We Have Two Distinct Real Estate Markets in Land Park, Sacramento

By
Real Estate Agent with Lyon Real Estate BRE #00697006

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:

under $400,000 in land park sacramento

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:

Over $400,000 Homes in Land Park, Sacramento

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.

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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.

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Elizabeth Weintraub is an author, home buying expert for About.com, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area with an emphasis on Elk Grove. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. BRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available with free shipping.

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 Lyon Real Estate. 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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Comments 2 New Comment

Ambassador
1,485,470
Gary Woltal
Assoc. Broker Realtor SFR Dallas Ft. Worth
Keller Williams Realty

In both Sacramento markets Elizabeth it is really good news for buyers and sellers. A very strong market compared to many other areas of the country with just slight changes year over year. Your $ per square foot figures amaze me at 3x or 4x compared to our area. Definitely illustrates the law of supply and demand. Our area has so much land and so many builders that have drove the $ per sqft to incredibly low levels relative to California prices. Yet Sacramento is incredibly affordable in comparison to the San Jose / Silicon Valley markets. Everything is so relative.

May 02, 2009 11:13 AM
Rainmaker
573,565
Terry & Bonnie Westbrook
Westbrook Realty - Grand Rapids Forest Hills MI Re
Westbrook Realty Broker-Owner

It must be Spring our market also has increased in the past few months . I hope this continues the economy could use some good news.

May 02, 2009 08:48 PM
Rainmaker
1,149,675

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Broker-Associate at Lyon Real Estate, midtown Sacramento office. Selling since 1974. Homebuying expert at About.com. Best short sale agent in Sacramento. Elizabeth sells homes from Galt to Lincoln.
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Author Bio: Elizabeth Weintraub is a Sacramento real estate broker, author, home buying expert for About.com, a Land Park resident, who specializes not only in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento but sells extensively from Elk Grove to Lincoln. Weintraub is prominently known as the #1 Sacramento Short Sale agent throughout the Sacramento four-county area. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you.