Like most of Sacramento right now, the homes in Land Park that are priced under $400,000 are receiving a lot of attention from home buyers. That's because first-time home buyers are driving the market. However, the over $400,000 homes in Land Park / Curtis Park are picking up steam. We are seeing a 60% increase in pending sales for March of 2009 over March of 2008 in the over $400K market. But it's not as strong as the lower-priced homes. Those pending sales have jumped 75% in year-over-year comparison.
The good news is the average days on market stat for the under $400,000 Land Park / Curtis Park homes has dropped 39.8% over the past 12 months. On the other hand, the average sold price to original sales price has increased by 7.1%.
The Under $400,000 Market in Land Park / Curtis Park
Here is a chart that shows you the average price-per-square foot in Land Park / Curtis Park for homes under $400,000 over the past 12 months:
You can see that the price-per-square foot from March of 2008 to March of 2009 has increased by 2.5%. We also have slightly fewer homes for sale than we did a year ago. The months of inventory stat (the number of months it will take to sell everything on the market under $400,000) is 3.3 months.
In March of 2009, we had 26 homes under $400,000 for sale in Land Park / Curtis Park, 14 homes were in pending status and 8 sold. While the number of homes for sale decreased by 7.1%, the number of homes that sold are equal to those of a year ago. This means there are slightly fewer homes to choose from for home buyers, but the demand remains constant. We should also see an increase in sold homes for April.
The Over $400,000 Market in Land Park / Curtis Park, Sacramento:
Here is a chart that shows you the average price-per-square foot for homes over $400,000 in Land Park over the past 12 months:
You can see that the average price-per-square foot has dropped by 4.1% over the past 12 months. It is constant with February. We also have 5.6 months of inventory (the number of months it would take to sell everything on the market over $400,000), making it a buyer's market in Land Park and Curtis Park for the higher priced homes.
In March of 2009, we had 28 homes over $400,000 for sale in Land Park / Curtis Park, 8 homes were in pending status and 5 sold. Surprisingly, over the past 12 months, the number of Land Park / Curtis Park homes for sale over $400,000 decreased by 33.3%; the number of homes that sold dropped by 54.5%. In March of 2008, 11 homes sold over $400,000. In March of 2009, that number is 5.
The good news for home buyers in Land Park or Curtis Park who want a home over $400,000 is there are half as many sales as a year ago; the values have dropped slightly and with inventory at almost six months, there are plenty of homes from which to choose.
For home sellers priced over $400,000 in Land Park and Curtis Park, the days on market stat has dropped 18.3% from a year ago, presently at 58 days; but the better news is the average sold price to original sales price has actually increased 1.1%, which means most sellers are pricing their homes according to market and not according to whim.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Charts: Trendgraphix. Used with permission. Available exclusively to Lyon Real Estate agents.
If you're looking for a Land Park agent who lives in Land Park and specializes in the older classic homes in Land Park and Curtis Park, call Elizabeth Weintraub at 916.233.6759. Put 35 years of service to work for you.