I lived in Midtown Sacramento for 4 years while working on my masters degree at Sac State. I loved it! You can walk and cycle everywhere and the night life is great. So, what is happening in the Midtown and Downtown real estate market? Lets find out. All data is from Metrolist MLS and Trendgraphix, from January 2012 and March 2013
During the previous 15 months the number of homes sold increased by 66.7%. The number of pended transactions, an indicator of market strength, increased as well by 61.5% over the same period.
The average square foot price increased from $209 a square foot in January 2012 to $277 a square foot in March 2013, an increase of 32.6%.
The average continuous days on market in March was 65 days a 55% increase from the previous month.
The average sold price increased by 11.7% between January 2012 and March 2013.
The months of inventory decreased by 52.5% over the 15 month period to 1.9 months. A housing supply less than six months is an indication of a sellers market. February 2012 is the last time the market was in balance.
Finally, we get to the absorption rate. In March the absorption rate was 54.1% which means roughly half the market is being sold. For comparison, the absorption rate for the entire Sacramento market was 99.5% in March. But, of course the Midtown/ Downtown market is unique.
I hope you find this market snapshot helpful and informative. Whatever your real estate needs are, I can help. Please contact me to learn more about my real estate services. Thanks for visiting my blog.