Downtown Sacramento Real Estate Market Update: May 2009
Just 9 homes sold in downtown Sacramento this May and as such the swings of the market are unpredictable. When there is such a small number of homes selling, every little change becomes magnified and so it is with real estate in downtown Sacramento. The 9 sales represent a 50% drop year over year in unit volume. They also represent a 100% increase in foreclosure sales (2 sales as compared with 1 last May!) and a 64.7% drop in non-distressed sales.
The average sold price per square foot is not $259.01 which represents a drop of 26.7% year over year from a high of $353.23. The average home in downtown Sacramento currently sells for $360,433, which is 30% lower than it did a year ago at $514,753. The median sales price is currently $372,910.
Inventory in downtown Sacramento is at 7.3 months based on the last year of sales and 9.4 months based on the last six months of sales. Foreclosure inventory is at 0.9 months no matter how you look at it.
