This May’s Sacramento County Condo Market is down by any measure you care to name from last year. The only exceptions are those where the market is more “down” if the numbers are more up. That is to say, days on market are up and expired listings are up. If you’ve been putting off a lowball condo offer, now might be just the time to go ahead and write it up! Or at least, it’s a good time to check out the inventory.

(“No, no, no, John, we’re waiting until they’re three for seventy-five cents, and then we’ll do it…”).

Anyway, unit sales are not that badly off, really, down only 14.6%, showing that there’s still a strong pool of first time buyers and some demand (unit volume is off 25-50% in other markets we’ve studied). Days on market are up dramatically, however. With inventory currently at 6.2 months, days on market now average 51, as compared to only 21 days last May. The ratio of expireds to sold is up to 58% (75 expired /129 sold), compared to last year’s 7.3% (11 expired / 151 sold).

The average condo that sold in May was listed for $251,799 and sold for $250,627. The median sale price was $235,000. The median price was down 3.7% from last year, while the sold price per square foot was down 2.7% (from $223 last year to $217 this year).

blog comments powered by Disqus