Sacramento County Real Estate Market Update: May 2009
May has been an interesting month for many people I know. And by “interesting” I don’t mean good. For real estate in Sacramento county however, the Mercury retrograde period seems to have escaped us. Prices have risen month over month and inventory still remains low, in spite of the threat expressed again and again about more REOs hitting the market any time now.
A total of 1863 homes sold this month, the same number as last May. The number of short sales sold has doubled year over year, but foreclosure sales are now finally down 5.2% along with non-distressed sales down 14.1% for the same period.
Sold price per square foot is currently at $116.86, down 21.5% year over year from a high of $148.88 but doing better than last month’s $113.26. It’s the same story for average sale price: currently at $191,938, which is 22.2% lower than last year at the same time but looking marginally better than last month’s sold price of $182,724. This is the second month in a row we have had price increases in Sacramento county so at least we’re having a seasonal recovery. Median price is at $170,000 also higher than last month’s $155,000.
Inventory in Sacramento county is at 3.2 months based on the last year of sales and 3.5 months based on the last six months of sales. Foreclosure inventory is at 0.5 months and 0.6 months respectively.
