Arden-Arcade Real Estate Market Update: December 2008
Arden Arcade is still a desirable place to live as evidenced by how many homes here have sold in the month of December alone. Here are some interesting averages based on the last six months of sales: 89 homes sell every month, of which 47 are foreclosure sales, 7 are short sales and 35 are non-distressed. This month then was better than average with 56 foreclosures, 9 short sales and 35 non-distressed properties sold.
Demand continues to be high with 144% more homes sold this December than the last. Even non-distressed sales were 34.6% higher year over year. That is not something commonly seen elsewhere in Sacramento county. Foreclosure sales and short sales were 300% higher and 800% higher year over year respectively.
The average sold price per square foot is 21.3% lower than it was last year at this time. Arden-Arcade has seen it drop from $212.02 to $166.83. The average sales price is also 27% lower for the same period - from $337,025 to $246,989. The median sales price has seen a 30% drop from a high of $269,000 to $187,500.
Inventory is at 4.9 months based on the last year of sales and 4.3 months based on the last six months of sales. Keep an eye on the 117 short sales that drag the inventory numbers higher. They constitute 22.3 and 16.7 months of inventory respectively!
