Despite inventory increases –much of it from newly-constructed lofts and condos- residential properties in Midtown continue to sell. And with interest rates at low levels, there are numerous first-time and move-up buyers participating in home sales.
First, let’s define the boundaries. I’ve defined Midtown as the geographical area bordered by the train tracks to the north, Highway 50 to the south, Cap City Freeway (Biz 80) to the east and 16th Street to the west. This does include homes in the 95818, 95811, and 95816 zip codes.
Midtown Sales Reports – Jan 1, 2008- March 11, 2008 |
|
# of listings |
Low |
High |
Average |
Median |
Total
Volume |
Average
Days on Market |
Active |
57 |
214,900 |
1,550,000 |
501,775 |
424,900 |
28,6001,174 |
93 |
3 of these homes are short sales – 2 are REO (bank-owned) properties |
Pending |
18 |
286,000 |
689,990 |
439,080 |
407,950 |
7,903,440 |
171 |
3 are REO properties |
Sold |
22 |
245,000 |
693,665 |
481,810 |
482,950 |
10,599,825 |
188 |
5 were REO properties |
As of today, there are 57 properties actively listed on the Multiple Listing Service market and 18 pending properties (a seller has accepted a buyer’s offer). 22 properties have sold during this same term (since Jan 1, 2008).
From a hands-on perspective, home interest seems to have increased since mid-February as weather improvements and new listings have come online. And, naturally, lower priced homes are selling faster than the highest priced ones.
In other Sacramento
markets, short sales (where the seller owes more than a buyer will pay, so the bank must accept a lesser amount) and “REO” properties (bank-owned after a foreclosure), are plentiful. Streets have real estate signs on every street and prices are dropping. The ratio of bank-owned and short sale properties in Midtown is quite low compared with other markets outside the Central City. This will continue to keep Midtown’s home values high as sellers aren’t competing against banks eager to sell.
CONDOS - LOFTS
To me, the biggest change in the Midtown market has been the influx of new construction. Loft projects, condo conversions, and high density planned unit developments are new to the market and are not always reflected in MetroList, and therefore the charts provided.
Currently 22 condo/loft properties are listed as available. In truth there are many not offered on MLS and only enter MLS upon sale. Some, never appear and seem available only through tax records. It appears 14 have sold over the last 6 months.
The lowest priced units are those that were introduced to the market within the last 5 years and are now resale properties Prices per square foot in these new units are very high and the accompanying HOAs (housing association fees) are as well.
CONDOS HAVE CHANGED IN SACTO!
The sales of the L Street Lofts, which officially sold (closed escrow) starting in 2008, have dramatically affected price/square foot.
Condo/PUD Price Per Square Foot
Available (active):
Ave $435/sqft
(lowest: $265)
In Contract (Pending):
Ave: $466
Sold Properties:
$490
Since 9/07
Source: Metrolist
