The Condo Market in Sacramento County
Like the general residential market that is a part of, the market for Sacramento County Condos fell off sharply in September. The median price for a condo sold in September was $195,00, down 18.6% from last year’s median price of $239,595. The average sold price per square foot showed a similar drop of 18.3%, from $220.46 per square foot last year to $180.15 per square foot this year. The actual average was down somewhat less, since this year’s average condo was slightly larger than last. As a result, this year’s average price of $219,964 was a drop of “only” 14.9% from last September’s average of $258,597.
While the actual number of expired listings only rose 5.3%, a sharp drop in the number of sold units pushed the expired to sold ratio up dramatically. As we saw earlier, the number of overall residential sold dropped 41.3% from September to September. Condo sales lost somewhat less ground, but still dropped a sizeable 34.9%, from 86 units last September to 56 units this September. The expired to sold ratio for both months was 110.5% last September versus 178.6% this September.
Bank owned condos are selling slightly less well than their single family counterparts. Typically for single family homes, we see bank owned properties outselling other properties by about 2 to 1 (based on the percentage of bank owned properties in sales versus actives). In condos, the numbers are about dead even. In September, 17.9% of the sales (ten out of fifty-six) were condos. In active inventory, 17.4% of condos are bank owned.
Even with that in mind, however, September’s average condo buyer negotiated a fairly sizeable 7.6% discount from list price. For homes that sold, the average list price was $238,130, while the average sale price of a Sacramento County Condos as we mention above was $219,964.
