Downtown Sacramento Real Estate Market Update: September 2009
There are 2 foreclosures and 16 short sales on the active sales market of downtown Sacramento but they aren’t getting much attention. At least so it seems when of the 7 homes that sold in the area last month, there were no foreclosure sales and only one short sale. The rest were non-distressed homes. Overall, we see a unit volume decline in sales by 36.4% year over year.
The good news, if you can call it that, comes from the price data. Average sold price per square foot is about the same as it was last year at this time - $277.50 per square foot. (Last September it was $277.34) Still home buyers have bought homes on average 6.4% smaller than they did last year. Average sales price in downtown Sacramento is now $354,286 which is 6.4% lesser than last September and median sales price is now $335,000.
Inventory in downtown Sacramento is at 9.3 months based on the last year of sales and 8.9 months based on the last six months of sales. Foreclosure inventory is at 1.1 months and 1.7 months respectively.
