Sacramento County Real Estate Market Update: January 2010
This is what a stumbling, unsure recovery looks like for Sacramento county, I suppose. Unit volume is down once again but prices are gradually - very gradually - picking back up. For the third month in a row.
A total of 1176 homes sold in the county of Sacramento this month, more than half of which were distress sales. In fact, just one of three homes is a non-distressed sale which is better than it was a year ago where only 1 out of 10 homes sold was non-distressed. Still overall unit volume is down by 27.8% year over year. The majority of this decline has to do with foreclosure sales being down 58.6% for the same period. And short sales gaining 67.3% and non-distressed gaining 72.1% year over year did not help the fall.
Average price per square foot is now $118.99 which is 3.6% over last January’s average of $114.86. Average sales price rose 4.9% year over year and is currently $191,806 above last year’s $182,861. Median sales price rests at $166,500.
Inventory in Sacramento county is at 3.9 months based on the last year of sales and 4.2 months based on the last six months of sales. Short sale inventory is however still over a year.
