Sacramento, the county seat of the county sharing its name, lies at the meeting of the Sacramento and American rivers in northern California. The city has a population estimated in 2010 at more than 486,000, enough to make it the seventh-largest city in the state. A city of that size will undoubtedly have a robust, competitive real estate market, and this is what the figures for the Sacramento real estate market suggest.
According to the latest available housing statistics from the Sacramento Association of Realtors, June was a very positive month for this market as both sales volume and median home prices rose on both a monthly and an annualized basis. Home sales in June rose 3.3% from May to 1,777, which was up 1.9% from June 2009's sales figures. The median sales price rose 2.1% to $194,000 from $190,000 in May. The figure is 7.8% higher than June 2009's median price of $180,000.
Conventional homes sales made up the majority of June sales, or 38%. Sacramento foreclosures accounted for 36% of June sales while short sales accounted for 24%. After June sales, there were 4,485 Sacramento homes for sale and 2,369 short sales, indicating that there are many homes in a variety of price ranges for those seeking to buy in the Sacramento market. The current inventory stands at a 2.5-month supply, up slightly from May's 2.4-month supply. June sales spent an average of 60 days on the market before selling.
Condo sales showed signs of optimism in the Sacramento market as well. The sales volume increase 40% from May to June and was up 32.8% from June 2009's volume. There were 154 condos sold in Sacramento during June. Although volume rose, sales prices were down slightly. The median sales price was down 2.3% month-over-month and 4.7% year-over-year. June's median condo sales price was $105,500.