21 homes sold in the Rancho Cordova area this month. It was an overall unit volume increase of 23.5% a bit of a shock since foreclosure sales have fallen 27.3% year over year. Short sales meanwhile have increased from just 2 last February to 7 this month. Non-distressed sales also increased 50% for the same period. The majority of homes sold in the area of Rancho Cordova are still distress sales at a ratio of 5 distressed homes to 2 non-distressed.

Average sold price per square foot remains the same or almost the same as last year at $117.43. Last February, it was $116.82. However, homebuyers bought homes on average 14.2% smaller this February than they did the last. Average sales price thus has correspondingly fallen to $262,828 – a 13.7% decline from a year ago when it was $304,723. Median sales price now rests at $262,000.

Inventory in Rancho Cordova is at 6 months based on the last year of sales and 6.2 months based on the last six months of sales. Forelosure inventory is still at about a month and a half.

Rancho Cordova has been another one of those places with large amounts of foreclosure inventory for sale in the last year. Now that those REOs are disappearing we are beginning to see the expected dip in sales. 19 homes sold this month in the area of which just 10 were distress sales – 6 foreclosures and 4 short sales. The rest 9 were non-distress sales, changing the real estate sales landscape quite drastically. Where last December 3 out of 4 sales were distressed, today the scales are more evenly balanced.

Unit volume fell by 26.9% overall, while foreclosure sales fell 57.1% and short sales fell 20% year over year. Non-distressed sales were up 28.6% for the same period.

Average price per square foot fell 5.8% year over year from a high of $120.54 to $113.50 currently. Average sales price is now $279,275 which is 6.2% lower than it was a year ago. Last December, it was $297,881. Median sales price currently rests at $278,682.

Rancho Cordova has 4.1 months of inventory based on the last year of sales and 4.2 months of inventory based on the last six months of sales. Foreclosure inventory is right around 1 month.

At first glance the statistics in Rancho Cordova real estate seem to show a homebuyer’s market where the homebuyers themselves are waiting with bated breath to see what will happen. Just 19 homes sold this month in the area of which 9 were short sales, 9 were non-distressed sales and just 1 was an REO. That is a unit volume drop of 80% year over year for foreclosure sales, a 200% increase in short sales and a 44% drop in non-distressed sales for the same period. Overall unit volume fell by 21% year over year.

Average price per square foot fell by 17% since last October from a high of $129.95 to currently $108.16. Homebuyers thus were able to buy homes on average 12.4% bigger than they did last year at the same time. Average sales price is now $293,945 down from $314,252 a year ago. Median sales price is now $280,000.

Inventory is now at 4.6 months based on the last year of sales and 4.7 months based on the last six months of sales.

Sales of homes in Rancho Cordova have all but come to a grinding halt, or so it seems when you take a look at the statistics. Overall unit sales are down by almost a third year over year, foreclosure sales are down 41% for the same period and homebuyers are also not taking any particular interest in non-distressed sales either. Those are down also by a third year over year. Short sales gained ground a little bit, but that’s a negligible amount when you see that instead of 3 short sales last July, there were 4 this July.

The conditions then are ripe for falling prices. Average price per square foot is inching slowly toward the $100 mark. Currently it is $106.52 per square foot. That is 17% under last July’s high of $128.28. Average sales price has fallen from $329,138 last July to $278,563 this July. Median sales price currently rests at$284,990.

Rancho Cordova still has 4.4 months of inventory left to clear up based on the last year of sales. Based on the last six months, this inventory grows to 4.7 months. Foreclosure inventory remains at 0.8 months no matter how you look at it.

As elsewhere, the slowdown continues in the Rancho Cordova real estate market. 25 homes sold in the area this June as compared with 32 last June. That’s a drop of 22% year over year. Hardest hit were non-distressed properties and foreclosure sales. Non-distressed sales were down 56.3% year over year and foreclosure sales were down 7.1% for the same period. Short sales gained ground by 150%.

Average sold price per square foot is currently $109.79 in Rancho Cordova. That is 15.8% under last year’s price per square foot of $130.47. Average sales price is $294,509 – 10.1% lower than last June’s $327,636. But the more accurate measure here is the price per square foot because the average home sold was also 6.8% bigger this June than it was last June. Median sales price is currently $280,000.

Inventory is at 3.8 months based on the last year of sales and 4.2 months based on the last six months of sales. Foreclosure inventory is at 0.6 months no matter how you look at it.