Downtown Sacramento Real Estate Market Update: October 2008
If there is one place foreclosures have forgotten it’s downtown Sacramento and while the area is not completely immune to the real estate downturn, home buyers are swooping down on foreclosures here as soon as they hit the market. The majority (82.4%) of home sales in downtown Sacramento are still solidly non-distressed sales. However, two foreclosures and one short sale did sell in the area this October, a slight change from 1 REO and no short sales last year. Sales are up by 41.7% indicating that even the slightest dip in prices brings buyers.
The slight dip is 6.8%. The average home sold for $412,199 last October and today sells for $384,235. Median sale price is down 9.9% for the same period, from last October’s high of $440,705.50 to $397,000. A more accurate measure is of course the price per square foot, which is down a mere 5.6% over last year - from $306.07 to $228.94 year over year.
There are currently 3 foreclosures and 9 short sales on the market in the area, so bargain hunters, head out to downtown Sacramento! Inventory is at 5.3 months (based on the last 12 months of sales) and 4.7 months (based on the last 6 months.)
