Natomas Real Estate Market Update: October 2008
In a recent market update for real estate sales in Natomas, we had mentioned that sales were up 130% with heavy competition. Well, here we are - 4 months after that post and the headline could still read that. Sales are 127% higher than they were a year ago and inventory in Natomas just keeps coming.
179 foreclosures sold this October in Natomas - the combined zip codes of 95833, 95834, 95835, 95836 and 95837. 25 short sales also sold, thus making distress sales the majority of all home sales - 88% in fact. Only 28 non-distressed homes sold and at huge discounts. Not surprisingly, non-distressed sales are down by 61.1%.
Price per square foot in Natomas has fallen 30.4% since last October, thus affording buyers in the area big bargains. The average home which sold last year for $316,339 is now worth $225,150 - a discount of 28.8%. Is it any surprise sales are up? Median sale price has also dropped for the same period from $309,000 to $215,000 - a fall of 30.4%.
Inventory is at 5.2 months (based on the last year of sales) and 3.9 months (based on the last six months.)
