Sacramento Housing Market Square Foot Price Averages

By
Real Estate Agent with RE/MAX Gold DRE #00697006

While one really cannot assign value to a property through its square-foot value alone, the price per square foot in the Sacramento Housing Market is valuable information. It shows trends and market movement in a very clear manner. Our square foot price for January 2017, btw, is higher than the last 3 months and not reflected on this chart.

Here is an interesting story: we are in the midst of contesting an appraisal at the moment for a home in Elk Grove, in which the appraiser used a comp from August, most likely because it was about the same square footage, when she could have selected a comp that sold in November, which was closer to the subject property but about a 100 square feet less. If she had used that later comparable sale, all of which is subjective, the appraisal would not have come in $19,000 low.

Instead, it seems the appraiser chose comps with lower square foot costs, older sales and further away, than our subject property. She noted zero adjustments for our property's numerous upgrades such as new flooring, plantation shutters, crown molding, better cabinets.

I once gave this appraiser a 5-star review on Yelp. I had personally referred this appraiser to a client who needed a higher appraisal, and she delivered. In all fairness, I cannot go back and change my review. Not that sort of person. All I have to do in these ethical situations is ponder what would The Donald do and then not do that. You can read more in my personal blog today at this link: What You Need to Know About the Sacramento Housing Market.

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elizabeth weintraub

 

 

Weintraub and Wallace Realtors

 

 

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Topic:
Real Estate Market Trends
Location:
California Sacramento County Sacramento
Groups:
Everything California
Northern California Real Estate Professionals
CALIFORNIA REAL ESTATE
Lyon Realtors
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Tags:
low appraisals
sacramento real estate
sacramento realtor
sacramento housing market report
january 2017 sacramento housing
price per square foot sacramento

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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents Thank you for taking the time to share this vital real estate market insight.  This is the sort of item that buyers and sellers will find most beneficial...helping them to make informed market decisions.  Very professional!

Jan 30, 2017 08:48 AM #1
Rainmaker
3,395,156
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Elizabeth -- I can see the "logic"of what the appraiser did but there's so much more to a sale and a comp than merely price per square foot.  A sale is comprised of many different factors that all come into play and there is value in that information.  I hope you are able to keep this transaction together.

In our market, in order to be competitive, many buyers are removing both the appraisal/loan contingency.  Of course, the funds and the desire to bring $$$ to the closing need to be properly vetted.  

Jan 30, 2017 01:59 PM #2
Rainmaker
2,190,136
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Jim Crawford There are many charts at my disposal from Trendgraphix, so I don't always use the active to pending to closed bars. It's nice to look at the numbers from a variety of ways.

Jan 30, 2017 06:13 PM #3
Rainmaker
2,190,136
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Michael Jacobs I'm hoping the buyer will not meet with resistance in their effort to get the appraiser to revise the appraisal. We have time on the seller's side to wait a few days.

Jan 30, 2017 06:16 PM #4
Rainmaker
4,432,317
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

You always provide good information about your housing market. Anyone thinking of buying or selling a home in your area should call you.

Jan 31, 2017 04:50 AM #5
Ambassador
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

January was a crazy month in Northern Virginia as well.  And this is when appraisers who know the market, should be feeling the feverish demand and giving some lift to values.

Feb 06, 2017 09:48 AM #6
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