Rancho Cordova Real Estate Market Update: December 2009
Rancho Cordova has been another one of those places with large amounts of foreclosure inventory for sale in the last year. Now that those REOs are disappearing we are beginning to see the expected dip in sales. 19 homes sold this month in the area of which just 10 were distress sales - 6 foreclosures and 4 short sales. The rest 9 were non-distress sales, changing the real estate sales landscape quite drastically. Where last December 3 out of 4 sales were distressed, today the scales are more evenly balanced.
Unit volume fell by 26.9% overall, while foreclosure sales fell 57.1% and short sales fell 20% year over year. Non-distressed sales were up 28.6% for the same period.
Average price per square foot fell 5.8% year over year from a high of $120.54 to $113.50 currently. Average sales price is now $279,275 which is 6.2% lower than it was a year ago. Last December, it was $297,881. Median sales price currently rests at $278,682.
Rancho Cordova has 4.1 months of inventory based on the last year of sales and 4.2 months of inventory based on the last six months of sales. Foreclosure inventory is right around 1 month.
