September 2020 Sacramento Area Housing Market
September 2020 Sacramento Area Housing Market is much like ramping up while riding a roller coaster, so hold onto your seat. This is another outstanding job on this month’s blog report by Josh Amolsch. Enjoy. — JaCi Wallace
If you guessed that the median home price in Sacramento county rose again last month, you should go buy a lottery ticket. Yes, the median single home price in Sacramento rose 3.3% from August to $439,000 in September. That is a 13.7% increase from September 2019. Crazy! So many factors are contributing to this meteoric rise in prices. The foundation of it all is that the Sacramento region is damn attractive. Why else would people be plunking down their money here?
The average continuous days on market typically rises from July until January before sliding back down as more buyers come back to the market, peaking in the springtime. But this year we are seeing the opposite. August and September have seen declines in days on market and increases in the final sales price compared to sellers asking price. Sellers were getting, on average, 101% of their asking price in September. Many buyers offered 3-5% over asking price. Homes are selling so much faster than they typically sell for.
With a great real estate team on your side, you can get your home sold quickly as well. If you are buying, better saddle up with a Weintraub & Wallace buyer’s agent. Our Exclusive Buyer’s Agents have closed many millions in sales this year, far above what the average agent does. It is highly competitive multiple offers are quickly becoming the norm.
The big story with inventory is that there almost is none. Sacramento county is down 55.7% from September 2019 and new listings are not keeping up. Why is that? Well, there could be a lot of reasons. I think a lot is rooted in fear. If you or someone you know is on the fence about selling, give us a call to air your concerns. We will give you all of the options and offer advice. Selling is not for everyone and we stand firm to our Code of Ethics to always do right by the public and our colleagues. If we see that selling probably isn’t in your best interest, we will tell you. We want to be your Realtor for life.
— Josh Amolsch