Real Estate Market Update: Sacramento Arden / Arcade Creek Area
Sacramento’s Arden / Arcade Creek Area continued to enjoy above average prices for Sacramento County in August, but area homes have lost value from last year as the number of foreclosures has risen. With 102 homes selling in August, sales volume is up 54.5% over last August’s numbers. Sales in August also bested the average over the last six months of 86 sales per month.
At 1387 square feet, this year’s average home was 12.7% smaller than last year’s average of 1589 square feet. Coupled with a 17.0% decline in value in sold price per square foot (to $193.86 in August, 2008), the average sale price dropped 27.5% from August to August. Last August, the average sale price was $370,984, while this August the average was $268,955.
Compared to other areas in Sacramento County, inventory in Arden / Arcade Creek is somewhat high — but in absolute terms it’s considered low at 5.4 months.
Sacramento’s Arden / Arcade Creek Area is the area with the zip codes 95841, 95821, 95864, and 95825.
