East Sacramento Real Estate Market
In 2007, East Sacramento behaved like a beautiful seller’s market oasis in the desert of short sales, foreclosures, and falling prices. So far this year, I’m sorry to say that this lovely oasis has turned out to be something of a mirage, as East Sac has begun to behave in many respects like the arid landscape surrounding it.
In the first quarter, the average home sold in East Sacramento for $447,050, down 11.9% from last year’s first quarter average of $507,391. With this year’s home being slightly larger, sold price per square foot dropped 14.9% during this time. The median sale price dropped 1.6% during this period, from $421,900 to $415,000.
There are, however, two reasons to expect that East Sac may return to the verdant paradise we were reporting on last year. The first is that homes are selling faster this year than last by about a third, with average days on market at 42 days this year as opposed to 63 days last year. In addition, inventory remains low in East Sac at 3.8 months, but of course keeping it low means sales will need to pick up in April and May.
