North Highlands Real Estate Market Update: April 2009
Lots of sales and lower (and lower!) prices have fueled the real estate market in North Highlands. 64 homes sold this month in the area as compared with just 49 a year ago - that’s a unit volume increase of 31%. Of the homes sold, 43 were foreclosure sales, 8 were short sales and the rest 13 were non-distressed. So distress sales continue to dominate the real estate sales market, even though the non-distressed sales almost doubled year over year.
Where is the bottom for the prices? No one knows. Currently average sold price per square foot is $79.92, that’s 29% under last April’s $112.88. Average sales price in the area rests at $93,641 down 27.5% from last April’s $129,220. The median sales price is currently $87,925, down 29.7% year over year from a high of $125,000.
Inventory is at 2.1 months. Foreclosure inventory is at 0.3 months, so unless we see more REOs soon, it’s slim pickings for foreclosure sales and homebuyers might be forced to take a look at some of the short sales. Short sale inventory is at 20.8 months.
