East Sacramento Real Estate Market Update: October 2009
If you’ve been waiting with bated breath for price increases and live in East Sacramento it’s time to rejoice! The price increase, albeit small IS year over year and IS here! Prices in East Sacramento rose year over year by 1.8%. Price per square foot is now $197.10 from $193.68 last October. Average sales price is now $233,317 which is 4.2% higher than the $223,895 it was last October. Median sales price has risen an unbelievable 44.7% year over year from $190,000 to $274,934.
Unlike elsewhere in Sacramento where price increases follow a low foreclosure inventory and increased sales in non-distressed property, here in east Sacramento we see a unit volume drop in every category except short sales which went from 3 sales last October to 4 this October. Foreclosure sales fell by 41.2% year over year while non-distressed sales also fell 11.1% for the same period. Overall unit volume fell by 21.1%.
Inventory is at 3.8 months based on the last year of sales and 3.6 months based on the last six months of sales.
