May 2020 Housing Report for Sacramento County
Don’t believe the news. Or at least don’t believe a majority of it. You might think real estate is going the way of Blockbuster or disco if you watch the news these days. I can tell you with full certainty that it is not. In May, 1,556 homes went into escrow and that is 98% of the inventory that was available in Sacramento County in April 2020. The turnover rate in our area is incredible! Overall, pendings are up 46% from April 2020 and new listings are up 12.1% according to the May 2020 Housing Report for Sacramento County.
You won’t get turnover like this by overpricing homes. The average days on market for May 2020 is, wait for it, 20! The same as April. But the most desirable homes are selling even faster and far above asking price in many cases. If you plan on buying a home with white-and-grey-everything, plan to write your offer well over asking and with amazing terms for the seller. Twenty offers on a home is still a thing here in Sacramento County, especially for everyone who seems to be looking for the same thing. Let the trendy people duke it out.
If you want to save some money, be different, and get a home that needs some work and just focus on the area of your choice. Remember the adage: location, location, location. You can often get a deal by buying a beater, which I believe a lot of people are doing right now. Just make sure you have a Realtor who knows how to deal with fixers, and she will direct you to competent inspectors, hopefully. I know I do.
With all of this activity in the May 2020 Housing Report for Sacramento County, you would think that prices are rising. Well, the overall median says otherwise with a drop from $400K in March & April to $396K in May. Why is that? Fewer luxury homes selling? More deals being had on entry-level homes? Probably. Just remember that these numbers are a broad overview of what the Sacramento County market is doing. We are happy to send these market statistics to you, down to the ZIP code. We will also send along with it other value-determining factors to lock in your home value or a home you are interested in buying.
—- Josh Amolsch
Weintraub & Wallace Realtors