Northern California Report:
- Market experiencing more downward pressure on pricing.
- New home sales are poor.
- Most public homebuilders are not looking in the Sacramento region at this time.
- The Sacramento Region sub-market (including Sacramento, Placer and El Dorado Counties) has an abundance of developable, yet unavailable, residential lots. Most of the finished lots in the area are controlled by the public homebuilders. Very few are distressed.
Glimpse of light: A few of the Bay Area secondary markets (a.k.a. the “commuter” markets), particularly the community of Mountain House, are starting to show signs of a comeback, which hasn’t happened in roughly 4 years.
Source: Jim Radler (916) 784-3329 x11, Senior Marketing Consultant for the Sacramento region sub-market