Sacramento Real Estate Blog

From what I’m gathering writing these real estate market updates is that things don’t change drastically between the months of November and December and that is certainly true of Antelope as well. We might just be able to draw from that famous metaphor John coined about an Antelope stampede because this certainly seems to be it. Inventory numbers have fallen further this month. Last month I reported 3.9 months and 3.4 months (based on the last 12 months and 6 months respectively) and this month inventory has shrunk further to 3.3 months and 3 months. Even the short sale inventory is markedly lower than last month.

The reason of course is that we have seen a huge increase in real estate sales: foreclosure sales up by 93% year over year, short sales up by 71.4% year over year and total sales up by 58% year over year. The only number suffering a decline is the non-distressed sales volume (down by 13%) and yes, prices.

Average sold price per square foot has fallen 17.6% from $149.39 to $123.10 this December. Average sales price has fallen 22% from $275,720 to $215,952 year over year. Median sales price has also fallen 21% for the same period: from $265,000 to $209,900. Low prices are definitely driving sales in Antelope. It will be interesting to watch what happens when this fast-drying inventory runs out!