Sacramento Market Down but Not Out

There are a number of local sites that do a good job of reporting the monthly real estate statistics for the Sacramento real estate market. This month I am looking at Sacramento Real Estate Statistics where the author just posted some November numbers for our area. The comparisons below are pretty ugly but I caution readers to remember that we have a strong and diverse local economy and our real estate market will improve.

Average $/SF Median $/SF
2006 - $234 2006 - $226
2007 - $198 2007 - $187

Average Sales Price Median Sales Price
2006 - $419,543 2006 - $375,000
2007 - $360,271 2007 - $320,000

In addition the site includes a chart showing the number of closing in the four county Sacramento area. In September there were 1,287 closings compared to 1,386 in October and 1,158 in November. Looking at November for the past two years reveals in 2005 there were 2,172 and in 2006 there were 1,710 closings. The 1,158 for this November clearly demonstrates the doldrums the market is currently in.