East Sacramento Real Estate Market
Unlike the rest of the world, East Sacramento didn’t get the memo from the Sacramento Bee about how awful the real estate market is, and continued to enjoy a strong buyer’s market in October. Price movement can go either way depending on what indicator you like, while days on market decreased from October to October. Unit volume is down quite a bit, however, so let’s do the bad news first: This October twelve units sold in East Sacramento (95819), down 47.8% from last October’s volume of twenty-three units.
October’s average home sold for $522,467, down 10.7% from last year’s average of $584,926. However, since this year’s home was somewhat smaller than last year’s on average, the sold price per square foot ratio only fell 2.8% during this time. Meantime, the median price rose 9.3%. This year the median sale price was $497,500, compared to $455,000 last year.
The big news about East Sac continues to be the low inventory numbers. There are currently 3.25 months of inventory in East Sacramento. This is based on an average of twenty-units selling every month over the last year, with seventy-tow units in inventory at present.
East Sacramento is also the land that Notices of Default forgot, with only one bank owned foreclosure in active inventory (1.4%). None of the homes that sold in October of 2006 or 2007 were bank owned.
