Sacramento Real Estate Market - Downtown
Buyers in Sacramento’s downtown/midtown areas (95814 and 95816) seemed to be “all about the bargains” in October. Price per square foot was down considerably from September’s average, though with only fourteen units sold overall in October, our results are hardly significant statistically.
Anyway, let’s have at the numbers. The average home sold in October for $398,500, or 100.4% of the average list price of $396,979. The median sale price was $397,500. The average size was 1288 square feet, a fact that accounts for our year to year sales price appearing to go down by 8.2% from last year’s average of $433,868. Adjusted for square footage, there was a 9.2% increase during that time.
Nevertheless, prices were off from their September high. In September the average home sold for $374 per square foot, while the average sale price per square foot in October was down to $309. Inventory is 4.8 months. Unit volume and days on market are similar to last years. Average days on market are up to 27 from last year’s 25, and days on market are down from seventeen to fourteen days . Either value is extremely quick compared to other local markets, and even compared to September’s value of 31 days.
Downtown in October, it was the smaller and less pricey homes that were sold off. What’s sold sold at $309 per square foot for 1288 on average — what remains averages 1586 square feet at $347 per square foot — a difference in list price of over $150,000.
