Land Park Real Estate Market Update: December 2008
There is much to cheer about in Sacramento’s Land Park. While in most other areas of Sacramento county, foreclosure sales are definitely in the driver’s seat, hurtling prices into a downward spiral, here in Land Park, real estate prices, while a little soft are holding their own. Non-distressed sales still make up 80% of all sales in the market, while foreclosure sales and short sales each take 10% of the sales pie. Here’s another surprise: not only are non-distressed sales the majority of all sales, they have also enjoyed a year over year increase by about 78%! Add to that a couple of foreclosure sales and short sales and you have a year over year increase in sales by 100%!
Last month I reported an increase in sold price per square foot. This month, I’m happy to report the same good news. Sold price per square foot is now at $271.77, higher than last month’s $269.44, which was higher than October’s $250.87! However, year over year, that is still a decline of $13.4%. Last year, the sold price per square foot was at $313.75.
Average sales price in Land Park has fallen 15% year over year - from a high of $461,150 to $391,750 today. Median sales price has also suffered a decline of 18.6% from $451,250 to 367,500 for the same period.
Inventory is lower again this month. Currently it is at 3.1 months (based on the last year of sales) and 3.4 months (based on the last 6 months of sales.)
