Downtown Sacramento Market Update
Downtown Sacramento always surprises and this November is no exception. While real estate sales everywhere have slowed, but to a much lesser degree than expected, sales in downtown Sacramento have all but ground to a halt. 62.5% less homes sold in this area year over year this November. Non-distressed sales have fallen even further - 71.4% less sold this November as compared with last year.
The reason? Who knows? But get this: Sold price per square foot actually shows a gain year over year: from $291.91 to $310.10. This is, incidentally, higher than last month’s price per square foot as well. Remember that price per square foot is a more accurate measure of prices than average and median sales price which almost everyone loves to quote. Here’s why: the average sales price in downtown Sacramento is down 21.4% over last November from $407,091 to $319,917 but the average sold home is also 26% smaller!
Is this the beginning of a recovery? It’s too soon to tell, of course, but it’s nice to report some good news here. Inventory is at 5 months.
