Sacramento Condos Market Update
Taking a look at sales of condos in Sacramento County in July, we find (as expected) a market that is somewhat softer than for single family homes. At 11.56 months, inventory is a bit higher than the 10.7 months we reported for the residential market as a whole (which includes condos and other residential units – we will factor out single family homes separately in a future article).
This year’s average sold condo in Sacramento County listed for $262,355 and sold for 98% of list at $257,284. This average sale price was down 2.3% from last year’s average of $263,257. The median sale price was $227,000, down 5% from last year’s median sale price of $238,950. Average sold price per square foot was down 6.5%, from $222.35 last year to $207.99 this year.
Seventy-five units sold in July, down 8.5% from last July’s unit sales of eighty-two units.
Looking at what’s in inventory gives us an idea of which condos are moving and which portions of the condo market are not selling well. Though the average condo that sold in July was 1237 square feet at $212.09 per square foot, the average condo on the market currently is 1180 square feet at $202.07. Assuming no problems in the data (which may well be a brain dead assumption), it appears that what’s selling best is not “cheapest and smallest” but “largest and most luxurious”.
