Sacramento Housing Market Report
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.
The December 2018 Sacramento Housing Market is not pretty from a seller’s point of view, but from a buyer’s point of view, it is beautiful. This is not to say that sellers should not be selling because if a seller owns a gorgeous home in a fantastic location, it will quickly sell. The others, not so much unless they are priced accordingly, and that is a struggle.
Because you don’t work in the Sacramento real estate business for as long as I have without knowing that almost every seller thinks they have a gorgeous home in a fantastic location. So that means I have my job cut out for me in 2019, because it will be a lot tougher for us Sacramento listing agents.
The Sacramento Housing Market November 2018 report is not surprising to me. Our inventory is up 25% over last year at this time. That is a huge uptick in inventory, even though it dropped slightly from last month. But an uptick in inventory over last year is not necessarily a good thing because it has resulted in lower closed sales.
Comparing November of 2017 to this past month, we’ve seen a drop of 12.6% in closed sales. Bad news for many Sacramento real estate agents whose income may drop, but good news for buyers.
Our Sacramento County housing report for October 2018 shows not only a seasonal dip but also a large gap between inventory and closed sales. About half of the homes for sale in Sacramento are selling, which is typical this time of year. However, it is also indicative of a market shifting to a buyer’s market.
The average square foot cost for our Sacramento County housing report for October 2018 shows stability. These numbers include all single family homes and attached houses in the county. However, what the numbers do not show is a 3% dip between original list price and final sales price.
Next, in our Sacramento County housing report for October 2018, let’s look at the average days on market in Sacramento. Or, not. You can see it shows an overall average of 35 days on market, which is an increase of 25% from a year ago. That is not bad at all, though. In normal real estate markets, homes can take 2 to 3 months to sell, so even 35 days is OK.
The median sales price reflected in our Sacramento County housing report for October 2018 shows a dip to $350,000. A bit of softening in prices is good news for buyers. More good news for Sacramento homebuyers is the fact the Feds left the rate unchanged this month. Although 4.875% is about average at the moment, it’s still a good time to buy a home. Call the Elizabeth Weintraub Team to gather more information or to become a valued client at 916.233.6759.