East Sacramento Real Estate Market Update: July 2009
A renewed interest in homes in East Sacramento has buoyed the sales market there. Overall unit volume was 12.2% higher than it was last July even when foreclosure sales fell by 16.7% year over year. Non-distressed properties sales gained by 27% for the same period. There was no change in short sales. Now 72% of all sales are non-distressed sales, higher than last July’s number of 63% of all sales.
Average sold price per square foot has yet to recover however. It is currently $212.07 which is 11.5% lower year over year from a high of $239.55. Average sales price is now $290,946 down 5.1% from last July’s $306,459. Median price rests at $260,000. However, since homes sold this July were also 7.2% bigger on average, the more accurate figure here is the average sold price per square foot.
inventory in east Sacramento is at 3.9 months based on the last year of sales and 3.7 months based on the last six months of sales. Foreclosure inventory is at 0.6 months.
