Rancho Cordova Real Estate Market Update: October 2009
At first glance the statistics in Rancho Cordova real estate seem to show a homebuyer’s market where the homebuyers themselves are waiting with bated breath to see what will happen. Just 19 homes sold this month in the area of which 9 were short sales, 9 were non-distressed sales and just 1 was an REO. That is a unit volume drop of 80% year over year for foreclosure sales, a 200% increase in short sales and a 44% drop in non-distressed sales for the same period. Overall unit volume fell by 21% year over year.
Average price per square foot fell by 17% since last October from a high of $129.95 to currently $108.16. Homebuyers thus were able to buy homes on average 12.4% bigger than they did last year at the same time. Average sales price is now $293,945 down from $314,252 a year ago. Median sales price is now $280,000.
Inventory is now at 4.6 months based on the last year of sales and 4.7 months based on the last six months of sales.
