Arden-Arcade Real Estate Market Update: October 2009
The news is good. But I can’t guarantee it will stay that way. I believe that we may be in the middle of a market recovery, at least in certain areas of Sacramento county like Arden-Arcade and east Sacramento. But the short sales in the area and declining sales can change that scenario pretty drastically. So even though the news in Arden-Arcade is encouraging, it should probably be taken cautiously.
Foreclosure sales fell 43.6% year over year from 55 REOs sold in October last year to 31 this October. Short sales rose from 5 sales to 8 for the same period whereas non-distressed property sales also rose from 34 to 39 sales. Overall unit volume however dropped by 17% year over year.
Average sold price per square foot is now $160.34 down just 1.1% from last October’s high of $162.19. Average sales price is now $223,993 up 2.3% year over year from $218,954. Median sales price is now $175,950.
Inventory is at 5.2 months based on the last year of sales and 5 months based on the last six months of sales. Foreclosure inventory hovers around one month. Short sale inventory should be watched. It is at 17.5 months and 16.2 months respectively.
