Sacramento Housing Market Report
The number of May 2019 homes sold in Sacramento could spell heavy competition between buyers. This is your Market Update: If a picture paints a thousand words, this photo says it all. The pendings have met the active listings, and this has not happened in the last 15 months. This is huge for the greater Sacramento County and could spell out even fewer homes to buy. It is a seller’s market, and buyers do not kid yourself; write your highest and best offers and throw in the kitchen sink too . . ..
Our seller’s market is still here. For the fourth straight consecutive month, the pending sales are on the rise, confirming that Sacramento Real Estate is a continuing seller’s market. The first quarter shows closed sales increasing every month.
What does this mean for the Sacramento housing market? Does it mean Sacramento real estate is a continuing seller’s market? We are experiencing continuing price increases, based on high demand and housing shortages. Each neighborhood can be a bit different as this is the greater Sacramento county averages.
Saying we are in for a wild ride due to our March 2019 market report for Sacramento housing is an understatement. They say a picture paints a 1000 words so let’s see if I can do this in a few paragraphs? We have all been feeling the impact of fewer listings but looking at January, the pending sales started a steep climb, and this trend continues through March.
My guess is April will continue the high number of
The most obvious aspect of the Sacramento housing report for February of 2019 is the pending sales. However, before you get all excited over that rising line, consider the fact that pending sales had exploded in January as well but where are the closed sales? I’ll tell you where they are. In the imagination of those buyers because pending sale numbers are not always indicative of a rising market.
Buyer behavior lately has been a bit more non-committal. They seem quick to write an offer and quick to cancel.
No way around it, the median home prices in Sacramento dropped during January 2019. We haven’t seen median home prices in Sacramento this low since February of last year, when it was $350K. Our last few months of the year in 2018 reflected a median home price of $365K, and along comes January and wham. The median home price slipped to $352K.
Our highest median home price was $375 from last June. Then it bounced around, leveling out in November and December at $365K. It’s been a rough month for Sacramento housing this January. Although, I did rank as the #1 agent at Lyon Real Estate for last month, so it wasn’t a bad month for me or my clients.