Sacramento Real Estate Blog

The market for condos in Sacramento County in April was different from the overall residential market.  Though prices dropped faster than the overall market, unit volume rose less, rising only 11.6% over last year compared to 46% for the market overall.   The average condo sold in Sacramento County in April for $139,758, down 39.9% from last year’s average of $232,540.  Price per square foot fell 37.8% during this time, while the median price dropped 38.1% — from $218,000 in April of 2007 to $135,000 in April of 2008.

59.4% of the condos that sold in April were bank foreclosures (versus 11.6% in April of 2007).  If the rise in sales of REOs was dramatic, however, the rise in the sale of short sales was flat.  Short sales accounted for 4.7% of all sales in 2007, and 5.2% of all sales in 2008.

With the number of listings expiring dropping, and the number of listings selling on the rise, the expired to sold ratio for Sacramento County Condos has dropped over the last year, from 95.3% in April of 2007 to 65.6% in April of 2008.  Currently there are 9.77 months of unsold inventory overall.  Of that number, some 25.7% are bank foreclosures, and 23.9% are short sales.