sacramento housing report
August 2020 Sacramento area housing market report is an excellent and exciting blog and makes you think. Every buyer out there in Sacramento should read this report. Enjoy. — JaCi Wallace
Trends in real estate are ever fascinating. Just as a flock of birds in the sky suddenly move in a different direction altogether, seemingly for no reason. The momentum in real estate is too omnipresent. Some people think greed and emotion have always driven the markets and real life in general. I think the driving common denominator of the two is desire.
July 2020 Sacramento County housing market update written by Josh Amolsch, is a terrific post, very informative, ENJOY!
Come January 2021, we may look back at the year 2020 and conclude that “unprecedented” was the word of the year. I can think of a few more words too, but that would be for a different blog. That word comes in to play for the July 2020 Sacramento housing market update in a couple of areas. But the driving factor here is nothing new. Inventory is the culprit of rising prices. Take a look at the Month of Inventory for July 2020. I could not find one instance in the last 15 years when the Months of Inventory was at .7 months except for July 2020. Unprecedented. This is down 46.5% from July 2019. Sacramento’s real estate has proven to be very strong during the COVID-era. Stronger than ever, in fact.
The Sacramento County Housing Report for December 2019 comes to us from team member Josh Amolsch. Josh is out there every day in the trenches, working relentlessly. He knows the inventory and how to find the homes his clients dream about. As a well seasoned professional Realtor, Josh knows the market pulse and shares his experience with you in his monthly market trends blog. Enjoy. — JaCi Wallace
The Sacramento County Housing Report for December 2019 includes only Sacramento County single-family homes. No other criteria are included in this particular report. This singular focus of sales gives us a deepened understanding of what is happening in our area. If you want to receive updates for a specific area, a ZIP code, multiple ZIP codes, multi-family properties, and / or land, sign up here for your Sacramento housing report by ZIP code.
Are you wondering whether median prices of Sacramento homes have recovered from 2006? If you’ve been watching the housing market in Sacramento for any period of time lately, you’re probably blown away by rising prices. You can’t spin around without finding limited inventory, multiple offers and getting priced out of the market. In fact, many buyers probably wonder just how high can prices go?
Are we back to where started in 2006, at the height of the real estate market? Does this mean the median prices of Sacramento homes have recovered from 2006 to 2018? We’re very close, but the fact is we are not there yet. You might think we’re out of the woods by all of the sales activity and pent-up demand for homes, but the statistics from Zillow tell a different story.
Of interest, there are four communities, upper-end, more affluent areas, which have moved past the median sales prices from 2006. Those areas are El Dorado Hills, Granite Bay, Folsom and the city of Davis. The bounce back rate for Davis is 115%, meaning median prices have surpassed 2006 by 15%.
The chart below shows the percentage of 2006 values that each neighborhood or city has reached in June of 2018. This data was extracted from the Sacramento Bee story and not verified as sourcing from Zillow.
If you’d like to know whether median prices of Sacramento homes have recovered from 2006 to 2018, the percentages below might astonish. As always, feel free to call your Sacramento Realtor, Elizabeth Weintraub, 916.233.6759, for more information.
City and Percentage of 2006 Median Prices to 2018
Rio Linda 89%
South Lake Tahoe 93%
Rancho Cordova 92%
Elk Grove 94%
West Sacramento 96%
Citrus Heights 95%
Fair Oaks 97%
Shingle Springs 100%
El Dorado Hills 101%
Granite Bay 101%
Even a busy Sacramento Realtor has to stop every now and then and look at the Sacramento Housing Report. This report includes the last 15 months of sales. It shows the number of homes for sale in Sacramento County, the number of homes that are pending and the number that closed for each of the last 15 months. Bear in mind that the pending sales in a previous month could very well be the sold sales in the following month, which means there could be a 30-day or so lag.
For example, this past December, we saw an uptick in sold sales but December pendings had fallen. That’s because many loans were delayed due to the new government TRID guidelines put in place last October. The homes that closed in December most likely rolled over from the pendings in October. I know I had four closings in December that were delayed yet managed to close in 2015, thank goodness.
The bottom line, no matter how you look the numbers, and I have laid them out below for you, we have little inventory in Sacramento. Not very many homes for sale. Which makes this a seller’s market. And prices are going up. The sold prices have appreciated 10.2% over the past year. Our median sales price, one of the best indicators of market movement, has shot to $297,000 from a low of $255,000 a year ago.
If you’re thinking about selling your home, you might want to call top producer who will pull out all the stops to market your home everywhere possible in the Internet world and real-life world — a veteran broker with 40 years in the business — Elizabeth Weintraub at Lyon RE. Call 916.233.6759. California BRE # 00697006.
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