Technical difficulties we faced not withstanding, August has been a slow month for Sacramento real estate overall, not to mention REOs. It always seems like when there is a truly new reality out there in terms of the nature of the real estate market, homebuyers take a while to relate to it and it shows up in the statistics. The new reality this time of course is that there just aren’t that many REOs to choose from.

Consider this: unit volume has fallen 14.5% year over year. Foreclosure sales have dropped 39.3% for the same period while short sales have gained 73.7% and non-distressed sales have also gained by 19%. Non-distressed sales have gone from being just under 25% of all sales last August to consuming a third of the sales market. As they say, the times they are a’ changing!

Average sold price per square foot is currently at $118.98 which is 15.5% under last August. Average sales price is at $197,464, also 15.3% lower for the same period. Median sales price rests at $180,000.

Inventory is down to 3.2 months for all sales and foreclosure inventory still hovers around the 0.5 month mark.

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