Is the Midtown Condo Market Ripe for Picking?
If you are shopping for a condo, you might be wondering whether the Midtown condo market is ripe for picking. Is there a particular segment where I could get a great buy? It just so happens I know where to shop, and I should as I’m a Sacramento real estate agent.
When an agents works full-time in real estate, she gets a close-up view of the market. More so than many other agents.
The graph above shows more than 7 months of condos for sale, a high amount of inventory. This is the popular location in Midtown’s happening ZIP Code of 95811. Currently, eight units are for sale and there is approximately only one sale per month, based on Trendvision reports / Metrolist.
Location, location, location, you can walk to restaurants and to the Kings’ Arena. This is a fabulous area to buy real estate. So, when you ask if the Midtown condo market is ripe for picking, what do you think? Now, it is a bit pricey to live in Midtown Sacramento as the sold condos are $438,000, on average.
Are there other areas with a high numbers of condos for sale in Sacramento? Yes, in 95825. However, fewer than two months of inventory are available in this ZIP Code. Currently there are 32 condos for sale but over half sell each month. They are selling like hotcakes and at a very affordable average list price of $282,000 vs the Midtown condo market average list price is $644,000!
In which ZIP Code are surplus condos for sale in Sacramento? In 95811, hands down, an abundance of condos exist in the market. With abundance, demand decreases leaving opportunities to negotiate. For instance, in Midtown, only one condo sells each month. For the last four months only one sale closed each month. Six owners today wait eagerly to sell their condo. Do you think these sellers are getting motivated? Take a look, if a condo takes 210 days to sell in 95811, there is a window open to negotiate a good price.
The Midtown condo market is definitely ripe for the picking. For those of you tired of the suburbs and longing for nightlife, walking to restaurants every night and doing no yard work, this might be the new place to call home.
If you would like to purchase a condo in Midtown, it just so happens we have a beautiful condo for sale 2020 H St # C for $474,950 over 1300 square feet. To view this unit or any other condo in Midtown, please call Weintraub & Wallace Realtors at 916-233-6759.
— JaCi Wallace