Market Charts From the #1 Agent at Lyon Real Estate for July
While I did not expect to be named the #1 agent at Lyon Real Estate last month, it’s still gratifying to know the Elizabeth Weintraub Team is continuing to perform as a dominant force in the Sacramento housing market. I looked at the fact I spent a week visiting my sister in Minneapolis and a little over two weeks in Hawaii between June and July, but I never stop working regardless of where I may physically have been. That means the production we pumped out for July is pretty incredible, I suppose, given the circumstances. My team members were also visiting Europe, the East Coast and the Bay Area as well, so we all managed to get in a few trips while keeping track of Sacramento real estate.
Unlike many Sacramento Realtors, I don’t tally my active listings and sold sales. Don’t waste time keeping track until the year is over. Nose to the grindstone. My clients can’t believe it. They ask, incredulously: “How do you not know how many listings you have?” Because it doesn’t matter when they all sell. So, it was surprising to hear I am the #1 agent at Lyon Real Estate for last month. What’s even more surprising is how the housing market behaved in Sacramento County for the month of July. We saw an uptick in inventory over the previous month by almost 15%, however, that increase was not enough to satisfy the demand. The inventory is still low as compared to last year at this time. The number of homes for sale in Sacramento County is down more than 16% from July of 2016.
Below are two more interesting charts that reflect the housing market activity in Sacramento County for July of 2017.
You don’t have to be a math wizard to understand that prices in Sacramento County are rising. This chart shows the average square foot price moving from $202 in May of 2016 all the way to $222 in July of 2017. It’s up over 8% from a year ago. Except for a seasonal dip in December and January, which is normal, our average square foot costs in Sacramento have been on a steady climb since then.
You’ve got questions, I’m sure. Will prices continue to rise? Will prices fall? Will prices remain the same and level off at some point? I’m fairly certain prices will not fall. For prices to fall, we would need to experience deceased demand for housing, coupled with a big jump in inventory and perhaps rising interest rates, and none of those things seem to be happening. Plus, buyers are telling us is they feel an urgency to buy now before prices go up further and they are priced out of the market all together. Few people want to be a renter forever.
Will you look at this chart of the average days on market for Sacramento County? It is unbelievable. Last year at this time, the average time to sell a home in Sacramento County was on the upswing. Not in 2017, though. Ever since February, our days on market have been falling. My average days on market for most of my listings is probably close to 4 to 5 days, so I am beating the average countywide statistics. I put a home on the market on Thursday night at midnight, and by Monday morning, it is often in escrow, with multiple offers.
This is a fabulous time to be a seller in Sacramento County. If you’re thinking about waiting until next year, you’re playing with the odds. If there is a 50% chance of rain in the forecast, it means you need to carry an umbrella because it’s going to rain. The time to sell a home is now. I’ve been in the business for 43 years, and I’ve never in my entire life seen a better time to sell a home than today. Don’t count on the market continuing in the seller’s favor. It could level and become neither a seller’s nor a buyer’s market. The only constant is change.
If you’re thinking about selling your home, why not call July’s #1 agent at Lyon Real Estate and bump up your odds of success? Call Elizabeth Weintraub at 916.233.6759. I’m never too busy to take on new business. Lyon Real Estate has almost 1,000 agents in Sacramento. We are the largest independently owned company in Sacramento and a market leader.
Charts: Trendgraphix, used with permission.