Sacramento County’s market continued to be characterized by strong demand for bank owned properties and falling prices as banks continue to discount homes to move them off the books.  Once again, prices are down sharply from last year, but sales are up sharply. 

The average home sold in Sacramento County in July for $228,656, down 38.3% from last year’s average price of $370,770.  On a sold price per square foot basis, homes lost 35.5% of their value county-wide, averaging $217.74 per square foot in July of 2007 versus $140.53 in July of 2008.

Compared to last July, sales have more than doubled in Sacramento County.  996 units sold in July in 2007, versus 2024 (reported so far) for July of 2008, an increase of 103.2%. 

This is the sixth month in a row that our unit volume has increased substantially over last year.  Indeed, with today only August 4th, Metrolist affiliated agents and brokers have already reported 10,338 sales for Sacramento County this year, so we’re on track in the first couple of weeks of August to have sold more homes than we sold in the whole calendar year of 2007 (10,698 homes).

Inventory in Sacramento County is currently at 7.1 months (or 5.5 months if you use the more recent sales for the last six months as representative).

Some of the data on which this report is based is in the tables below.

Unit Volume Data

 

Units Sold	July, 2007		July, 2008	Change
Foreclosures Sold	160		1404	777.5%
(% of total units)	16.1%		69.4%	Â
Short Sales Sold	43		168	290.7%
(% of total units)	4.3%		8.3%	Â
Non-distressed Sold	793		452	-43.0%
(% of total units)	79.6%		22.3%	Â
Total	996		2024	103.2%

 

Price Data

Prices	July, 2007		July, 2008	Change
Sold Price / Square Foot	$217.74		$140.53	-35.5%
Average List Price	$379,758		$230,919	-39.2%
Average Sale Price	$370,770		$228,656	-38.3%

 

Inventory (Based on 12 months of prior sales)

Sale Type	Average Sales Per Month	Active	Months of Inventory
All Sales	1266	9015	7.1
Foreclosures	700	2445	3.5
Short Sales	80	3850	48.1
Nondistressed	476	2730	5.7

 

Inventory (Based on 6 months of prior sales)

Sale Type	Average Sales Per Month	Active	Months of Inventory
All Sales	1641	9015	5.5
Foreclosures	1065	2445	2.3
Short Sales	120	3850	32.0
Nondistressed	460	2730	5.9

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