North Highlands Real Estate Market Update: May 2009
Nothing much has changed in terms of inventory or prices in the real estate market in North Highlands and yet it seems like someone put the brakes on the sales. This might be a result of more short sales entering the market as compared with foreclosures. Whatever the reason, overall unit volume is down 40.4% year over year, foreclosure sales are down 47.5%, short sales are also down 40% and there has been no change in the non-distressed property sales. Just 31 homes sold in the area.
As mentioned before, if you’re looking toward prices to tell you the story of why sales have slowed, it’s the wrong place to look. Prices are still March 2009 levels, perhaps a few a cents cheaper. Current price per square foot is $78.88 which is 29% lower year over year and average sales price continues to however around the $90,000 mark at $89,100 which is still 32% less than someone would have paid a year ago. Median sales price is at $90,080.
Inventory is at 2.5 months based on the last year of sales and 2.8 months based on the last six months of sales. Foreclosure inventory is still at 0.3 months no matter how you look at it.
