Natomas Real Estate Market Update: November 2008
The way homes are selling in Natomas, one would imagine that the neighborhoods are undergoing a sea-change. Property is exchanging hands so quickly, the area is in a constant state of flux. Consider this: There are currently 766 homes on the market. But they only make up 4.8 months of inventory. Even more surprising are the 216 active foreclosures that make up 2 months of inventory. It’s really the 374 short sales that will make up the fate of Natomas.
119 foreclosures sold in November, 23 short sales and 25 non-distressed homes also sold. Thus 85% of all sales now are distress sales. Total unit volume for November was up 114%. That includes an increase of 358% for foreclosure sales, 475% for short sales and a drop of 48% for non-distressed sales!
Average price per square foot fell 27.4% over last November - from a high of $168.39 to $122.26. The average sale price also fell 27.7% from $313,023 to $226,207. The median sales price has dropped 23.8% year over year from $301,750 to rest at $230,000.
Inventory is at 4.8 months (based on the last year of sales) and 3.9 months (based on the last 6 months of sales).
