Pocket Area Real Estate Market Update: October 2008
Homeowners in the Pocket area of Sacramento should be pretty thrilled. They have a lot to celebrate. The average sales price in the 95831 zip code has actually gone up from September’s $298,663 to $339,079 - that’s an increase of 13.5% in October! And even though it is a decline of 10.4% over last October’s average sales price of $378,441, the unsold inventory is also in favor of home sellers in this area.
Let me explain. There is currently 3.6 months of inventory on the market. (3.3 months if you consider the last six months of home sales.) Amazingly enough, this is the same number of months inventory for non-distressed sales as well - a number we have yet to see in most other parts of Sacramento county. In spite of foreclosure sales doubling from last October to this October, the majority of home sales in the Pocket area (54.2%) are still non-distressed.
Average price per square foot, while still down 11.4% over last October - it went from $205.01 to $181.63 - is higher than September’s $172.31.
There are currently 87 homes on the market, 51 of which are non-distressed. If this trend continues, the Pocket area may be one of the first areas in Sacramento county to see a real estate recovery.
