Cameron Park Real Estate - 1st Quarter 2008 Market Update
I’m going to do a couple of things a little differently with our market updates this month. In the first place, I’m starting out of order: instead of looking at all of Sacramento County, I’m going to just focus on the cozy little El Dorado County town of Cameron Park (which happens to be where I live). I’ll have a Sacramento County update in a day or two. The reason for that is I want the countywide results to be more accurate, and brokers have three days to enter their sales, so I don’t want to do the Sacramento County results before the third or fourth of the month.
The second thing I’ll be doing this month is focusing primarily on quarterly data, since it’s the end of the first quarter. So rather than comparing a month of real estate performance to the same time last month, for the most part I’ll be comparing first quarter 2008 with first quarter 2007. Time permitting I may do a March-to-March analysis, but more likely I’ll just work on quarterly data all this month.
So what’s up in Cameron Park?
Cameron Park homes lost about sixteen per cent of their value from first quarter of ‘07 to first quarter of ‘08. In 2007, the average home sold for $468,387, while in 2008 the average was $377,198, a 19.5% drop. Sold price per square foot dropped 16% during this time, and currently is at about $185 per square foot. The median price fell 16.8%, from $425,000 to $353,500.
Based on the unit sales that have been reported so far, it looks as though Cameron Park had a pretty significant drop in unit volume from year to year as well, from 46 units to 31 units.
Bank foreclosures and short sales together account for approximately 25% of available inventory in Cameron Park, and made up 42.8% of the sales in the first quarter. To break that second number down further, 33.3% of the sales in the first quarter were bank foreclosures, while 9.5% were short sales. Cameron Park is one of the only areas I’ve studied where the active Short Sales and the sold short sales are about even, at 11.9% and 9.5%, respectively.
