Bargains abound in Arden-Arcade and real estate buyers are lapping them up! To give you an idea of the home sales market consider this fact: there are currently 101 foreclosures in the zip codes of 95821, 95825, 95864 but they only make up only 3 months of inventory! That means about 30 foreclosures sold every month on average for the last year – that’s almost one every day!

Speaking of foreclosures, 60 distressed properties sold in October of this year – 55 foreclosures and 5 short sales. Those made up 63.8% of all sales. Needless to say, with overall sales up 84.3% and non-distressed sales down 10.5% from last Otober, prices are down year over year.

The average home in Arden Arcade sold for 38.1% lower than last October with average home prices falling from $353,457 to $218,954. The median sale price dropped 42% over the same period from $286,000 to $166,000. Of course, you should take into consideration that the average home sold was also 14% smaller than last October, so a more accurate measure of the price decline is the sold price per square foot. Unfortunately, there is no good news there either: sold price per square foot declined 28% from $225.21 to $162.19 over the same time last year.

Inventory is at 6 months (based on the last year of home sales) and 4.7 months (based on the last six months of home sales.)

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