The downtown Sacramento real estate market looks almost the same as it did last year at this time. Is that a good thing? Well, if you compare it with last month, the answer is yes! It’s nice to see some life in downtown Sacramento after an extended period of not much going on. A total of 8 homes sold here last month: 2 foreclosure sales, 1 short sale and 5 non-distressed homes closed escrow. While that is still a unit volume decline year over year of 11% it is just a difference of 1 non-distressed home sale.

Prices too don’t look as bad as they did last month. Current average sold price per square foot is $263.80 – that’s 16.6% lower than last February’s $316.24 but a huge jump up from last month’s $172.98. Average sales price is now at $405,000 – that came roaring back after January’s average of $258,000! It is still a year over year decline of 12% from $459,433. But lookey here: median sales price sees a year over year increase of 8.5% (yes, you read that right!) – currently at $385,250 from $355,000 last year. The current median price also looks way better than last month’s $208,500.

Inventory is at 5.7 months (based on the last 6 months of sales) and 7.1 months (based on the last 12 months of sales).

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