Downtown Sacramento Real Estate Market Update: January 2009
After a slow December, downtown Sacramento has had a slower January with the real estate market all but halting to a complete standstill. One wonders if this is a result of the uncertainty in the market or buyers are just not seeing any deals around. A total of 4 homes sold in downtown Sacramento this January - 1 foreclosure and 3 non-distressed houses. No short sales sold although there are currently 11 short sales on the market. Overall sales are down 63.6% year over year.
Prices are down as well. The average sold price per square foot has fallen from $278.63 to $172.98 - a drop of 38% year over year. Average sales price has fallen 33.4% from $387,545 to $258,000. Median sales price has also fallen from $330,000 to $208,500. That’s a fall from grace of 36.8% for the same period. Interestingly, home buyers have been able to afford homes 7.2% bigger than last year’s sold homes.
Based on the last year of sales, inventory is at 5.7 months and based on the last six months of sales, inventory is at 6.3 months.
