Big Uptick in Sacramento County Housing Report for June 2018
Wow, look at that big jump in housing inventory for our Sacramento County housing report for June 2018. What you don’t see in that uphill climb from spring is the fact our inventory has increased almost 30% when compared to June of 2017. But the kicker is it does not equate to more homes selling. Why? Well, a lot of it seems to be junk. Also, would-be sellers, eager to capitalize on the seller’s market by dumping homes on the market at unrealistic prices, would be another reason.
The really big news is the continual uptick of pending sales. It’s little bit like dating. First, you go to the dating app and swipe left (or is it right? I dunno) and pick out prospects from those best dressed and well presented. Then, after a few dates, you pretty much know which way it is heading. Is there a commitment? Maybe. You decide to spend the weekend together. But how many actually make it all the way to moving into one household? After the makeup is off and you grow a bit older together. The closed sales might begin to level off somewhat once the optimism has faded, is all I’m saying.
In fact, the closed sales are pretty much the same for June as they were for May. Even though it’s a slight dip, not much change there in reality.
Another interesting tidbit is when you examine the trends in pending and sold homes from May of last year to December of 2017, both pretty much steadily decline. So I think the question to ask about this Sacramento County housing report for June 2018 is whether our trend for pending and solds will continue to escalate come July or will those numbers begin to decline? The solds are down only by 3% over last month. It could go either way.
Our activity since January of this year has been positive. More listings, more pendings and more sales. As compared to the same time period last year, that is. However, it doesn’t appear to me that demand is keeping pace with inventory. More inventory, in other words, isn’t helping.
But for those of you not working professionally in the Sacramento real estate field, your question about the Sacramento County housing report for June 2018 is should you sell a home in Sacramento or should you buy a home . . . or do both? The answer to that question is absolutely yes. The benefits are selling while the market is hot and buying before interest rates further increase.
Our median sales price remains the same as May at $375,000. We have 1 1/2 months of remaining inventory, which still makes this a seller’s market in Sacramento. Although, I do see the pushback from buyers happening. Pie-in-the-sky prices are no longer a reality.