Real Estate Trends - Downtown & Midtown (February 2007)

"Real Estate Trends - Downtown & Midtown (February 2007)"
by Rob McQuade, ABR, Sacramento REALTOR®
Sacramento CA Real Estate

The Sacramento Bee reported that February's year-over-year real estate sales figures for the Sacramento area show continued decline, with an 18.6% decrease in the number of homes sold in February 2007 compared with the same period in 2006. The good news is that the report, based upon published information from La Jolla-based DataQuick Information Systems, shows a median sales price decline of only 1.4% from the previous year.

DataQuick's findings, based upon single-family detached resale homes closing escrow, paint a different picture for the central city. Downtown (95814) saw one less home sell in February 2007 over the previous (which, with only four sales in the ZIP Code, appeared as a 20% decline) but the median resale price of $406,500 was an increase of almost 19% over the year before. Midtown (95816, which also includes a portion of East Sac and around McKinley) saw twice as many detached single-family homes selling this year over last year (a 100% increase over the 6 that sold in February 2006) and a 12.4% increase in median resale price, to $506,500. The Downtown and Midtown neighborhoods in 95818 (which also includes Land Park and Curtis Park) saw 25 homes sell in February (an increase of 47.1% over the previous year) and a median resale price of $499,000 that was 20.4% higher than the year before.



One key factor in these numbers is that central city neighborhoods typically have a higher number of attached homes, condos, and other resale dwellings that are not considered "single-family detached". These home sales are not calculated in the trends. ♦

Links

• "Home sales still struggling" -- By Jim Wasserman
• DataQuick: Sacramento Bee ZIP Code Chart