Market Update - Pocket Area
The pocket area of Sacramento (95831) is a relatively stable market, perhaps the most stable in Sacramento county. (I say that with some disbelief at this point, after the East Sacramento market update. However, do keep in mind that the 95817 zip code of East Sacramento includes Curtis Park as well as Oak Park and the market swings wildly between the two neighborhoods. Curtis Park is mostly owner-occupied and Oak Park mainly investment properties.)
And if bad loans and foreclosures are to blame for the recent downturn, Pocket area residents must be managing their finances well. As a pretty hot market in the real estate boom, its average sales price has dropped a mere 14.6% over last September to $298,663. I know, I know… I said “a mere 14.6%” but if you compare it with the rest of Sacramento, you’ll see what I mean.
Price per square foot has fallen to $172.31 - a drop of almost 20% since last September and that seems to have inspired home buyers to acquire on average a home approximately 100 square feet bigger than last year at the same time.
Non-distressed properties still make up most of the sales - approximately 63% which might account for some of the stability. However, they are still lower than last September’s numbers where 85% of homes sold were non-distressed. September 2008 saw 8 foreclosures sold as compared with 2 last September.
