North Highlands Real Estate Market Update: March 2009
With foreclosures and short sales galore, the real estate sales aren’t slowing down any time soon in the North Highlands area of Sacramento county. A total of 47 homes sold in March of this year as compared with 34 last March - that’s a unit volume increase of 38.2% year over year.
35 foreclosures sold this month along with 4 short sales and only 8 non-distressed homes. You can tell where the bargain hunters are! Thus 83% of all sales are now distress sales. But year over year, we see an increase in sales in all the above. Foreclosure sales have seen an increase of 25% year over year, short sales an increase of 300% and non-distressed homes an increase of 60% for the same period.
The average price per square foot has dropped 31.4% year over year. The price has plummeted from $118.59 to $81.41. Average sales price has fallen 31% from $137,719 to $94,989 currently. The median sales price is currently $85,000, down 39.7% from $141,000 year over year.
Inventory at North Highlands is at 2.2 months.
