Sacramento County Real Estate Market Update: November 2009
Lots to be thankful for in this November’s market update for Sacramento county! Foreclosure sales are down, non-distressed sales are up, short sales are up and so are prices! Let’s savor the good news one by one.
Foreclosure sales fell by 52.2% year over year. Compared to last November when 72.5% of all sales were REOs the number of bank-owned homes sold this November were 41% of all homes sold. Quite a change! Short sales went up by 21.7% year over year and non-distressed homes gained ground by 88.5% for the same period. Overall unit volume fell by 15.5% which was expected after the foreclosure rush, but the good news still remains that non-distressed sales now make up more than a third of all real estate sales while last year at this time they were less than a fifth of all sales.
Average price per square foot has also gained ground, albeit very little. It is currently $123.38 up from last month as well as last year’s $122.72. Average sales price now sits above the $200,000 mark at $201,259, about 2.2% higher year over year. Median sales price is at $175,000.
Inventory in Sacramento county is at 3.6 months based on the last year of sales and 3.7 months based on the last six months of sales. Foreclosure inventory is less than a month.
