Sacramento Condo Market - June 2006
I was just looking at some (MLS) numbers for condos in Sacramento County for June, and two things stand out (at least to me). The first is that they’re not as bad as I had expected they would be based on some earlier number crunching I’ve done. That’s not to say they’re great, mind you, just that they don’t quite disappoint as badly as expected. The second point is that on the appreciatoin side, the numbers are a mixed bag at best.
Bears will be happy to see a 3.4% decline in the median sale price, of course. The median this June was $231,000, down from last June’s $239,250. But at the same time, the average sold price was up 6.1%, to $263,185 this June. And my favorite number (for statistical purposes, anyway) — list price per square foot — was up 6.8%.
OK, now — ready for the bad news? Days on market up 154%, from 22 last year to 56 this. Unit volume down almost 50%, from 184 last June to 94 this June, coupled with a large increase in expireds, leave us with an expired to sold ratio of 63.8% (60 expireds over 94 solds). Inventory is at 9.1 months.
Interesting times are coming up, too, in that the market started to slow down about one year ago — oh, right about now or thereabouts. So in the months ahead, I’d expect to see less dramatic sorts of “slow-down” numbers (because we’re comparing to an already-cooled market).
Let’s see how it works out.
