on the graphs represent single family residential detached units.
Number of Sales in the Past 3 Years:
- Folsom: 2,183
- El Dorado Hills: 1,665
- Rancho Cordova: 1,732
- Citrus Heights: 2,374
What do you see? What does it look like the market has done in the areas below? Does anything stand out to you or surprise you? What do you notice about the higher end of the market on all of the graphs?
Folsom Real Estate Market Trends:
El Dorado Hills Real Estate Market Trends
Rancho Cordova Real Estate Market Trends:
Citrus Heights Real Estate Market Trends:
City-wide data is important to look at because what is happening in the overall city can sometimes have an impact on smaller niches and portions of housing within the same city. This is not always true, but it’s relevant to at least be aware of what is happening in the overall market so that we can more readily decipher a city’s sub-markets.
On the other hand, one of the glaring downfalls of city-wide data is that information is too general to really draw neighborhood-specific conclusions from. As we all know, each city or area typically has a host of different types of neighborhoods, and these pockets of real estate can vary drastically from each other in terms of buyer perception, price range, and many other factors. For example, Rancho Cordova has two main zip codes and the 95742 zip code (Anatolia) is far different from most of the 95670 zip code (everything else). Or properties near Old Town Folsom may have weathered the market differently than those in Empire Ranch. Or Governor’s Village and Serrano in El Dorado Hills may show differing market trends because of location, square footage, year built, or some other factor.
With all that being said, I am very curious to hear your observations and insight about the city-wide trend graphs above. Feel free to comment above (just below the post title) or email firstname.lastname@example.org. If you are in need of additional and more specific research or an appraisal, let’s talk soon (916-595-3735).
www.SacramentoAppraisalBlog.com Real Estate Market Trends: Past 36 Months of Sales in Folsom, El Dorado Hills, Rancho Cordova & Citrus Heights (August 2006 – August 2009)
The cities of Los Banos and Patterson are located in the Central Valley of California off of Interstate 5 in Merced County and Stanislaus County respectively. If you are not from the area, but you have traveled through California along I-5, chances are you have at least seen exit signs for both Patterson and Los Banos. I have appraised many properties in both cities over the past year and I figured I would throw up some quick and informative data as an FYI. The data below is based upon the past twelve months of sales in MLS for single family residential detached properties.
City of Los Banos Real Estate Market Data: 08/28/08 – 08/28/09
- Last year the city of Los Banos in Merced County had 1555 sales
- 1379 of these sales were bank-owned properties (89%)
- 70 of these sales were short sales (4.5%)
- 93.5% of total sales in Los Banos were either bank-owned or short sales
- Los Banos has a 18.4% unemployment rate as of July 2009 (EDD)
City of Los Banos Links:
- Los Banos City Website
- Los Banos Enterprise (local paper)
- Community Website: Our Los Banos
- Los Banos Wikipedia Page
- Los Banos Chamber of Commerce
City of Patterson Real Estate Market Data: 08/28/08 – 08/28/09
- Last year the city of Patterson in Stanislaus County had 1108 sales
- 989 of these sales were bank-owned (89%)
- 83 of these sales were short sales (7.5%)
- 96.5% of total sales in Patterson were either bank-owned or short sales.
- Patterson has a 21.9% unemployment rate as of July 2009 (EDD)
City of Patterson Links:
- Patterson City Website
- Patterson Irrigator (local paper)
- Patterson Wikipedia page
- Patterson Centennial Website
- Patterson-Westley Chamber of Commerce
- Patterson Apricot Fiesta
What do you notice form the data above? Does anything stand out to you? Why do you think both of these communities have been plagued by foreclosures as well as a high unemployment rate? Feel free to share your thoughts by commenting above (just under the post title).
Please contact me at 916-595-3735 or email@example.com if you have any questions about the data above or a need for more detailed analysis or valuation.
www.SacramentoAppraisalBlog.com Quick Statistics: Los Banos & Patterson Sales in 2008-2009 – Foreclosures & Short Sales