Sacramento Duplex Market
I recently took a look at the duplex market for Sacramento County for September.
When we start talking about duplexes, this is a bit of a different beast than what we’ve been dealing with, since duplexes are residential income properties, and all of our market reports before this have involved residences (primarily detached single family homes and condos). Also, there’s a difference in approach, since we’re going to be taking all of Sacramento County together for this report, instead of focusing on a particular area town.
The average duplex sold in Sacramento county in September listed for $427,759 and sold at 99.2% of list, for an average sale price of $424,542. The median sale price was $411,250. Last year at the same time, the average duplex median sale price was $380,000, and the average duplex sale price was $379,665. Taking the average sale price for both periods, we arrive at an 11.2% appreciation over the one year period.
The biggest difference we found between duplexes and other residential income properties on the one hand and the many residential markets we’ve considered on the other is that the inventory numbers are significantly higher on the residential income side. Inventory of residential units typically runs about 3-4 months in most of the areas we’ve studied. As of October 10, duplex inventory was significantly higher, at 5.9 months. What’s more, we found that residential income properties with more units had even higher inventories — 8.3 months for triplexes, 7.6 months for fourplexes, and a full 16.0 months for apartment buildings of 5 or more units.
