Downtown Sacramento Real Estate Market Update: October 2009
No foreclosures sold in downtown Sacramento this month and unlike elsewhere in Sacramento county the difference was not made up by non-distressed property sales. This led to an overall unit volume decline of 41.2% year over year. 2 short sales also sold in the area. While minor differences look like sweeping changes in this real estate landscape, overall apart from sales going down, the ratio of distress sales to non-distressed has remained fairly the same as last October at 1:4.
Average sold price per square foot has fallen by 2.2% year over year from $288.94 to $282.71. The average home sold was 26% bigger this October than it was last October and that skews the numbers for average sale price. So keep that in mind when I say that average sale price is now $473,290 which is 23.2% higher year over year from a low of $384,235 last October. Median price is now $356,950.
Inventory is at 9.9 months based on the last year of sales and 9.1 months based on the last six months of sales.
