East Sacramento Real Estate Market Update: September 2009
No, I’m not imagining it. There really has been price appreciation in East Sacramento. And not just the month to month kind, but the year to year kind, the kind that is considered more dependable. East Sacramento functions pretty much like a textbook area in real estate - the number of foreclosures and short sales drop and we begin to see price appreciation.
There has been an 81% drop year over year in foreclosure sales and a 50% drop in short sales. On the other hand, homebuyers have pushed non-distressed sales up by 114.3% for the same period. Although this has dropped unit volume to 7.7% lower than it was a year ago, the difference in the number of homes sold (as compared with the stats) hasn’t been that remarkable: 36 sold this September as opposed to 39 last September.
And the prices! Average sold price per square foot is now $247.51 up 30% from $190.40 a year ago. Average sales price is now $357,828 a jump of 67% from a year ago’s price of $214,285. Median sales price is currently $327,250. Of course, homebuyers have also bought homes 28.5% bigger on average (go figure!) so the more accurate measure of home prices is the price per square foot. Even then, there seems cause to rejoice.
Inventory is at 3.9 months based on the last year of sales and 3.7 months based on the last six months of sales.
