East Sacramento Real Estate
August was another off month for East Sacramento, which the last few months had seemed immune to the price drops that were happening elsewhere in the area. What’s happened more recently is that East Sac’s prices have started to drop slowly. At the same time, while the rest of Sacramento County has had a huge upsurge in demand in response to the deep price cuts and large number of foreclosures, demand in East Sacramento has been flat.
In August, for example, 17 homes sold in East Sac, down 45.2% from last year’s unit volume of 31 homes. The average price per square foot in East Sac in August was $308.20, down 9.5% from last year’s average of $340.54. At the same time, at 1671 square feet, believe it or not, this year crop of homes was 27.6% bigger than last year. As a result, the average sale price increased 15.5% from August to August, averaging $514,994 this year. The median sale price increased 2.5% from last year’s $405,000, with this August’s median selling price in East Sac working out to $415,000.
Foreclosures accounted for 11.8% of all sales (two units) in August, with no short sales closing. Foreclosures and short sales together make up 12.8% of active inventory.
With inventory in many areas of Sac County being about four-five months, East Sac’s inventory is comparatively high at present with about 6.3 months of inventory to get through.
