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.
