The real estate market in Land Park and Curtis Park is very different from the market in the rest of Sacramento. All real estate is local, which is why you hear that lovely mantra over and over: location, location, location. Home prices in Natomas, for example, have dropped about in half from 2005 sales prices, but Land Park and Curtis Park median prices have dipped about 21% over this same time period.
Experts often advise home buyers and sellers to rely on a neighborhood specialist to get the facts about specific markets. In Land Park where I sell, for example, there are very few foreclosures -- none in the over $400,000 price range -- and I can tell you that inventory is growing in that price range. My point is that trends in the general real estate market in Sacramento rarely apply to Land Park and Curtis Park.
We live in a world of our own. And in this world, the over $400,000 market is reacting differently from the under $400,000 market. Let me show you what I mean. Below is a chart that shows the last 15 months of activity in 95818 for homes sold under $400,000:
The average sold price for Land Park / Curtis Park homes under $400,000 has fallen by 13.7% over April of 2008. The median sales price in April of 2008 was $280,000. In April of 2009, the median sales price fell to $250,000. The average moved from $293,000 in '08 to $253,000 in '09. Pending sales in this price range have fallen off as well. Here are those numbers:
April 2008
- Homes for sale under $400,000: 22
- Homes sold under $400,000: 8
- Homes pending under $400,000: 16
April 2009
- Homes for sale under $400,000: 24
- Homes sold under $400,000: 9
- Homes pending under $400,000: 10
However, homes are selling much faster now, and the offered sales prices are more realistic. A year ago, the average cumulative days on market -- the total amount of time it took to sell a home in this price range -- was a little more than 2 months, 70 days to be precise. This April, those average cumulative days on market fell to 36. Moreover, the average difference between list prices and sold prices was 5%. Last month, Land Park and Curtis Park buyers paid on average 1% less than list price.
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Below is a chart that shows the last 15 months of activity in 95818 for homes sold over $400,000:
Inventory has doubled in the over $400,000 market. This is the number of months it would take to sell everything on the market in Land Park and Curtis Park. In April of 2008, we had 5.1 months of inventory. This April, inventory leaped to 10.3 months. The median sales price has jumped as well. It moved from $470,000 a year ago to $518,000 today. The average sold price in April of 2008 was $495,000, and in April of 2009 it was $537,000, which increased 8.5%.
The contrast to Sacramento county is significant. In Sacramento, prices are falling and inventory is falling, but in the over $400,000 market in Land Park and Curtis Park, inventory is going up and prices are going up.
However, it is taking longer to sell these homes. A year ago, the average cumulative days on market was 13. Last month, the average cumulative days on market was 72.
Here are the numbers for activity in the over $400,000 market year-over-year:
April 2008
- Homes for sale over $400,000: 36
- Homes sold over $400,000: 7
- Homes pending over $400,000: 9
April 2009
- Homes for sale over $400,000: 41
- Homes sold over $400,000: 4
- Homes pending over $400,000: 8
One of those sold listings was mine. We professionally staged the home, gathered feedback from buyers and made improvements based on that feedback and extensively marketed the home everywhere online, including hosting open houses. The home sold at 100% of list price. The fact is only 10% of the homes for sale over $400,000 actually sold last month. If you're thinking about selling your home in Land Park or Curtis Park, consider listing your home with a neighborhood specialist and not with an agent from outside of the area. Those are generally the homes that fall into the 90% (that didn't sell) group.
Graphs: Trendgraphix, licensed exclusively to Lyon Real Estate agents.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Elizabeth Weintraub is an author, columnist for The New York Times'-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
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.
Elizabeth
I agree about the neighboorhood specialist. In Land Park there can only be one; that's you.
Elizabeth, areas definitely differ! Finding an acceptable home for a buyer in the $450,000 range is a challenge....though now is definitely the time to buy a home, cash buyers seem to be king!! Specializing in a unique neighborhood without foreclosures and short sales to muddy up the appraisal is definitely a plus.
Location is so much the key in our area also just a few miles can make a huge difference in the value.
Hi Tombo: There are several good Land Park agents, and I'm happy to be part of that group.
Hi Teri: We have a few short sales in Land Park but those numbers are not even close to the short sales elsewhere in Sacramento.
Hi Terry: A home across the street from another can reflect a huge price difference in Land Park. It's very much a street - by - street neighborhood as some streets are more desirable than others. Some streets routinely flood, too. Others get too much foot traffic. Even a slight curve in the street can raise market value.