Sacramento County Condo Market is Soft in January
Sacramento County’s condo market in January put in a very weak showing compared to a year ago. Unit volume was down 46%, from 115 units sold last January to 62 units sold this January. Average days on market are up 78%, from 32 days on average in January 2005 to 57 in January 2006.
Perhaps the most telling number is that the expired to sold ratio has topped 100%. With 62 listings sold and 67 expired, the ratio for January was 108.1%, as opposed to a trivial 7.8% a year ago.
The median sale price increased some 13.9% during this time, but on a cost per square foot basis, appreciation from January to January was only 3.5%. This January, the average condo sold in Sacramento County sold for $256,006, or 98.3% of the average list price of $260,354. The median sale price was $244,975.
