Sacramento Condo Market
This August, eight-six condos sold in Sacramento County, down 4.4% from last year’s volume of 90 units. The average price of condos sold in August was $227,889, down 5.5% from last year’s average of $241,267. On a sold price per square foot basis, however, the drop was a much more bubbler-friendly 16.2%. Last August’s average condo was 1098 square feet in size and sold for $219.73. This year, on average the size was 1238 square feet and the sold price average was 189.36 per square foot. The median price is down 8.8% from August to August, from $225,000 last August to $206,000 this August.
Interestingly enough, however, some of the changes in the condo market are in a positive direction. The expired to sold ratio is down, albeit slightly and still well within the “buyers’ market” range, from 102.2% last year to 94.2% this year. Average days on market however have dropped 16.7%, form 90 days last year to 75 days this year.
Anecdotally, we’ve noticed some really dramatic discounts in condos we’ve been showing recently, especially among short sales and foreclosures.
Twenty-four of the eighty-one units that sold (27.9%) in August were bank owned. There are 11.4 months of unsold inventory, with 902 units active and 79 units per month selling, on average, over the past year.
