East Sacramento Real Estate Market Update: December 2009
26 homes sold in the East Sacramento area this last month, an overall unit volume dip year over year by about 13.3%. This dip has been largely the result of foreclosure sales dropping - just 8 REOs closed escrow in December as compared with 17 a year ago. Also, more than half of all sales - 53.8% are now non-distressed sales, a fact that is helping the price recovery in East Sacramento. Non-distressed sales rose by 40% year over year.
Prices have risen 36.2% year over year! No, that is not a typo. Average price per square foot has gone from $148.04 last December to $201.62 in December of 2009. East Sacramentans must have had a really jolly Christmas! Perhaps as a reaction to this price increase, homebuyers have purchased homes on average 8.5% smaller than they did last year at this time. Average sales price reflects that decrease in the size of the home, showing a 24.6% increase year over year from $175,992 to currently $219,298. Median sales price is now $239,500.
Inventory is at 3 months based on the last year of sales and 3.3 months based on the last six months of sales.
