Rosemont Real Estate
Sacramento’s Rosemont Area (95826 and 95827) continued to see improved unit volume compared to last year. This year 64 homes sold in August in Rosemont compared to 40 homes in August of 2007, a 60% increase.
Rosemont’s foreclosure numbers were higher than the Sacramento County average, with 73.4% of all sales being bank foreclosures, and another 10.9% being short sales, leaving the non-distressed sales at only 15.6% of the total in Rosemont.
As you might expect, with this many foreclosures, prices fell substantially from year to year. Last year’s average home sold for $267,802 in Rosemont, while this year the average sale price was $181,313, a drop of 32.3%. Since this year’s home was slightly smaller than last, however, the sold price per square foot fell sharply but a little less dramatically than the average sale price, falling 28.7% from $195.13 in August of 2007 to $139.15 in August of 2008. The median selling price of a home in Rosemont was $264,000 in August of 2007 and fell 33.7% to $175,000 in August of 2008.
Low Foreclosure Inventory Leads to Over Full Price Offers
Inventory in Rosemont is very low at 3.5 months. There are as many foreclosures in inventory (47) as there were sold foreclosures in August, and enough short sales for another two months of sales.
It’s not surprising, therefore, that homes are selling above list price. The average sale price in Rosemont in August ($181,313) was 1.1% above the average list price of $179,295.
