Real estate in Downtown Sacramento (95814 and 95816) continued to command top dollar in May, with sold price per square foot running more than twice as high as the county-wide average, though this year’s crop of homes was much smaller overall than last year’s. Sold price per square foot was at $319.09 in June, down only .4% from last year’s average of $320.50. On average, however, this year’s crop of homes was much smaller, with the result that the average selling price fell some 21.5%, from $488,553 last year to $383,732 this year.
70% of the homes that sold in downtown were non-distressed sales. No short sales sold in either year, but this June, six of the twenty sales were bank foreclosures. In active inventory, 78% of homes are non-distressed, 5% are REOs, and 17% are being offered as short sales.
Unit Volume in Downtown Sacramento
| Units Sold |
June, 2007 |
June, 2008 |
Change |
| Foreclosures Sold |
0 |
6 |
N/A |
| (% of total units) |
0.0% |
30.0% |
|
| Short Sales Sold |
0 |
0 |
N/A |
| (% of total units) |
0.0% |
0.0% |
|
| Non-distressed Sold |
18 |
14 |
-22.2% |
| (% of total units) |
100.0% |
70.0% |
|
| Total |
18 |
20 |
11.1% |
Home Prices in Downtown Sacramento
| Prices |
June, 2007 |
June, 2008 |
Change |
| Sold Price / Square Foot |
$320.50 |
$319.09 |
-0.4% |
| Average List Price |
$501,272 |
$393,705 |
-21.5% |
| Average Sale Price |
$488,553 |
$383,732 |
-21.5% |
Inventory (Based on 12 months of prior sales)
| Sale Type |
Average Sales Per Month |
Active |
Months of Inventory |
| All Sales |
13 |
100 |
7.2 |
| Foreclosures |
1 |
5 |
3.0 |
| Short Sales |
0 |
17 |
68.0 |
| Nondistressed |
11 |
78 |
6.7 |
Inventory (Based on 6 months of prior sales)
| Sale Type |
Average Sales Per Month |
Active |
Months of Inventory |
| All Sales |
13 |
100 |
7.2 |
| Foreclosures |
2 |
5 |
2.1 |
| Short Sales |
0 |
17 |
51.0 |
| Nondistressed |
1 |
