Sacramento County Real Estate Market Update: February 2010
With foreclosures staying away - either because banks are holding on to their inventory and introducing it in phases or because the total foreclosures are slowing down or both - unit volume is down overall. However, the silver lining is that there are more non-distressed sales as a result. Even short sales have increased in sales year over year. Here is the entire picture: a total of 1179 homes sold this month, an unit volume drop year over year of about 29%. Foreclosures were lower by 55%, short sales increased 42.3% and non-distressed homes increased in sales by 51.6%. In fact, almost one out of every three homes is now non-distressed.
Average price per square foot has increased year over year by 3.5% from $113.57 to $117.59 currently. Average sales price also increased slightly year over year from $180,757 to $187,691 currently. That’s an increase of 3.8%. Median sales price is now at $169,000.
Inventory in Sacramento county is now at 4.1 months based on the last year of sales and 4.6 months based on the last six months of sales. Foreclosure inventory is barely over a month and short sales are a little over a year.
