Sacramento County Real Estate: December 2008

Well, here they are: the numbers. Obviously, with the holidays and the general gloomy environment in real estate, nothing much changed this December over last month. Obviously, the bargain hunters are still out there, though, as evidenced by the 106% increase in sold home year over year.

A total of 1916 houses sold in December of 2008 as compared with December 2007. The real difference though is in the number of non-distressed homes: just 329 this year as compared with 450 last December. That’s a decline of 27%. Of course, sales of bank-owned homes are through the roof. 1385 REOs sold in the month of December. But wait… here’s the real caveat: 200 short sales also closed escrow. That makes almost 83% of all residential units sold distress sales! No wonder no private seller is interested in putting his house on the market.

Some averages: sold price per square foot for Sacramento county is now at $120.64. Average sales price is now at $192,773. That’s a drop of 31.6% for price per square foot year over year and a drop of 36.3% for average sales price year over year.

This real estate article was posted from Sacramento Real Estate Gal

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