Land Park Real Estate Market Update: July 2010
Most homebuyers will agree that Land Park is a real estate market all unto its own. It does follow the general trend of Sacramento county but it is unique in its reluctance to absorb short sales month after month, year after year. This July, the decline in sales has been quite drastic and not just including short sales.
Real estate property sales dipped 51.9% in Land Park, with foreclosures dropping 75% and non-distressed sales falling 47.8% year over year. No short sales sold, as with last July. Overall, just 13 homes closed escrow - 12 non-distressed and 1 foreclosure sale.
Average sold price per square foot remained amazingly level. Currently $251.39 it fell just 2.3% year over year from a high of $257.41. Homebuyers however picked out bigger homes and bought on average homes 18% larger this July than they had last July. This affected average sales price which rose 15.3% year over year from $384,867 to $443,615. The more accurate figure here is of course the average price per square foot. Median sales price also rose this month, albeit at a smaller percentage of 8.1% from $370,000 to rest at $400,000.
Land Park currently has 8.2 months of inventory based on the last year of sales.
