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.
