Midtown Drought

Where have all the Signs Gone?

Do you notice that when you drive around Midtown in general and Boulevard Park specifically there seems to be something missing? Hum, what could it be? The trees are still here as are the meter maids and the meter readers, so that's not it; Hey, it's all the for sale signs that used to be such a constant fixture down most streets in the old hood! Boulevard Park and Midtown have actually got the smallest inventory of homes for sale right now that we've had in the last two years. In fact it was May of 2006 the last time we had as few homes in our area on the market as we did the last two months.

So what, you may ask, does that mean? Well, it means that people in Midtown are fairly savvy and not selling  unless they genuinely need to move. It also means that people who want to move to this great neighborhood are circling and waiting because there are so few choices. 

Some would say it's because prices have fallen significantly that people are not selling. In Midtown however that's not the truth, read on for more details! Personally I think it's because it's such a wonderful place to live that people aren't selling! Now as to the price argument let's look at the facts. Prices, indeed,  have come down some from the peak, although they have been fairly stable in our market we have seen some decline. Many, those who read the major Sac newspaper, still have the impression that we are having the half off plus sales on Real Estate here that are so common in Natomas and Elk Grove. In fact, the truth points more to a gentle decline of 20%-25% over the last three years. While certainly there are glaring exceptions to that math to the negative there are also positive examples of properties actually (gasp) increasing in value during that timeframe.

So what is the price per square foot and how much is my home worth? The truth is that in Midtown it's really hard to peg and there is no one size fits all. Is your house next to homes or apartments? Are you on a full lot or a half lot? Parking off street or not? What does your neighbor's house look like? All these questions go into determining value. Remember though that all the science in the world is useless if no one wants to buy your home. That's where the details really count.

So for Boulevard Park and the city core these are the facts; Inventory is low, price per square foot is all over the board, and people still want, like crazy, to move here! Congratulations on choosing to get here first!