Home sales in downtown Sacramento in December were brisk, with more units selling this year than last, and roughly the same number of expireds. This year’s average home was significantly smaller than last, bringing average prices down substantially, while the average price per square foot rose during the period.

This December, the average home downtown (95814 and 95816 combined) sold for $425,503, down 9.1% from last year’s average of $467,927. At the same time, however, this year’s crop was a good deal smaller. At 1255 square feet, the average home sold this December was 19.6% smaller than last year’s 1560 square feet. As a result, during the same period, sold price per square foot rose 13%, from $299.95 last December to $339.05 this December. As you might expect with smaller homes, the median sale price was also down this year, from $410,000 last December to $388,000 this December.

Two other indicators show strong continued demand in the downtown area. First, the expired to sold ratio is virtually unchaged from last year (73.3% last year to 75% this year). Secondly, during the same period, our downtown unit volume increased some 33%, with only 15 units selling last December versus 20 this December.

Some bubble.

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