After a prolific month in December 2008, the real estate market in Land Park seems to be taking a breather this month. We see a year over year decline in foreclosures and non-distressed sales and an overall decline in sales volume by 52.6% in January in this much coveted Sacramento neighborhood. The good news is that non-distressed sales still continue to sell – more than the foreclosure sales. 1 foreclosure, 2 short sales and 6 non-distressed homes sold this month in Land Park: a total of 9 homes.

Average sold price per square foot, which had been increasing month after month, suffered a decline this month. It is currently at $259.43, down 2.8% year over year from last January’s $266.92. (Last month it was $271.77) Average sales price also suffered a decline of 14.1% year over year from $428,387 to $368,050. I would go with the more accurate sold price per square foot this month however since the average home sold was also 10% smaller! Median sales price fell 27% year over year from $465,900 to rest at $340,000.

Inventory is at 3.6 months based on the last year of sales and 4 months based on the last 6 months of sales.

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