Sacramento Condo Market Relatively Strong
I just took a minute to look at the condo numbers for October in Sacramento County, and I found that the numbers did not vary very much from Sacramento’s residential market overall. Actually the numbers were slightly more favorable.
Traditionally, people say that the condo market is the first to turn down when the market stalls, and the first to recover when it recovers. Either that generalization is too broad to be worthwhile, or we may be seeing signs of a stabilizing market.
This year’s average sale price for a condo is down 3.7% from last year, slightly less than the drop for single family homes. The average condo sold in October for $250,375, as compared to $260,049. Sold price per square foot dropped more dramatically (8.7%), while the median sale price split dropped 5.1% during this time.
With 781 units in inventory and 76 selling in October, inventory stands at 10.3 months. As one would expect with so many units for sale, the ratio of expireds to solds is up over 100% (127.6% in October, as compared to 55.4% last October). Unit volume is down 24.8%.
