Along with East Sacramento (95818) and downtown (95814, 95816), Sacramento’s Land Park area commands prices over $300 per square foot.  Until recently, the low foreclosure numbers in these areas had kept prices high.  What we’re seeing now (for the most part — Downtown being an exception this month) is that these areas have slowly falling prices and somewhat sluggish sales compared to last year.  In the case of Land Park, however, the declining sales have not yet seriously hurt the inventory figures, which are a comfortably low 4.2 months.  This is true even though the figure for unit sales in July (13 homes) is only half that of last year’s 26 units sold.

This year’s average home sold for far less than last year’s but because it was (on average) much smaller, most of that drop is an artifact of the difference in size.  Thus, average sold price fell 29.1%, while average sold price per square foot only fell 5.6%.  The average home sold this July in Land Park fetched $402,146, or $313.20 per square foot.

Bank foreclosures made up only about 8% of the sales in July.  Along with short sales they comprise about 20% of the active inventory in Land Park.

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