Sacramento Real Estate Blog

I just finished running the numbers for Antelope, and found a few things as expected, and a few surprises.

First of all, here’s the author’s bias: I love Antelope. I think that dollar for dollar it’s one of the nicest areas in Sacramento County, and if I were looking for a home in Sacramento County on a budget, that’s probably one of the first places I’d look.

So I was a bit surprised to find a somewhat high value for inventory in Antelope (11.71 months). Also curious was that there were so many foreclosures (REOs represent 19.6% of the current available inventory, which is higher than the county as a whole, which runs around 12.5%).

Otherwise the numbers are fairly normal. The average sold price dropped 6.3% from July to July, from $356,017 last year to $333,714 this year. This year’s crop of homes, however, is some 19.5% bigger than last year’s however, so the actual sold price per square foot dropped a huge 21.5%.

Of course, when you compare this year’s average 1852 square foot home with last year’s average 1550 square foot home, even if all the sales took place in the same time period you would expect the 1852 square foot home to sell for less per square foot (given that the fixed value of the land is spread over a bigger house). So when you take this into account, it’s possible to adjust the sold price per square foot yet again, and we come up with a more realistic drop of 12.1% from year to year.

Days on market increased 53.7% during this period, from 41 days on average last July to 63 days this July. The expired to sold ratio was about 97% last year, and about 97% this year as well. Unit volume has fallen 20%, from 45 last year to 36 this year.