Sacramento Real Estate Blog

There are parts of Sacramento county that seem to be recovering and Land Park is among them. The 12 short sales I mentioned last month still have not sold, so we’ll have to see if they end up causing this recovery to take longer to get here, but the numbers this month have been better than they have been in a long time. So Land Park residents, rejoice!

Sales slowed this November in Land Park. We have a unit volume drop of 50% over last November. In fact only 11 homes sold in the area: 2 foreclosures, 1 short sale and 8 non-distressed.

Sold price per square foot, while posting a drop of 19.2% over last year at the same time is still higher this month as compared with last month. Last November, it was $333.55. This November the sold price per suare foot averaged $269.44 - higher than October’s $250.87. This is not the only number that makes me happy this morning. The average price for a sold home has also recovered somewhat since last month: from $346,250 in October to $435,045 in November. It is still a drop of 12.3% year over year. Last November, the same home would have sold for $495,795. Median price, however has posted a year over year increase of 8.6% - no small number in this market. Last November’s median was $422,000 and this November, the best number is $458,500.

Inventory is also lower than last month, another sign of hope in Land Park. We are at 4.4 months based on the last year of sales and at 4.8 months based on the last six months of sales.