Sacramento’s Pocket Area Real Estate Update
The Sacramento MLS, Metrolist, lists the name of the 95831 zip code as “Sacramento South Land Park Greenhaven”, but one look at the map, and Sacramento area residents will immediately recognize that bulge of land around that they call “the Pocket Area”.
The numbers for November show a neighborhood that’s doing relatively well for Sacramento County, with homes retaining more of their value than other areas, and much better figures for inventory and unit volume as well.
Sold price per square foot declined only 6.1% from November to November. Last November the average Pocket Area home sold for $398,204, while this year the average home sold for $390,719, a 1.9%. The median selling price in Sacramento’s Pocket Area in November was $365,090, down 6.9% from last year’s median price of $392,000.
The foreclosure rate in the Pocket is 13% of active inventory, while short sales account for 8.7% of active inventory — a combined rate of 21.7% is much lower than Sacramento’s overall average, which recently topped 50%.
Other numbers also show the Pocket Area’s relative strength compared to other Sacramento neighborhoods. Inventory is only at 5.67 months, putting the Pocket Area (technically at any rate) in the “sellers’ market” category. Unit volume dropped only 4.2% from November to November, so the Pocket was relatively immune from the November slowdown that plagued the rest of the area. Days on market and the expired to sold ratio are both down slightly from last year — lower numbers are “better” for sellers in each case.
