Sacramento Real Estate Market Update
The real estate market for Sacramento for September, 2007 was the slowest we’ve seen since the MLS data begins in August, with 730 units (down 41.3% from last September’s volume of 1244 units). By itself, this is fairly depressing, but fortunately we have somewhat better news in that 1314 units are pending sale, so it’s possible the unit volume will pick up some for October.
In terms of price, this year’s average home sold in Sacramento County for $342,640, 12.4% less than last September’s average of $391,165. Sold price per square foot declined more, 14.2%, from $235.08 on average last year to $201.79 on average this year. The median price fell 12.1%, from $353,750 last year to $311,000 this year.
The total number of expired listings was down slightly this September, but because of the sharp drop in unit volume, the expired to sold ratio stood at 153.6% in September, as opposed to 96.2% a year earlier.
Bank owned properties, making up just over 25% of sales in August, accounted for 26.2% of sales in September (i.e., 191 of the 730 units sold).
There are currently 11.4 months of unsold inventory in Sacramento County.
