November 2019 Sacramento Fall Home Sales
Our November 2019 Sacramento fall home sales is an interesting time. The article below in italics, “Welcome to the Sacramento Fall Home Selling Market,” was written in 2012 by my partner, Elizabeth Weintraub. So, let’s now look at current interpretation of current market trends in 2019 and you will see how similar they are to conditions in 2012. It’s uncanny.
Our November weather has been many warm sunny days, high 70s and even a few 80 degree days. This has extended the fall selling season as it is busy right now and we are fast approaching Thanksgiving.
The 2019 quarter, compared to the same quarter last year, shows 2,059 homes for sale in Sacramento County. Further, 1536 are pending, and 1461 homes are for sale. They are selling for 97 % of the selling price at an average of 34 days. We only have 1.4 months of inventory, which is down by 31.8% compared to the same fall quarter of last year.
What does all of this mean for our Sacramento fall home sales? Homes are selling quickly, and demand is high, but buyers are still looking for a deal. I’m receiving meager offers on some properties.
Yesterday, we received an offer 10% low from the list price, and the home is one of the best values in the area. The Realtor submitted nothing with her offer as to why she felt this was reasonable. There were no comparable sales, nothing. It leaves one to wonder what Realtors are telling their clients! If they showed buyers the market trends right now, they would stop wasting everyone’s time. Much like the fall of 2012 in Elizabeth’s article below, this is a seller’s market as far as the numbers go. With such low inventory, the listings should be selling like hotcakes.
The buyers are somewhat hesitant writing offers and cancel the same day or the next day. Wake up, Sacramento, as we have minimal homes for sale. If not one Sacramento listing agent listed another house in the next six weeks, the existing inventory would be zero. As we move into December, I suspect even less property for sale so that December could be a good month for sales, especially 1031 exchanges. — JaCi Wallace
After the vacations are over. After the kids are back in school. After it’s no longer considered cool to wear white, that’s when your real estate market in Sacramento takes off. The only problem with this is the market was already steamin’ hot in August. It’s a seller’s market in Sacramento, for those of you who have been living under a rock. It’s no longer a buyer’s market and hasn’t been for some time.
The conditions in Sacramento are tough, almost as tough as driving down the hill from Lake Tahoe after Labor Day in crawling bumper-to-bumper traffic. I swear, we probably would have been better off if we had turned off at the intersection and drove out of our way to Jackson than continuing to inch along Highway 50 from Tahoe.
We have tough conditions in Sacramento because we have about 10% of the number of homes for sale that we had five years ago. Mix that with low interest rates, below 4%, and throw in first-time home buyers on top of cash investors, hit the chop button, and you’ve got a blender full of something inedible.
If you would like to hire a real estate team (pictured above) to sell your property in this robust Sacramento fall home sales bonanza for sellers, please call Weintraub & Wallace Realtors, with RE/MAX GOLD. We will maximize your profit! We can be reached at 916-233-6759.
— JaCi Wallace