It isn’t foreclosures killing downtown Sacramento’s prices in real estate like elsewhere in Sacramento. There are only 2 active foreclosures in the area and if history is to be relied upon as a guide to the future, as soon as foreclosures come on the market in the area, they are picked up by eager buyers. Still downtown hasn’t quite found its groove.

A total of 10 homes sold in the area this month of which 8 were non-distressed, 1 was a foreclosure and 1 was a short sale. This means unit volume is down year over year by 28.6%.

Prices are down as well. The current sold price per square foot is $272.69 down 26.4% year over year from a high of $370.68. The average sales price has plummeted from $502,214 to $375,609 for the same period. That’s a drop of 25%. The median sales price is at $345,666.50. That is down 12% from a year ago when it was $404,000.

Inventory is at 7.1 months based on the last year of sales and 10.5 months based on the last six months of sales. Short sale inventory is at 18 months and 15 months respectively.

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