North Highlands Real Estate Market Update: June 2009
Real estate is always such a fascinating study and lately it’s been interesting to see some of the theory in action: mainly, when foreclosures dry up, prices start to go up. Homebuyers also start to see value in the better priced non-distressed homes in more affordable neighborhoods. That’s exactly what we are beginning to see in North Highlands. Foreclosure sales fell 65% year over year in this area and short sales also lost ground by 82%. Meanwhile, non-distressed sales gained a whopping 533% year over year! Overall unit sales were still down however by 42.3% for the same period.
Average sold price per square foot while still 11% under last June is inching slowly toward the $100 per square foot mark. It is currently $94.68 down from $106.15 a year ago. Average sales price is $108,666, down 9.7% year over year from a high of $120,380. Median sales price is $108,000.
Inventory in North Highlands is at 2.2 months based on the last year of sales and 2.6 months based on the last six months of sales.
