Land Park Real Estate Market Update: February 2009
As I struggle to spell “February” just right on this keyboard before a full cup of coffee, the real estate market in the Land Park area of Sacramento is showing some slow signs of recovery in prices. Unfortunately, when the rest of Sacramento is still declining, this recovery could either be short-lived or will translate in a unit volume decline locally as more buyers head to other parts to buy homes. That is potentially what we are seeing in Land Park.
Unit volume is down 46.2% year over year. Foreclosure sales are down 50% and so are non-distressed home sales. A total of 14 homes sold this month: 10 non-distressed coupled with 2 foreclosure sales and 2 short sales.
The average sold price per square foot is beginning to hover again around $270, which speaks of the stability of Land Park as a local real estate market. It dipped slightly over the last few months under that mark and is currently at $270.37. That is however a decline of 12% year over year from a high of $308.05. Average sales price is at $388,850 - also a decline of 14% year over year from $454,096 but looking better than last month’s $358,050. Median sales price tells the same story - it is currently at $367,500 which is better than last month’s $340,000 but still when compared with last year’s number at $404,400 has dropped 9.1%.
Inventory is at 3.8 months based on the last year of sales and 4.2 months based on the last six months of sales.
