Low interest rates and low inventory helped drive sales in the third quarter, but values only saw a modest increase.
- One hundred and eighty-three (183) homes (detached, half-plex, and condos) sold in the third quarter which is a 12% increase from the same quarter a year ago.
- Average home value for the quarter was $348,000 which is a four percent increase from the same quarter a year ago.
- Average square foot price increased 11 percent to $201 in the third quarter from $181 in the third quarter.
- Homes were on the market an average of 28 days which is a 22 percent increase from the third quarter of 2015.
- Sixty percent of homes sold below list price compared to 27% that sold over list price.
|West Sacramento||Q3 2015||Q3 2016||% Change|
|Sale price to Original List price||100.2%||98.8%||-1%|
|Price per Square foot||$181||$201||11%|
|% Sold below list price||45%||60%||34%|
|% Sold over list price||43%||27%||-38%|
Average Home Sold in Q3
The average home sold in West Sacramento in the third quarter has 3 bedrooms, 2 bathrooms, 1,809 square feet of living space, was 29 years of age and was situated on a 6,700 square foot lot.
The south part of West Sacramento was the hottest area for home sales when considering the high sale to list price ratio and the pace at which homes sold in the area. The south area had the most sales with 145 followed by the north area with only 38 sales. The south area had the highest average sale price of $362,000 compared to the north area that had an average sale price of $295,000. Homes sold the quickest in the south compared to the north area. Approximately 60% of sales in the south were below list price compared to 63% in the north.
|Sale price to Original List price||98%||99%|
|Price per Square foot||$203||$201|
|% Sold below list price||63%||59%|
|% Sold over list price||21%||28%|
The majority of home sales or 94% were detached homes, followed by condos. There were no sales of halfplexes.
- The average sale price for detached homes was $354,000.
- Detached homes sold on average in 28 days.
- Condos made up six percent of total sales.
- Condos on average sold for $257,000.
- The average condo was on the market for 17 days.
|Sale price to Original List price||99%||98%||NA|
|Price per Square foot||$202||$183||NA|
|% Sold below list price||60%||55%||NA|
|% Sold over list price||27%||18%||NA|
By Price Range
Sales in West Sacramento ranged from $95,000 for a fixer upper in the North area to $750,000 for a single family detached home also in the north area. Eighty-four percent of sales were between $200,000 and $499,999. The hottest price range was $300,000 and $399,999 with almost a third of all sales.
More than 80% of home buyers took out a mortgage to purchase their home in the third quarter. Approximately half, or 55%, of the homes purchased were made with conventional financing. Cash sales made up only 14% of sales. While FHA and VA financing made up than 28% of sales.
Fourth Quarter Forecast
For the fourth quarter we are forecasting sold prices to decrease; day on market to increase; number of sales to decrease; inventory to decrease and interest rates to rise.
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