We’ve updated our listings for Sacramento County Condos. Enjoy.
Sacramento Condo Market November 2005
As we’ve seen in all segments of the market, sales are down somewhat from last year, with more listings expired unsold. Condo sales are no exception to this general rule.
Condo owners saw their property values increase by 15.1% from November to November. However, since this year’s average condo was larger than last year, on a price-per-square-foot basis the appreciation was somewhat lower, at 12.2%. The average condo in Sacramento County that sold through the MLS in November listed for $264,007, and sold for 98.9% of the list price, for an average sale price of $261,088. The median sale price was $255,000.
This November’s expired to sold ratio is up, to 60.4%, compared to only 13.1% as for November of 2004. Days on market are up from an average of 27 days last year to 43 days this year. Unit sales for November were 111 units, down from last year’s 137, and inventory currently stands at 4.8 months.
Sacramento Condo Listings
I’ve updated the condo listings by price that you can visit from our condo listings page. We get a lot of traffic there so we’ll try to get those listings updated as often as possible for you. Meantime remember you can always get more up to date listings either by requesting the email updates on that page or using the Search Page to run a live search. Our IDX data is updated six times per week, so it’s fairly current.
KB Homes Eyes Condo Project in Sacramento
Yet another developer has their eye on a high rise condo project for downtown. Jeff Gualt, division president for KB’s new “KB Urban Division”, will be working on condo projects throughout California, according to an article in the Sacramento Business Journal (via Living in Urban Sac).
Gault said he will focus first on the Los Angeles area, then move on to Orange County, San Diego and the San Francisco and Sacramento areas. By next fall, he expects to be operating in Sacramento, looking for downtown sites for condos that would sell units at $400,000 to $800,000.
Listings Updated
We’ve just updated lists of condos in Sacramento County organized by price range from our main condo page.
Also we’ve updated our list of Granite Bay Real Estate by Subdivision.
Sacramento Condo Market Update
Sacramento county’s condo market in October was strong in terms of appreciation from last year, but inventory has built up quite a bit over the last couple of months.
The average condo in Sacramento County sold for $262,923, or 99.9% of the average list price of $263,091. The median price was $246,000. This year’s sale price marked a 19% increase over last year’s, or 23.8% on a cost per square foot basis. Days on market are up, though not dramatically so, from 24 days last year to 34 days this year. Unit volume is down from 164 units last October to 92 this October.
Low unit volume is contributing to a fairly high inventory. We last looked at condo inventory in early September, comparing against August’s sold data. At that time we reported just under 3 months of condo inventory for Sacramento County. As of November 3rd, we’ve found that that number has more than doubled, to 6.2 months. The ratio of listings that expire to those that sell is also up during that time, from a “sellers market” style low of 12.5% in August to a more average value of 33.5% in for October.
If we break down the high inventory by price, we find that the lower end of the price range is experiencing slightly more inventory build-up. Homes listed below last month’s median of $246,000 have some 6.6 months worth of inventory, while homes above have 5.8 months.
New Condo Pages
We’ve added a lot more information about condos in Sacramento County. We’ve changed the layout of the listings so that we can show all the condos in inventory more readily and put links to all these listings in a new Sacramento Condo Section for your convenience. With inventory the way it’s been, the old pages just weren’t keeping up. Moreover, our new pages includes the property description from the MLS, as well as links to the full details and the opportunity to sign up for condo email updates.
In addition, we’ve gathered together all the condominium related posts in a new blog category.
Sacramento Condo Market
Before we get into last month’s condo market report, I wanted to correct an error made earlier when I reported on condo inventory. At that time I’d reported that there were well over three months of condo inventory, but mistakenly used a number for sold units (July’s) that was not quite up to date. I should have used sold units from August, which at the time would have given a number of 2.99 months worth of inventory. I’ve corrected the error in the original article.
Currently that number for inventory has gone up substantially. As of 10/3/05, we have 562 total condo units listed in the MLS for sale in Sacramento County. Based on September’s unit volume of 115 units sold, our current inventory for condos in Sacramento County is 4.9 months.
September’s 115 units sold was a fairly substantial decrease from last September’s 192 units, and days on market have grown from an average of 20 last year to an average of 28 this year. September’s average sale price was 260,735, or 99.4% of the average list price of $262,358. The median sale price is $249,950.
Adjusted for square footage, condos this September are selling for 20.9% more than in September, 2004. In September, 2004, the average sale price of $221,680 was 99.6 percent of the average list price of 222,578, and the median selling price was $215,000.
Aura Condos – High Rise Condos in Sacramento
It was great to hear from one of the Aura Condos salespeople the other day, and to find out that they do “cooperate” with other brokers. So if you’d like to live in a brand new, luxury high-rise condo in Sacramento, why not give us a call at (877) 735-5657 and we would be happy to represent you.
The secure, gated facility will feature all the ammenities you’d expect, such as 24-hour valet ant 24-hour parking, ten foot ceilings, the finest furnishings and appliances, etc. There’s an ammenities floor with his and her sauna / steam rooms, hotel suites so your visitors will have a place to stay, wine and cigar lockers, a conference center and theater. One bedroom units start in the high $300,000s, and 2 bedroom units start in the mid $600,000s.
The sales event is happening in late October, and it’s expected that all units will sell out within about a week or so. Construction is expected to be complete in two years.
Sacramento High Rise Condos
Well, a reader of my blog recently engaged me in an excellent discussion of high-rise condos under development here in Sacramento. There are two of these under development, Sactowers and Aura Condos.
According to the reader, a one bedroom in Sactowers costs approximately $400,000, and he was able to secure one with a $10,000 refundable deposit. He’s expecting rent to be about $2,000, and HOA runs $650 per month. Units cannot be sold for two years following date of posession. On Aura apparently the sales event has not yet happened.
Naturally the reader is upside-down by a fair amount, and how fair depends on what assumptions you use for rent and vacancies.
I’m sure the reader would appreciate comments. As for me, I’m fond of more conservative investments where there’s cash flow up front (or just a small, manageable amount of negative cash flow). To date Wikipedia defines Alligator only as a reptile, but the real estate definition is a property that gobbles up all your cash. That may or may not be so bad depending on how much cash you have to feed it, how fat the alligator gets, and what the market for alligator meat turns out to be.
Alligators are risky, though. Cows can be milked for cash today.
Sacramento Condos Inventory
For some time now I’ve known through my publication of the Sacramento Condo pages that inventory was a bit high. Today I put a number on how high is up, and the result is this: The present inventory of condos in Sacramento County would take 2.99 months to sell. This is based on August’s sold volume of 171 condo units sold throughout Sacramento County. As of 9/12/05, we had a total of 525 units in inventory.
The average condo in Sacramento county in July listed for $272,156 and sold for $271,484 after being on the market 23 days. The average condo sold measured 1,188 square feet.
Sacramento County’s “current” average condo is somewhat smaller (1,099 square feet) has been on the market longer (38 days), and is somewhat less expensive at a $253,372 list price. The median price for Sacramento Condos currently listed is $239,000.
Updated Condos, Duplexes, New Homes
I’ve updated the listings for the following properties:
- New Homes in Placer County, El Dorado County, and Sacramento County.
- Condos
- Duplexes
Enjoy!
Sacramento Condos
I’ve updated the Sacramento Condos listings. Again, what’s striking is the number of listings there are compared to several months ago. It’d be interesting to do some days on market averages compared to a year or six months ago. Because there were so many listings, I’ve excluded those that have been on the market the longest, since the MLS system can only export so many at a time. I may have to create more price categories going forward.