Downtown Sacramento Real Estate :: Market Update, September, 2008
Buyers continued to pay a substantial premium for a Downtown Sacramento address in September, with average prices more than double the county-wide average. Although the average sold price per square foot was down 20.1% from September to September, this year’s value of $277.34 was up slightly from the previous month, when the average sold price per square foot downtown was $259.48.
The average selling price downtown in September was $399,364, down 10.3% from last year’s average of $421,924. The median selling price in Downtown Sacramento was $375,000, up 1.7% from last year’s median selling price of $368,750.
Even though it comprises the two zip codes of 95814 and 95816, Downtown Sacramento is very small in terms of the number of homes that sell every month, averaging only about 13 homes per month over the last year. September’s volume was low at only eleven homes, broken down as exactly one foreclosure, one short sale, and nine non-distressed homes.
There are 87 homes in inventory downtown, which works out to be about six months of inventory. Twelve of these are short sales, but there are no foreclosures currently active. At 86% of all available homes, non-distressed sales make up the lion’s share of the inventory.
