Over the years I have done quite a bit of appraisal work in the city of Galt. If you are not familiar with the area, then know that Galt is located off Highway 99 in Sacramento County just North of the San Joaquin County Line and South of the city of Elk Grove. The Highway basically divides Galt into two portions (Western & Eastern), and in general the Western side contains older houses (though there are still patches of newer developments as well as many properties built in the early 1990s in particular).
The information in the graph below is based upon sales in Sacramento MLS for detached single family residential units.
Instead of keeping all sales in the graph as one color, I thought it would be more interesting to plot properties built after 2000 (blue dots) against homes built before 1999 (red). What do you see in the graph? It looks like the panoramic view of sales is showing that buyers are willing to pay higher amounts for properties that are newer in age. This isn’t a revolutionary concept, but it’s interesting to see on paper. Yet at the same time one notices there are many properties built prior to 2000 that compete with the upper end of blue dots between $250-400K. Overall though, we see that the lower end of the market has fewer blue dots, doesn’t it?
I suppose if we really wanted to segment the entire Galt market in the graph, it would be most prudent to further break down age categories into something like the following: pre-1900, 1900-1940, 1940-1960, 1960-1979, 1980-1989, 1990-1999, and 2000-2009. And then we could start segmenting other factors like square footage, location, lot size, bedroom count, condition, upgrades, etc…. Okay, this is starting to sound like what I do everyday as an appraiser.
By the way, if you have not seen our Galt video on YouTube, check it out HERE or below. The photos are original and they help to show some of the different types of property found in Galt – on both sides of the freeway. The city of Galt has some neat historical properties and also really typical tract homes.
Feel free to comment above or contact me at firstname.lastname@example.org or 916-595-3735 if you have any questions. If you are a Galt home owner, what is it you love about your city?
www.SacramentoAppraisalBlog.com City of Galt Market Trends & the Value of Age