North Highlands Real Estate Market Update: July 2009
Where can you buy real estate in Sacramento county for the amazing price of under $100 per square foot? The answer has to be North Highlands. But the more amazing part is that prices have recently fallen even further. Average sold price per square foot here is currently $87.62 which is a 9% price drop year over year from $96.32 last July. Average sales price is currently $96,376, which is a 10.2% drop from last July’s $107,267. Median sales price rests at $95,000.
In spite of the low prices, just 59 homes sold in the area, a unit volume drop of 11.9% year over year. Foreclosure sales fell by 52.5% while short sales gained by 1000% (which is to say that for 1 foreclosure last July, 11 sold this July.) Non-distressed sales gained by 186% for the same period. A third of the sales are now non-distressed sales.
Inventory is at 2.5 months based on the last year of sales and 2.9 months based on the last six months of sales.
