East Sacramento Market Update
This is pretty depressing - throughout the recent fall in home prices, Realtors® and some homeowners have taken heart in the East Sacramento market. Unfortunately, East Sacramento (zip codes 95817 and 95819) seems to have faced some bad weather in September along with the rest of Sacramento county.
It’s easy to tell where the storm is coming from: foreclosures. Compared to last year in September when only 2 foreclosures sold, this September 21 closed escrow. This September also tipped the scale toward the foreclosures in that most sold listings (53%) were foreclosures. To offer a contrast with last September, we have only to know that 91.3% of all units sold then were non-distressed sales.
The sold price per square foot dropped 35.9% over last September to $190.40 - average sales price dropped a whopping 48.4% over last September to end at $214,285.
In the more interesting news: the average sold listing was 1125 sq. ft. this September as compared with 1395 sq. ft. last year, suggesting perhaps that people are buying smaller homes - about 300 feet smaller.
