Posts Tagged ‘Arden’

Sacramento Arden-Arcade Real Estate Market Update, September, 2008

What Metrolist calls Sacramento’s Arden-Arcade area is a fairly heterogeneous mix of neighborhoods, including the areas in the four zip codes 95841, 95821, 95864 and 95825.  Nevertheless we follow tradition by simply calling it Arden-Arcade or Arden-Arcade Creek.

Overall, this area continued to command higher than average prices in September, though like most areas in Sacramento the numbers are down significantly from last year.  The average home sold in Arden-Arcade for $167.78 per square foot, down 26.4% from last year’s average of $228.09 per square foot.  With this year’s crop being significantly smaller than last (1358 square feet versus 1656 square feet), naturally the average sale price fell even more, 39.7%, fro $377,873 in September of 2007 to $227,954 in September of 2008.  The median price fell 44%, from $339,500 to $190,000.

Volume rose from year to year in Arden-Arcade, though not as quickly as in the rest of the county.  Unit volume rose 47.3% from September to September.  There are about 6.5 months of active inventory in Arden-Arcade, 48% of which are non-distressed homes.  The other 52% are either short sale listings or bank foreclosures.

Real Estate Market Update: Sacramento Arden / Arcade Creek Area

Sacramento’s Arden / Arcade Creek Area continued to enjoy above average prices for Sacramento County in August, but area homes have lost value from last year as the number of foreclosures has risen.  With 102 homes selling in August, sales volume is up 54.5% over last August’s numbers.  Sales in August also bested the average over the last six months of 86 sales per month.

At 1387 square feet, this year’s average home was 12.7% smaller than last year’s average of 1589 square feet.  Coupled with a 17.0% decline in value in sold price per square foot (to $193.86 in August, 2008), the average sale price dropped 27.5% from August to August.  Last August, the average sale price was $370,984, while this August the average was $268,955.

Compared to other areas in Sacramento County, inventory in Arden / Arcade Creek is somewhat high — but in absolute terms it’s considered low at 5.4 months. 

Sacramento’s Arden / Arcade Creek Area is the area with the zip codes 95841, 95821, 95864, and 95825.

Sacramento Arden / Arcade Creek Real Estate Market

Sacramento’s Arden / Arcade Creek area consists of the zip codes 95821, 95825, 95841, and 958864.  Although this area has certainly been hit hard by the downturn, Arden / Arcade Creek has fewer foreclosures than the countywide average, and thus has experienced a less dramatic price decline.  As we’ve seen in most areas we’ve studied, the flip side of that fact is that Arden / Arcade has seen a more moderate recovery in unit volume. 

Getting into the specifics, the average home sold in Arden / Arcade Creek for $287,475 in June, down 28.1% from last year’s average of $399,847.  On a sold price per square foot basis, prices fell less sharply (21.3%), and averaging $195.77 in June of 2008.  Bank foreclosures currently make up 22.8% of active inventory, but accounted for 48.6% of all sales in June.  Short sales, which make up 27.3% of inventory, accounted for only 3.8% of June sales.  Non-distressed sales made up 47.6% of sales in June, and comprise 49.9% of inventory.

The twelve month running average for sales in Arden / Arcade Creek is 64 homes per month.  June is usually a heavy sales month.  105 homes sold this month, up 16.7% from last June’s sales.  There are 6.8 months of inventory in Arden / Arcade Creek.

Unit Volume Data

 

Units Sold June, 2007 June, 2008 Change
Foreclosures Sold 7 51 628.6%
(% of total units) 7.8% 48.6%  
Short Sales Sold 1 4 300.0%
(% of total units) 1.1% 3.8%  
Non-distressed Sold 82 50 -39.0%
(% of total units) 91.1% 47.6%  
Total 90 105 16.7%

Price Data

 

Prices June, 2007 June, 2008 Change
Sold Price / Square Foot $248.71 $195.77 -21.3%
Average List Price $413,125 $298,029 -27.9%
Average Sale Price $399,847 $287,475 -28.1%

Inventory (Based on 12 months of prior sales)

 

Sale Type Average Sales Per Month Active Months of Inventory
All Sales 64 465 7.3
Foreclosures 20 106 5.3
Short Sales 2 127 46.2
Nondistressed 39 232 5.9

Inventory (Based on 6 months of prior sales)

 

Sale Type Average Sales Per Month Active Months of Inventory
All Sales 68 465 6.8
Foreclosures 30 106 3.5
Short Sales 3 127 36.3
Nondistressed 34 232 6.7