Sacramento Housing Market Report for February 2018
Our Sacramento housing market report for February 2018 took a wild turn last month. Our new listings dropped by 8.4% over the previous month. February is a time of year when new listings should be increasing but they did not increase, they fell. We desperately need new inventory to keep pace with the demand, which seems to be growing instead of slowing down.
When you’re got demand outpacing supply, it means prices will continue to go up. Our new listings for the first 10 days of March have fallen as well over the same period in February. For example, in February we had 574 new listings the first 10 days of the month, and this March, only 487 new listings.
No wonder buyers are offering almost $30,000 over list price for an entry-level home, which just happened on one of my listings yesterday. No wonder our pending sales for February are up by 21.3% over February of 2017.
Take a look at the square foot prices below in our Sacramento housing market report for February 2018:
The square foot price average in this Sacramento housing market report for February 2018 has bounced back from the winter months to the high of last year, $225 a square foot. You see where I’m going with this, right? This chart is indicative of rising prices. I can easily predict that March will see an increase to a new high for Sacramento County.
If you’re on the fence about buying a home, this numbers should encourage you to jump into the market and buy before you get priced out. Yes, there is competition, but not as much competition as there will be at the height of our market in April. I urge you to do it now.
If you’re thinking about selling, please call me about listing your home. The sooner we can get it on the market, the sooner you’ll begin to receive offers. It’s a great market to be a seller in Sacramento. Call your top Sacramento Realtor Elizabeth Weintraub at 916.233.6759.