Downtown Sacramento Real Estate Market Update: February 2010
The downtown Sacramento real estate market keeps chugging along and each time I write a market report on the area, it seems like nothing much is going on. Nevertheless, 6 home sold in the area last month, an overall unit volume drop of 25% year over year. 4 of these sales were of non-distressed homes while 1 each were in the foreclosure sale and short sale category. The breakdown was almost the same last year at this time.
Average price per square foot currently sits at $242.31 down 8.1% from a year ago from a high of $263.80. Homebuyers preferred smaller houses this February, on average 29.4% smaller and the average sales price reflects that preference. So even though the average sales price shows a decline of 35.2% overall, keep in mind that the more accurate figure here is the average price per square foot. Average sales price is currently $262,500. Last February it was $405,000. Median sales price is currently $265,500.
Inventory in downtown Sacramento is currently at 6.9 months.
