Sacramento Real Estate Blog

Sales and prices in Downtown Sacramento have been less than prolific this month. Really, it seems that real estate in downtown Sacramento is a study in balance this December anyway. Sales are poised quite neatly between short sales, foreclosure sales and non-distressed sales, each taking a third of the sales pie. That’s a total of 12 houses sold in December, 4 of each. Short sales showed the greatest gain, since last year there were no short sales sold in this area. Non-distressed sales have dropped by 50%. Overall, there is no change in unit volume year over year.

Sold price per square foot however is 27% lower than it was last year at the same time: average price per square foot has dropped from $319.05 to $233.62 year over year. Average sales price has dropped 31% from $385,992 to $267,283 for the same period. Median price is now at $255,000. That is also a drop of 30% from last year’s high of $365,000.

We are beginning to see a drop in foreclosure and short sale inventory, which could be a good thing for sellers in downtown Sacramento. Foreclosure inventory is currently at 1 month and short sales are at 6.8 months. The rest is all non-distressed property. So might see prices go up unless more short sales and foreclosures are added. Overall inventory is at 4.9 months - based on the last year of sales - and 5.2 months based on the last 6 months.