North Highlands Real Estate Market Update: October 2009
It’s been a few months since we looked at the real estate landscape of the North Highlands area and since then a few changes have occurred, although none can be considered earth shattering. Foreclosure sales have fallen, as elsewhere in Sacramento county and at a 63.3% decline year over year the change is significant. Just 22 REOs sold this October over 60 last October. Needless to say, the ratio of distressed property sales to non-distressed is now at 3:2 as compared with over 9:1 last year at this time! Overall unit volume in sales has dropped 37.1% overall.
Average sold price per square foot is now at $94.08 higher than when we last checked but still on average 6.8% lower than it was a year ago when it was $100.99 - barely over the $100 mark. Average sales price is now $103,264 also a decline of 8.3% year over year from $112,580. Median sales price is now $103,000.
Overall inventory is at 2.5 months based on the last year of sales and 3.1 months based on the last six months of sales.
