Sacramento Housing Market Report
Multiple offers are happening. The Sacramento real estate market in 2012 VS 2019 is similar in so many ways. The article below in italics, A Twist in the Sacramento Real Estate Market, was written in 2012 by my partner Elizabeth Weintraub. So let’s now look at my interpretation of 2019. I just sold an investor-type listing; we had 6 offers, all investors. Several were over the list price. The final selling price was 10% over list. This was the same thing happening in 2012. Multiple offers are happening on properties priced to sell. Low-interest rates, too, at 3.75%. Rents are matching purchase price monthly payments.
The September 2019 Sacramento homes for sale, sold and pended graph above shows some trends to keep in mind this fall. The pendings are higher than they have been all year. Inventory has stayed close over the last six months. Closings were a little down, but that could be longer duration escrows. The September closed sales numbers will answer if this is relevant.
Inventory is significantly lower than a year ago. There does not seem to be an impression that pricing is going down in Sacramento as demand is high and inventory is down. Buyers write your highest and best offer, or you may not be in a home this fall. September 2019 Sacramento homes for sale, sold and pended shows a continuing seller’s market. Pendings show trending up for the last 90 days.
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 definitely continuing to support sellers over buyers. 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